In many banks account statements are among the necessary loan documents. The most frequently cited reason is that it is the only sure evidence that the claimant actually receives his salary through the specified bank account. In fact, just about all employers indicate on their payroll statements the bank details used to pay wages. The real reason for the widespread display of the bank statements is that they reveal any accounting irregularities such as an overdrawn current account and regular expenses. The bank account is overdrawn if the negative balance exceeds the disposition credit granted.
To the astonishment with bank customers leads regularly, if even the house bank does not give a loan without account statements. This behavior indicates that the bank has delegated the credit decision to a service provider and that it does not provide account information for privacy reasons. The fact that the house bank makes the cheapest loan offer, comes with consumer loans anyway extremely rare.
Lending without submission of account statements
A payment in installments is given with rare exceptions as credit without bank statements, with small amounts even the presentation of proof of income is not usual. An apparent advantage of direct financing at the point of sale is the very favorable interest rates, with even zero-percent financing being widespread. However, the saved credit costs are often accompanied by an increased selling price for the goods, since competitors without financing options often offer the same products at considerably lower prices.
If credit card holders activate their payment function, the issuer will generally not ask for bank statements. Against the use of the partial settlement of the credit card bill as a substitute for the high interest rates.
By default, individual banks issue a loan without bank statements. These are recognizable by the fact that they do not list the bank statements among the application documents to be submitted. If loan seekers do not want to submit their bank statements with the loan application, they look specifically for these banks in their loan comparison.
Bank customers express different reasons for their request for a loan without bank statements. In addition to a recent chargeback and an overdraft that may actually negatively impact credit rating, it often involves the discomfort of disclosing their personal money usage to the lender. This is psychologically understandable, even if no bank is actually interested in the account of a sex shop or for the debit of a betting provider. If you have several accounts, you can also handle such expenses via the two-account account, since almost all banks are satisfied with the account statements of the salary account. For self-employed persons and freelancers, who are generally excluded as credit customers by individual banks, the checking account
Compare the terms of borrowing without bank statements
If borrowers want a credit without account statements because of a questionable account balance, they choose a installment loan with partially flexible repayment option. The allowance laid down in the loan agreement to lend once in twelve to twenty-four months to a loan guarantee an agreed repayment even in the event of unexpected expenditure or failure to make receipts.
Furthermore, the flexible repayment makes it possible to arrange a long contract period and correspondingly lower monthly installments for loans without bank statements and to make additional payments if there are free funds available. It is important that the loan agreement expressly provides for special repayments without any prepayment interest being charged. The mere reference to a permitted premature repayment without mention of the associated costs is of little significance, as consumer loans may be repaid prematurely, subject to payment of an appropriate prepayment penalty.
The most important decision criterion for a loan without bank statements is a low effective annual interest rate. Depending on the bank, the credit comparison indicates an identical interest rate for each borrower or a credit-based average rate of interest. In the second case, each prospective customer first learns by means of a non-binding inquiry what annual interest rate the bank will charge him. In most cases loans with credit-based interest rates are advisable for borrowers with an above-average private credit score, while the average or financially weaker consumer prefers to take out a loan with fixed interest rates.
The inclusion of a private loan without submission of account statements
In addition to banks, lending platforms between private members also offer credit without account statements. Depending on the chosen provider, bank statements may either not be submitted at all or once when applying for membership, but not during the following loan inquiries. In any case, they will only be audited by the platform operator and the full bank cooperating with the credit exchange for formal legal reasons, but never made available to private creditors for inspection.
The approval of membership as a borrower entitles you to make loan inquiries, but alone is not enough to actually lend. Instead, this occurs as soon as the entire desired amount has been drawn by one or more lenders. Experience has shown that the probability of a quick approval of the cash payment increases when the requesting person describes his project as concrete as possible. To a large extent, the investors working on the private lending exchanges deliberately support the loan inquiries whose purpose they are sympathetic to.