Loan from abroad
- Start your credit request now (this does not result in a contract).
- After checking your request, the money will be in your account after 4 days.
- All you have to do is accept our offer. If not, then not. No catch, no upfront costs.
Foreign loans are mainly applied for two purposes. On the one hand, they serve to finance the construction, on the other hand, borrowers with poor Credit Bureau information apply for a Credit Bureau-free loan in Switzerland. The application for international loans is usually made through an experienced credit broker, but for Swiss Credit Bureau-free loans up to a total of USD 3500, credit customers apply directly to the bank.
Foreign loans for home finance
The foreign loan for German house builders or property buyers is an inexpensive form of financing residential property. If the lender does not come from a USD country, he is, however, associated with a currency exchange rate risk, because with a few exceptions, the settlement takes place in the national currency of the credit bank. Real estate customers naturally hope that the exchange rate fluctuations will work in their favor and thus save part of the loan amount on repayment.
In contrast to German real estate loans, where it is customary to agree on a long fixed interest period, building loans at variable interest rates are common in many neighboring countries. These allow the borrower to share in the savings by temporarily lowering the interest rate level, but are also associated with the risk of interest rate increases.
The Credit Bureaufree foreign loan
A Credit Bureau-free international loan is advisable for German borrowers not only if there are negative entries, but also if they intend to borrow further within the following six months. If consumers take out more than one loan within six months, their credit rating deteriorates, so they pay an increased interest rate on the second loan. Most Swiss credit institutions only grant their Credit Bureau-free international credit to German applicants if the customer lives in Germany.
They explain this limitation by saying that foreigners can easily return to their home country. In view of the EU-wide free movement of people and the possibility for German citizens to also emigrate to any member country at any time, this argument is questionable.
The obligation to treat all EU citizens equally does not apply to federal banks, as Switzerland is neither a member of the Union nor the EEA. Best Banks pay the Credit Bureau-free foreign loan for German applicants in USD so that they do not bear any foreign currency risk.
Best Banks carry out the credit check when granting a foreign loan without Credit Bureau based on regular income and by making an inquiry to the Swiss ZEK, whose database does not contain any information about contracts concluded in Germany.