With the beginning of a course of study, life so far changes dramatically. The financial feasibility of a course of study often decides on admission. For most students, studying is not possible without a student loan and an additional student loan. But even with a student loan and student loan, students can run into financial difficulties.
Guarantees make many things easier – loans for students without Credit Bureau
Most banks require their borrowers to have a fixed monthly income and corresponding creditworthiness, as well as an impeccable Credit Bureau.As a student, you can easily find yourself in the situation of not having a job, due to the low rate of the student loan, being able to pay your bills late or late and through this constellation to receive a negative Credit Bureau entry.
In this case, it is hardly possible to find a Cream bank that would grant the student a loan. Even the house bank often refuses to grant a loan. The easiest and quickest way to avoid this hardship is by a guarantor, so that a loan for students without Credit Bureau is possible.
The borrower would still be the student, but the registered and signing guarantor is liable if the main debtor can no longer make payment. However, the bank only accepts a guarantee if the citizen can guarantee appropriate collateral, has a solid and sufficient income, assets or a correspondingly good credit rating and Credit Bureau free of negative entries. Students, parents, life partners or spouses or siblings are often used as guarantors. This alternative is particularly advantageous since the interest is usually only set higher if a credit default is expected.
Foreign banks as partners for a loan for students without Credit Bureau
There is hardly a Cream bank that grants loans without Credit Bureau information. Most domestic banks would also violate internal guidelines by lending without collateral. For banks domiciled abroad, however, the situation is somewhat different. There are numerous financial service providers based in Switzerland that grant loans. They forego both Credit Bureau information and proof of salary. Interest rates are correspondingly higher (on average this is an effective annual interest rate of around ten percent), but the probability of obtaining a loan is also higher.
The terms can be agreed as variable as with other loans. Unlike the student loan, however, repayment usually begins in the following month and not only after the end of your studies. Therefore, students should make sure that the monthly payment rate for the loan taken out is not too high and quite affordable.
Foreign banks as lenders also offer the advantage that they not only do not request Credit Bureau information, but also do not provide them with any information. For example, a loan received abroad is not entered in Credit Bureau. Special care should also be taken with the currency in which the loan is to be repaid. The Swiss franc has appreciated against the USD in recent months, which means that a borrower has to pay more each month.
Extension of a credit line for another loan for students without Credit Bureau
Students who already have a student loan, for example from Cream Bank or a savings bank, can often increase it without additional questions or collateral. Depending on the selected payment method, the desired amount is paid out monthly or as a one-time payment amount. The extension of this credit line also takes place without Credit Bureau information and has no consequences in the interest calculation.