The credit without Credit Bureau is available from “private” only from very dubious sources. All agreements are closed privately, the legality is not checked by supervisory bodies like the banking supervision. No one can answer whether someone can increase such a Credit Bureau-free loan. Only the private contract sets the rules.
The second option, which is also offered by reputable credit brokers, comes from a foreign bank. As far as is known, only one credit institution is currently permitted to grant loans without Credit Bureau to people residing in Germany. (As of October 17, 2013).
Who is increasing tobacco-free financing?
Unfortunately, credit agreements that were concluded with Good Finance before April 2009 cannot be increased. Best Lender was once the leading provider of Credit Bureau-free loans. However, after more than six years of litigation, the company had to stop operating in Germany. According to the judgment of the Federal Administrative Court (Az. 8 C 2.09), Best Lender may no longer conclude new loan agreements in Germany. The credit increase is therefore excluded.
It is only since the end of 2010 that a foreign bank has been active on the German market for Credit Bureau-free loans. It is Lite Bank based in Liechtenstein. In principle, increasing a Credit Bureau-free loan is just as possible as applying for the loan for the first time. Basically, only two different loan amounts are granted. Credit option one comprises a loan amount of USD 3,500. Variant two allows 5,000 USD in credit. You can only top up to the maximum loan amount.
How does the increase go?
The borrower makes a new loan application. Single people currently have to prove a net work income of 1,130 USD (3,500 USD credit). With a credit of 5,000 USD, the lowest income threshold is 1,600 USD of monthly net income.
The borrower asks to redeem the old loan early. Without prepayment penalty, which would otherwise have to be paid in the event of early redemption, the “old loan” is replaced by the new loan. The difference between the loan amount and the transfer fee is then transferred or paid out by post if desired. If postable payment is desired, additional fees are to be expected.
Conditions for the credit increase without Credit Bureau
The top-up loan without Credit Bureau is treated like a new loan. Its term is 40 months. An effective annual interest rate of 11.62 percent is currently calculated for a 3,500 USD loan. For the loan amount of 5,000 USD net loan, it is 11.61 percent effective interest.
If you want to increase your Credit Bureau-free credit, you can apply for this through a credit intermediary such as Maxda or directly. If the help of an intermediary is used, additional fees can be expected.