Credit without bank statements
The documents to be attached to a loan application usually include bank statements in addition to the payroll. Depending on the bank, either the statements of the last month, those of the past quarter or those of the last half year are required. Some credit banks always refrain from submitting bank statements, or for small amounts. It is easy to understand that your own house bank does not ask for this, as it can track the account movements using your own documents anyway.
Why are bank statements part of the usual credit documents?
The bank can use the bank statements to see whether the loan applicant has to deal with unusually high regular expenses, which they must take into account in addition to the standard expenses in the household accounts. In addition, additional income can be seen in addition to the fixed salary, even if only a few financial institutions take this into account when checking credit applications. Another reason for requesting bank statements is that they show whether the applicant’s finances are in order. An overdrawn account is an important reason for rejecting the loan application.
A checking account is not considered overdrawn if the holder uses the agreed credit facility, but only if the credit line granted by the bank is exceeded. As a side effect, the bank learns from the account statements that the borrower is actually the owner of the specified payment account, from which they also debit the later loan installments. In the case of a loan, this information can also be transmitted without a bank statement simply by submitting a copy of the bank card.
What are the advantages of credit without bank statements?
The loan without bank statements offers advantages not only for the applicant, but also for the bank. You have to check significantly fewer documents than when presenting the bank statements, so that the waiver is not least widespread for instant loans. For credit customers, a major advantage of lending without presenting the bank statements is that they do not have to disclose their use of funds to the credit bank. Finally, the bank statements show the shops in which the applicant usually buys and pays with a bank card. The possible statements in games of chance in which the stakes are debited are shown in the account statements.
The relevant data are not relevant for lending, but are often classified by consumers as worth protecting, so that they are unwilling to disclose them to strangers. If the account has been overdrawn in excess of the overdraft facility granted, the applicant is dependent on a loan without bank statements, as otherwise his credit request will be forcibly rejected. For some of the banks, it is clear from the conditions for lending published on the website whether or from what loan amount bank statements are to be submitted. Otherwise, a telephone inquiry is advisable if the customer wants a loan without bank statements in any case.
Which loans are granted without bank statements?
In addition to instant loans, all loans from pawnshops are issued without bank statements, whereby pawnbrokers also do not ask about the income and corresponding receipts. Furthermore, many banks have set a limit up to which they refrain from submitting bank statements when granting loans. Another possibility of not having to submit a bank statement is the joint application for credit by two people at some of the financial institutions, since in this case there is a lower risk of default thanks to both debtors.