Getting a loan despite negative Schufa is not always easy at first glance. How this works, when it makes sense for you and what you should look out for, we have summarized for you in this article.
Why credit at all with Schufa?
Schufa provides its customers with statistics about your payment history. This allows the lender to get a relatively simple assessment of your creditworthiness. If the system shows here that there is an entry and therefore a default is likely, the lender saves the further work and usually rejects your request.
When a loan is possible despite negative Schufa
The lenders are of course aware that in individual cases you could still be a good borrower. At the same time, credit records are not always up to date or accurate. Either your bank now makes a case-by-case decision – or you go in search of other solutions.
Possibilities for a loan despite negative Schufa
As noted, not all banks offer you a loan despite negative Schufa. In exceptional cases, sometimes a loan despite negative Schufa possible, provided that your overall financial situation financial situation is in order or you can provide appropriate collateral. Otherwise applies..
Credit despite negative Schufa – your options:
- Foreign lenders
- The swarm financing
- Search co-debtor
- Case-by-case examination (already noted above)
Credit despite negative Schufa with a foreign lender
Only German financial service providers consult the Schufa (German credit reference agency). For z.B. Luxembourg banks this does not play a role. Of course, a foreign bank will also perform a credit check – but at its own discretion.
Thus, it may well be that you get a loan approved, which you would not have received in Germany by the bank so. Mostly foreign lenders work with credit brokers based in Germany.
They bring the lender (the bank) and the borrower (you) together and take care of the paperwork. Your advantage: A German contact person.
Disadvantages of foreign lenders
Even if much is standardized thanks to EU regulations, the contract details can sometimes differ from the usual in Germany. Especially with Swiss loans, you must also consider the currency risk: If your credit runs z.B. on Swiss francs, your monthly rates can constantly change downwards, but also upwards.
The swarm financing
A loan despite negative Schufa is also possible with the swarm financing (P2P credit = private to private credit). In this case, you do not borrow the money from one bank, but receive this from many different people.
In order to ensure that this process is legally compliant, data protection compliant and convenient for all parties, it is usually carried out by a few large, reputable providers. You enter – as with a normal credit application – your data and submit a credit request.
Interested investors can then participate in your credit request according to certain criteria and rules (for example: credit 1000EUR, A gives 10EUR, B 15EUR, C 40EUR etc…). If enough investors have come together, a loan agreement is concluded between you and your "investors" via the platform as an intermediary and trustee – naturally with interest.
Disadvantages of swarm financing
"There is no right to credit," goes an old banker's adage. Although many receive a loan via a swarm financing despite negative Schufa, which would have been rejected at traditional banks, but just not always.
In addition, the investors active on these platforms naturally want to minimize their risk and take more or less professional credit check at their own discretion to you. Although your Schufascore is not considered, but you should still bring a certain creditworthiness, which you can prove, for example, with bank statements and a household bill.
Search for co-debtors – the elegant (?) Solution
A loan despite negative Schufa is sometimes possible with a guarantor or MItschuldner. In this case, the bank or. the financial service provider the Schufa of both parties.
This is useful, for example, for married self-employed people who have an income, but this is constantly fluctuating throughout the year. This is also useful in cases where the reason for a Schufaeintrag is done, your financial situation has improved significantly, but the deletion is still 1-2 years in coming.
Disadvantages of a co-debtor or guarantor
Someone else is liable for your debts and must pay them in case of emergency. So think about it carefully, because especially in the family circle this supposed way out can be a big burden for everyone involved. In the worst case, you can so a loved one just with larger sums with you into the doom pull.
Caution, rip-off!
When searching for a loan despite negative Schufa, you will find many providers on the Internet who promise you a "guaranteed" and "100%" commitment. Be careful here, because often they try with "processing fees" to be paid in advance and similar tricks only to pull the money out of your pocket.
The desired loan, however, is then – if at all a response comes – "unfortunately" not granted. Your money, however, you never see again. Ergo, the rule is: Hands off!
Conclusion to the credit with bad Schufa
A loan despite negative Schufa is possible, provided that you consider the various options on the market and can show collateral or a reasonable, financial situation.