A cheap payday loan without private credit is not granted by most house banks and savings banks. They generally reject lending categorically even when they learn of a negative entry about the customer at the private credit because they have great doubts about his creditworthiness. But there are other ways in which a cheap payday loan without private credit can be successfully applied for. In this situation loans with a guarantor and a private loan in particular are possible.
A payday loan with guarantors
If credit institutions consider the creditworthiness of a client to be inadequate to give him credit because of a negative entry in private credit, one can still get a loan if a guarantor guarantees all the resulting obligations. He assures the bank to pay in full for the outstanding balance, including all interest, if the actual borrower fails. Such a guarantee must always be assumed for the entire term of the loan. As a rule, close relatives, such as parents and siblings, come into question as guarantors.
However, before the bank agrees that a cheap loan without a guarantor will be issued with a guarantor, it will have to check exactly the credit worthiness of the guarantor. Because only if their credit rating is assessed as good, credit institutions accept a guarantee. However, nobody should frivolously ask relatives for a guarantee, but only if they have the actual intention and ability to repay the loan themselves without any problem.
A payday loan from the internet
In addition, individuals who do not receive a traditional consumer loan because of a negative private credit entry may seek a loan from a private individual on specialized financial portals on the Internet. Here, a cheap loan can be arranged without private credit. Because on such portals, every consumer can stop his personal loan application. However, those affected should definitely mention the negative entry to the private credit and explain why they are nevertheless reliable debtors and will repay the required loan in full and on time.
In addition, it is also advisable to specify the loan application exactly what the borrowed money should be used for. Especially if these are purposes that are very important for the future of the borrower, such as financing an apprenticeship or a car for commuting, lenders are easier to find. Private lenders who are interested in such a loan, contact the person concerned via the portal, and then conclude a loan agreement that offers favorable conditions for them.