Credit without bank statements
In the context of a credit application, it is usually necessary to present the account statements of the last months in addition to the compulsory proof of income. However, there are several reasons why many borrowers are afraid to disclose them. This can be associated with too deep an insight into one’s own private life or simply with the unwillingness to give oneself to a stranger’s nakedness. It is not unusual to look for a loan without bank statements.
Why banks demand account statements
For many banks, proof of income alone is not enough to accurately assess the applicant’s financial situation. Therefore, account statements are usually required, showing the revenue and expenditure of the last two to three months. This is not least a check of the information provided by the customer on authenticity. For banks know only too well that borrowers are not always too careful about spending. Numbers can be beautified, revenues increased and costs reduced. Account statements, however, show all financial transactions of the relevant period without gaps. Thus, it is common practice at almost all credit institutions to verify the information on the basis of the extracts. Refusing to submit them may lead to the rejection of the loan. So there is only the search for alternatives or for a loan without bank statements.
Loans from private individuals
One way to apply for a loan without the bank statements is in personal loans. This form of loan is currently enjoying ever-increasing popularity. It is true that information about private finances must be provided in the course of the application, but it is normally not necessary to submit account statements. This registration takes place at one of the credit brokerage platforms, which can be easily located on the Internet. The information is used, among other things, to calculate credit rating numbers that are made available to the investors.
The granting of loans is anonymous. The entire settlement takes place via the intermediary, which also includes installment payments. The advantages of personal loans over the offers of banks and other banks are clearly in the more favorable terms. Especially with regard to the interest rate, it is also a question of your own credit rating, in which amount you offer this to the investors. In addition, a risk premium is added to the interest rate, which is based on the creditworthiness of the applicant. Nevertheless, personal loans are on average cheaper than bank loans and should therefore be included from the outset in the consideration of where a loan without bank statements is to get.
The trade credit
Many merchants also provide credit to customers without requiring bank statements.
However, these are always associated with the acquisition of a particular product and provided with relatively short maturities. As a rule, this form of credit does not even require proof of income, since the loan is secured by the goods themselves. The latter remains the property of the merchant until it has been fully paid off. At least for smaller investments, a trade credit can therefore be the best alternative.