Taking out a credit online without a credit rating is just as impossible as getting a loan without a credit rating offline. Even if direct banks on the Internet do not evaluate creditworthiness quite as strictly as is the case with many house and large banks, direct banks also have to protect themselves against payment defaults.
Since the lender does not have a crystal ball, of course, with which he can estimate whether a borrower can actually keep all the installments, he only has the evaluation through evidence of income and work. Based on the income, the type of employment and the Credit Bureau ranking, a credit rating can then be determined, which is also used to determine a credit line. The credit line specifies the spectrum and the maximum loan amount that a borrower can receive from the respective credit institution.
Loan without creditworthiness
If a loan without creditworthiness is to be taken out online, borrowers have to worry about how to increase their own creditworthiness at least for the duration of the loan agreement. The best known and most popular option is to use a surety.
The guarantor must then be liable for the loan contract with all of his income and assets, which largely eliminates the lack of creditworthiness of the actual borrower. If the borrower has no credit rating and cannot use a guarantor, the bank must unfortunately reject the loan application.
Credit is the foundation of every loan
Without a sufficient credit rating, there is also a loan, which is simply defined in banking. Although the guarantor is an option, the surety is of course only possible if a person in the narrow circle is willing to act as a guarantor. In addition, the guarantor must always be liquid, i.e. have a sufficient credit rating.
If the guarantor himself has no income and therefore no creditworthiness, it is of course of little use to have it included in the loan agreement, since the bank could ultimately only present two people with no credit rating as “security”. If there is no guarantor at all, it is unfortunately no longer possible to take out a loan online without a credit rating.
In the best case, a small loan can then be taken out in a private circle by borrowing money on a friendly basis from the family, partner or very good friends. The advantage here is, after all, that this loan usually does not earn interest, which keeps the costs as low as possible. However, only small loans are often possible because the lender has to provide the money from his private income.