Loans without Credit Bureau query

Advantages of financing through loans

Advantages of financing through loans

Loans without a Credit Bureau query have been advertised more and more frequently in the past few years and are intended primarily to convince debtors who have already learned about the advantages of financing through loans. Anyone who thinks that they have already sufficiently demonstrated their creditworthiness by taking out a loan should be surprised by most of the assessments of banks and service providers today.

Most credit institutions have long been applying much stricter criteria for lending than they did a few years ago, so that an excellent credit rating in the past no longer means anything today. And especially those who are looking for loans without a Credit Bureau query and therefore want to conceal the possibly negative preload from a current loan should be able to come up with other guarantees in order to have any hope of being granted the loan at all.

Missing Credit Bureau query and its consequences

Missing Credit Bureau query and its consequences

What distinguishes loans without a Credit Bureau query and how do they differ from other loans? First of all, it should hardly be possible to take out such loans at an ordinary local bank or savings bank, since the creditworthiness of the debtors plays an important role here and an existing Credit Bureau entry makes a new loan virtually impossible. At this point, many debtors only have the option of cooperating with rather unknown financial service providers, who usually only offer their services via the Internet and, accordingly, can only be reached by phone or email.

Although these promise fast and uncomplicated loans without any Credit Bureau query or the provision of financial security, the conditions of these loan contracts are designed in such a way that most debtors are completely overwhelmed with their fulfillment after only a few months. Terrifyingly high repayment rates make the repayment phase much more difficult than with a conventional lender, so that after a while many debtors only have private bankruptcy. In a condition that must be avoided in any case, especially if another loan has to be repaid.

Loans through internet

A large number of banks grant loans to individuals, but in most cases they require a large burden of documents and bureaucracy. If you need money urgently, this option may not be the fastest way. There is another much more convenient way to solve this problem: apply for a loan or any other city through the internet. The necessary official documents will be only in DNI or NIE, and with a brief application form and after verifying your bank account, the loan can be granted in minutes. To save time, you don’t have to move anywhere; You can ask for the loan without leaving your home or even from the office.

Fill out your application easily and quickly on the Lite lender website and send it. You will not wait more than a few minutes: this is the maximum time the system needs to process your data. If the system made a positive decision, you will instantly get a loan in your online bank account, being able to use the money for any purpose .

Who apply for loans?

Who apply for loans

According to the study ‘Why users have chosen mini-credits in 2016’ , created with real data on annual loan applications, 18% of the loans were requested from the community, where 22% of total loans were requested.

Continuing with the profile of the person requesting these loans, it is revealed in the study that 54% are men between the ages of 30 and 39, without children and with work . Of this majority, what users value most is the comfort, simplicity and immediacy of being able to apply for the loan online. And it is that this type of process only requires a connection with any device, be it a mobile, a tablet or a computer, and a few minutes to complete it all.

How to get a loan

How to get a loan

Prepare the minimum necessary, which we indicate here:

  • Scan your ID or NIE
  • Prepare your bank account number you own and your online credentials
  • Keep your mobile phone handy
  • Have access to your email

As you can see, this list is much shorter than those usually required in most banks, which means you don’t have to spend much time preparing.

Pay your loan: as easy as getting it

Pay your loan: as easy as getting it

Making the loan payment is as easy as receiving it at Lite lender. There are several ways to repay the loan :

  • Through the user area on our website (My Account button).
  • By bank transfer to account.

You are the one who chooses the payment method that best suits you . You just have to keep in mind that the payment must be made in a maximum of 30 days . If in this period you have not had time to collect the money from the repayment, there is also the option to extend.

Finalized or personal loan: when is it convenient?

One of the first classifications that can be made among the various loans is that between finalized loan and non-finalized loan. Then within the first category, with the evolution of the various products, we can today distinguish:

  • those that provide for different redemption options, such as car and motorbike leasing;
  • classic finalized loans which provide for the payment of a fixed installment until the end of the repayment plan, immediately becoming owners of the asset;
  • loans granted in advance, for example with vouchers that can be spent in affiliated shops.

In the latter case, the credit institutions that offer this type of loan make a certain amount available to the customer as a preventive measure, which must be used within a certain period (for example 30 or 60 days) precisely with affiliated partners. The reimbursement plan will start only when the purchase is decided, while if you do not proceed with the purchase, you will not have to pay any installments or related costs.

What all these (apparently different) forms have in common is the need to contact a vendor affiliated with the institution that grants the loan, remembering that by definition, if the financing is finalized, it is in turn subject to the purchase of a specific good .


Differences between finalized and personal loans

personal loan

As we said at the beginning, both targeted and personal loans are ‘functional’ to the consumer credit system, of which rules and regulations must logically follow. Having said that (and regardless of the mere definition) what differentiates the personal loan from the finalized loan? First of all, the obligation to indicate the use that will be made of the financing obtained, which is not envisaged in the personal ones, while it is present in the finalized ones.


How to access it?

personal loan

There are two traditional channels of access to the “finalized” form, namely:

  • by directly contacting a bank or a finance company, which provides, for example, a car loan within its offer, therefore specifically intended for the purchase of a car.
  • going through the service offered by the seller of the property (also online) that must be purchased which, in turn, will have entered into agreements with a financial company or a bank. Among the most common are PutUp Finance, Ardose, Fedilia, United Easy Bank, Onecredi, Lendomestic. In many cases the sellers of certain products (cars, household appliances, etc.) rely on loans that the ‘internal’ banks offer at rates that are on average lower than the market average.

These types of loans should not be confused with those typical of revolving or revolving credit lines, as these are sums that are (with some exceptions) usable as it deems appropriate, to be then repaid according to what is defined in the contract of financing, in the manner and with the expected interests, without obligation to justify.


Which is cheaper?

credit loan

In principle, the principle according to which it is the “risk” that drives a bank or a financial company to apply higher or lower interest rates always applies. Precisely for this reason, in general, the interest rates of the targeted loans can be lower compared to a personal loan where there is no objective guarantee (for example the car or a valuable asset, etc.) of the purchased object. In fact, in a finalized loan, the lender can redo the asset, object of the loan request, in the event of non-repayment of the loaned amount.

These are logically generic speeches that can vary considerably also depending on any promotions. It is therefore necessary to make more estimates to be compared, analyzing the orientation of the market and evaluating the presence of offers that can present attractive reward rates up to the 0 rate.


What could be the best way for you?

best loan

Without these necessary premises, even if you are oriented to choose the finalized loan, there may be different levels of convenience. First of all between ‘doing it yourself’ and requesting financing from the seller, this second way is the simplest one (it will be the seller who will have to take charge of the request procedures and follow the practice, already having in hand the documents necessary to prove the purpose as a quote, etc.) and, in most cases, even the cheapest.

As mentioned, in fact, in order to guarantee a certain volume of loans, credit institutions are better prepared to offer cheaper rates, compared to what happens instead with individual individuals.

For example, when it comes to car loans, if you have to choose between “internal” financing (that is, a bank of the group or an affiliated one) or external, the first ones are almost certainly, at least for what the l experience, those with the best conditions. Once again, before deciding, it is always advisable to have a quote for each type of loan that may be requested, and compare them.


The importance of consulting

credit loan

However, it is also necessary to evaluate the credit policies, which sometimes make it possible to make the request only to a limited number of proposers. The experience of the sellers, also from this point of view, can be a valuable help, especially when making more particular requests, such as in the case of an application without a paycheck, but using a guarantor or another type of income certification, etc.

Attention: moving away from a standard practice, for example when you need to insert a guarantor for the purchase of a car or a surety policy for the financial one, the possibility of being able to choose completely neutral between the different channels which offer access to typical targeted funding, can be significantly reduced.


What alternatives?

financial loan

Finally, we must also consider the fact that not always becoming owners of an asset right away can be the best choice. A typical example is found with car leasing, which can make the possession of a vehicle more flexible according to the changing conditions of personal and / or working needs. Also noteworthy is the greater ease of access starting from the preliminary investigation times, usually faster than traditional loans.