If there are negative characteristics in the Credit Bureau, such as references to open invoices or loans or insurance that were not or are not served on time, this fact is popularly referred to as negative Credit Bureau. The financial expert, on the other hand, describes this as poor creditworthiness or poor score value. As a result, it can be assumed that a borrower with a negative Credit Bureau has little chance of getting a loan. Because no German bank grants a loan under such conditions because the default risk is far too high.
In such a case, you can usually only find offers that do not sound serious and promise a loan in all situations. Anyone who is in need of money is in need of such offers and is surprised if there is either no credit at all or only a credit that offers very bad conditions.
It is relatively easy to take out a serious and cheap loan even with a negative Credit Bureau. Namely whenever a loan is sought through guarantors despite Credit Bureau.
This is how the guarantor affects borrowing
If you have problems with Credit Bureau and therefore are looking for a loan despite Credit Bureau through guarantors, you will find out relatively quickly that a good solvent guarantor can do a lot for you. If the guarantor brings an impeccable Credit Bureau with him and on top of that he has a fixed and relatively high income, he flows into the borrowing just like you. The bank also calculates the guarantor’s creditworthiness and adds it to your creditworthiness. If this results in a value that speaks in favor of a loan, you can take out a loan with Credit Bureau through guarantors without major restrictions. And this even on excellent terms.
What does a guarantee look like?
If you find someone to guarantee you a loan, you can count yourself lucky. Because the guarantor has a great responsibility, which can be particularly “painful” if you, as a borrower, no longer meet the installment payments. Then the bank turns to the guarantor and asks him the outstanding loan amount. Either as a total amount, since the loan contract has already been canceled due to the lack of payment, or as a monthly payment in installments, which the guarantor really has to stick to. If he is unable to service the bank, he becomes a debtor like the borrower and can expect to be enforced. Since the guarantor is liable with all of his private wealth and income, this execution can lead to his own existence being threatened.
Therefore, think very carefully in advance whether you can afford a loan from a guarantor despite Credit Bureau and who you can trust with the difficult task of guaranteeing. Always keep in mind that in the event of payment defaults, you not only get your guarantor in trouble.
What are the advantages of the guarantee?
If you can afford a loan from a guarantor despite Credit Bureau and have found a good guarantor, the bank will definitely grant you a small loan. You will probably not be able to take out large amounts of credit or special loans such as a real estate loan with a guarantor. Because your own negative Credit Bureau is still in the room, which causes the bank to only offer loans with small loan amounts and short terms.
Always adapt your wishes and ideas to your overall situation and you will find good loan offers. Always base your monthly payments on your income and make sure that there is enough capital available for repayment.
By the way: If the guarantor is not sufficient for borrowing, you can try to turn the guarantor into a second borrower. The tasks and responsibilities that the second borrower has adapt to the tasks and responsibilities of the guarantor. However, two borrowers are then in the contract, which makes the banks even mild.