Granting a loan without a bank statement – not every direct bank is ready to do so. Direct banks in particular are often very reluctant if a copy of the requested bank statements is not attached to the loan request.
Unlike house banks, internet banks generally do not know their customers. The majority of them are new customers.
The main account is almost always not with the internet bank, but with a branch bank. The direct bank could only obtain information from the checking account through cumbersome bank information. However, this process is costly and administration-intensive.
House banks have it easier. You can simply call up the data from your customer account. House banks do not in any way dispense with evaluating the current account when granting a loan.
Compare online loans without bank statements with Cream Bank
With a credit comparison like Cream Bank, you can easily find out which banks do not use bank statements as part of the lending procedure and conveniently compare the best loan offers.
Under “Product details” you will find precise information on which documents must be attached to the loan application.
The representative example (average interest rate) listed under each loan offer gives you an idea of the interest rates you can expect.
Which bank does not require bank statements?
Credit institutions are legally obliged to carry out a credit check on their customers in order to keep the credit default risk as low as possible.
However, the legislator leaves it up to the banks in which way they determine and assess the creditworthiness of their credit customers. As a result, most banks require bank statements for very different periods of time, but others completely refrain from doing so.
Sometimes the waiver of bank statements is “compensated” by a particularly thorough credit check in other ways.
For example, more pay slips than usual are required. Or the bank is not limited to Credit bureau information, but also obtains information from other credit bureaus.
We want to use a few examples to demonstrate how differently banks behave when requesting documents. The examples come from the Cream Bank loan comparison (as of April 2018).
Why bank statements?
What are the reasons for banks to see the bank statements?
The official reason for most banks is: The extracts serve to determine that the wage entitlements contained in the income statements have actually been paid out to the credit customers.
This reasoning is certainly true. Banks naturally want to know whether their credit customers can freely dispose of their salaries or whether part of the salary may go to third parties (assignment of wages, attachment).
But the reasoning is only half the truth. If it were only a question of the receipt of payment of the salary, the bank could easily allow deletions and redaction on the bank statements.
But banks explicitly don’t. The account statements requested for a certain period of time must be continuous and must not contain any deletions.
Most banks review ongoing account movements over the past four or five weeks. But there are also banks that require bank statements from the past six months.
Credit institutions require bank statements because they want to check current income and expenses in an uncomplicated manner.
Do Expenditures Exceed Revenue? What prior obligations does the credit customer have? Are there direct debits?
Do the account movements confirm the information in the credit inquiry about the income and financial situation?
And above all, does the credit customer stick to the overdraft limit agreed with the bank?
Banks could check the circumstances that are important for creditworthiness in another way, for example by submitting contracts. However, such an examination procedure is complicated and time-consuming.
This is in conflict with the business model of direct banks, which want to make a quick, automated loan decision at no great cost.
Bank statements are used by the bank to collect data for the budgetary account and thus to determine economic creditworthiness.
If serious problems arise from the account statements, the bank will not grant any loans. Serious problems are, for example, return debits or the overdrafting of the admission framework.
Applying for a loan without bank statements: are there advantages?
If the extracts show bookings that banks knew would fail to provide credit, a loan request is not a particularly good idea.
Return debits due to insufficient cover, unauthorized overdrafts and similar incidents regularly indicate serious creditworthiness problems.
The first question is whether further debts make sense in this situation. Borrowers are often no longer able to repay additional loans.
Applicants must also expect credit institutions to learn about creditworthiness problems from other sources (information from credit bureaus, for example).
The result will be that the application will be rejected from the outset. Or the bank requests further documents, precisely those bank statements that cannot be presented.
Banks are not bound by the specified application requirements. You can request bank statements at any time, even if the product descriptions do not mention bank statements.
If the bank statement is “negative”, it is advisable to correct the problems. Unauthorized overdrafts can only be returned for now. If you wait a few months before borrowing, you may be able to provide a clean account statement without return debits.
Of course, you can also search for loans without the provision of bank statements because you do not want to be looked at for reasons of privacy protection.
Anyone who makes this decision misses the decisive advantages that loans from direct banks have to offer.
First of all, credit offers without bank statements are to be counted on one hand. So there is a limited selection with the result that the cheapest offers are missed.
Loans without bank statements do not usually have the best interest rates.
Secondly, the trend in internet loans is towards checking creditworthiness only on the basis of account statements and information from credit bureaus.
One example is the fully digital credit agreement with subsequent immediate payment. With this type of credit, the creditworthiness is only checked through Credit bureau information and the evaluation of bank statements.
The bank receives permission from the customer to carry out a so-called “account view”. To this end, the customer transmits the access data to his checking account online via a secure connection so that the bank can call up the required information digitally.
If the account view and information from the files of the credit bureaus are positive, the contract is concluded online with a digital signature in direct connection with the application.
The payment is made immediately afterwards, so that the desired loan amount can be credited to the credit customer’s account within a day.
Credit without Credit bureau and without a bank statement?
The Credit bureau-free loans from Agree bank, there are no other ones in Germany, come without the involvement of a German credit reporting agency.
In return, however, there is a strict check of economic creditworthiness. Loans without Credit bureau are only issued to employees with good to medium incomes. There are minimum requirements for the duration of employment.
The bank’s application form states among other things:
The last two original pay slips with the matching bank account statements (original or online). Account holder and receipt of wages must be visible. Do not send copies or fax.
A loan without Credit bureau is therefore not possible without submitting bank statements.