Immediate loans without a credit check would certainly be desirable for many potential borrowers, but loans from reputable banks are always linked to a credit check. The extent to which this credit check is carried out depends on the bank, but mostly proof of income and a check of the Credit Bureau entry are due.
Are you unemployed? Can you get a credit?
In this way, the bank verifies the borrower and uses the evidence to determine his credit line and whether there is any creditworthiness at all. If the borrower has a regular income of at least 800 USD net, it is usually a micro and small loan with a long term, as an unemployed person there is usually no credit.
As a result, the sought-after instant loans, which are processed and paid out particularly quickly, can only be taken out if the bank also grants the borrower a credit rating. In the course of the loan application, the borrower has the opportunity to at least temporarily increase his own creditworthiness by having a co-applicant inserted in the loan contract.
A guarantee is also possible for instant loans without a credit check, but this guarantee does not automatically relativize a credit check. As a result, the borrower’s (nonexistent) creditworthiness may be ignored if the borrower can instead provide a liquid guarantor. This guarantor is then also subjected to a credit check and must successfully pass this so that the borrower can be granted a loan.
You can only do it without a credit check in a private environment
Immediate loans without a credit check, or what may largely be understood by this, can alternatively be obtained from the private environment. If the borrower borrows a sum of money from people from his relatives or from his own circle of friends, this is not always declared as a loan by both people, even if by definition this loan corresponds to a loan.
Private lenders from the surrounding area, on the other hand, tend to forego the credit check completely, since the money is lent more due to the good personal relationship with one another, which is why, if necessary, one eye is turned to enable the loan.
In addition, people who are closely related to each other are often informed about the financial situation of the other person anyway. Consequently, a negative Credit Bureau entry is irrelevant, and the amount of income is not so important if there is trust from the lender to the borrower.
Private loans from the surrounding area have the advantage that no interest is generally charged on these loans. This makes the loan as cheap as possible for the borrower, since there is also no processing fee in private circles.