Effective annual interest rate
A lot is promised in advertising. Very much. In the case of loans in particular, statements are advertised that are not at all accurate. It starts with the interest rate, because the consumer often only reads the nominal interest rate, but not the effective annual interest rate, which is significantly higher, because the costs were also included here.
The typical example of misleading advertising is a credit without information. Many consumers believe that credit bureau is not queried. But this is a widespread mistake, because in Germany it is common to check the applicant’s creditworthiness. There’s no way around it.
Credit without information
You can only get a real loan from which no credit rating is checked from abroad. The so-called Swiss loan is known, although the amount of the loan is limited. But in Germany too, those affected have the opportunity to get a loan despite a negative credit rating. This is made possible by intermediaries who have business relationships with banks who, even with negative credit bureau information, give this group of people the opportunity to obtain a loan. The credit bureau entries may not be so serious.
Loan request from an intermediary
In this context, it should be mentioned that a loan request from an intermediary does not cost money. Fees only arise when a loan has also been approved. Then the agent receives a placement fee. Therefore, caution is advised when paying in advance. Under no circumstances should you take advantage of these offers, because the money paid is not only gone, but usually there is no loan contract at all. Unfortunately, in such cases dubious dealers are at work who shamelessly exploit the financial hardship of these people. Then you should rather use a loan without information from Switzerland.
This is made possible by intermediaries who have business relationships with banks who, even with negative credit bureau information, give this group of people the opportunity to obtain a loan