A “financial striptease” does not have to be. Do you need credit? Without submitting the bank statements, both quick credit and installment credit with poor creditworthiness are possible.
We want you to receive a loan offer on fair application terms and not become a transparent borrower by submitting bank statements. We will show you why bank statements are to be submitted increasingly frequently, and how you can avoid them.
Credit without bank statements – serious credit conditions
Credit without submitting bank statements is part of the standard offering of most credit institutions. Nevertheless, the bank statements are requested more and more frequently. The background to the mistrust is a change in requirements for commercial lenders. Regular loans can only be granted if the desired loan is considered secure. Credit security can be demonstrated in various ways.
In the case of regular loans, the borrower’s good reputation is usually sufficient to ensure secure lending. Establishing a good reputation is a comparatively simple matter in the age of credit rating. Providers of scoring systems, especially the Credit bureau, calculate the credit default risk with the greatest certainty. The score shows whether a borrower is likely to be willing and able to repay his loan.
Credit without bank statements remains possible with a high level of credit security and quick automatic credit decision, since all conceivable factors are included in the score. On the one hand, factors that the borrower influences himself. Part of the score is the assessment of his past payment history. Values from comparison groups are also included. In this way, the workplace, the place of residence and other factors of a group influence the evaluation.
Advantages – loans with good credit ratings
Interested parties with a good score do not see any “tightening” for lending. Their excellent score even saves them a lot of time and effort. Merely proof of income is usually sufficient and the credit approval is granted no later than 48 hours later. If it arrives by post, the money is already in the account before the loan approval reaches the mailbox.
Thanks to the evaluation by the score, loans are safe, quick and easy at the same time. Prospective borrowers don’t even have to go to the bank or post office to get their quick loan. If you apply for a free credit comparison via Videoident, it will take a maximum of 30 minutes. The bureaucracy, a legally binding loan application for a loan without bank statements, would have been overcome.
Modern communication via video telephony and the automated credit check expand ordinary installment loans for fast everyday financing. It becomes problematic for people who don’t get top marks from the score. They are often faced with a complicated loan search and have to hope for a case-by-case assessment.
Why provide the bank statements?
Credit with the bank statements is one way for credit institutions to demonstrate safe lending if regular score became a pitfall. Account statements correspond to a diary of finance. It is created authentically. In the credit check, the applicant literally drops the covers. Every issue, particularly detailed when paying by card, is recognizable.
Nothing can be covered up. The bank statements show whether the applicant generally gets by with his money. The clerk specifically looks for irregularities, such as a chargeback due to insufficient cover, and possible approaches to wasting money. More precisely than any household bill, the extracts show whether enough income remains at the end of the month to pay the installments.
With the regular bank loan with increased credit risk, credit is increasingly sought in vain without the account statements. Unless other collateral could guarantee the legally prescribed risk minimization. Examples of this would be loan applications together with a solvent co-applicant or guarantor. A loan with property security would also be conceivable, whereby paid property ownership automatically influences the score.
Fast credit without bank statements
Still, not all lenders are going the same way to enable low-score loans. When it comes to quick credit, reducing the volume of credit can make the process quick and easy. We are talking about the mini loan, which can be applied for, decided and paid within 24 hours. Providers such as Great Bank close the financing gap between the overdraft facility and the next salary.
Mini-credit or micro-credit is available for first-time applicants with a credit volume between USD 100 and USD 500. Great Bank sets the term for a maximum of 30 days for first-time applicants. The loan offer is modern and fast through the application by videoident. Even with low income and despite Credit bureau, loans are granted in a quick process.
From the second mini loan up to 3,000 USD loan volume and a term of up to six months would be possible.
More leeway for credit decisions – personal loans
A serious alternative to a bank’s installment loan is the loan without bank statements from private donors. A loan from privately in a trustworthy climate would be possible via Best Lender or Good Finance. Private investors do not use computers and economic indicators to decide whom to grant credit to.
Private lenders are not considered systemically important and have been spared the new framework under which banks value credit. A private investor invests his own money and decides freely according to personal preference. In addition to the key figures that he recognizes through certificates, it is the gut feeling that guides his credit decision.
If this feeling speaks in favor of lending, credit can be possible from private accounts without bank statements, although no bank would be willing to do so.