What you should know about "loans without Schufa" > Behind the term Schufa is the German Association for the Protection of Credit (Schutzgemeinschaft fur Kreditsicherung). It stores data on borrowers and their payment history. If a borrower defaults on an installment payment due to financial bottlenecks, this is immediately noted in a database. This database is accessible to all lenders. It is used to evaluate the payment behavior of borrowers. The actual goal is to provide a credit institution with data on the reliability of customers. However, according to statistics, about 98 percent of all loans have never experienced difficulties. In addition, the data stored in the Schufa are not always correct. This has also already become known to many lenders. Therefore, loans are sometimes granted without Schufa.
What is understood by a loan without Schufa?
A credit without Schufa is generally understood to be a credit that is available without a Schufa report. In addition, the loan is also not reported to Schufa. However, this does not mean that such a loan is granted without a credit check. The lender will obtain information about the financial situation before granting the loan. The borrower must in any case prove a sufficiently high income. The income must then also be secured for the entire period of repayment. A secure income would be, for example, a pension or a regular monthly income from a professional activity.
What are the advantages of a credit-free loan?
If a loan is not reported to Schufa, then of course there is also no entry in this credit agency. Under special circumstances, it proves to be extremely advantageous if there are no such entries. For example, if a loan for a major car repair or something similar is requested in the amount of 1.500 euros needed, such a loan can be very useful. Especially if still a larger loan, such as a construction loan or something similar is needed. Larger loans are generally granted only with Schufa entry. If the bank then recognizes that another loan is already listed in the Schufa, then this can severely restrict the creditworthiness.
A worse credit rating usually leads to a higher interest rate. That is, the high real estate loan becomes more expensive, because previously a small loan in the amount of 1.500 euros was taken out. In such a case, therefore, unnecessarily high costs would be incurred, which could be reduced by a 1.500 Euro credit without Schufa avoid let.
- Many interested parties assume that a loan without Schufa is approved faster. However, this is a misconception. Both the Schufa query and an entry at the credit agency is done in today's time in a few seconds. Therefore, loans without Schufa are not approved faster.
- A second misconception is that a loan without Schufa can also be applied for by people who do not get a loan at a "normal" bank or savings bank. If you only have a low income, you will (as a rule) not get a loan without Schufa. This is for your own protection.
Disadvantages of a loan without Schufa
The only disadvantage of such a loan is the usually higher interest rates. This may be due to the above credit in the amount of 1.500 euros are described in more detail. A conventional loan is offered, for example, at an interest rate of 5.5 percent. In this case, the borrower would have to pay 66.14 euros per month for two years. The total amount in this example is approximately 1.587 euros.
A typical loan without Schufa is offered exemplarily assumed at an interest rate of 10.5 percent. In the case 24 monthly installments amount to 69.56 euros. The total amount is then about 1.669 euros. The loan without Schufa would therefore be about 82 euros more expensive. This looks very unfavorable at first glance. However, if the borrower has another loan running, then the additional costs for a loan without Schufa can quickly pay off again.
But there are also many people who do not mind the higher fees for a loan without Schufa. You just do not want there to be information in a credit bureau, to which every financial service provider and bank have access. For many people, anonymity is more important than particularly low interest rates on loans.
Tip: There are special rules for credit-free loans from Switzerland, see z.B. The info page credit without Schufa at Bon-Kredit.De.
What should be paid attention to in principle?
Any prospective customer who wants to take out a loan without Schufa should always look very carefully. Sometimes there are additional fees to the slightly higher interest rate. Some lenders are very creative in this area. Greatest caution is always advised when a processing fee is required in advance . Such a fee is sometimes charged for the credit check in advance. If a loan is then not granted due to lack of creditworthiness, there is no refund of the processing fee. Reputable lenders calculate u.U. Perhaps also processing fees. However, these are only incurred if a loan is actually granted.
There are now numerous providers who grant loans without Schufa. Therefore, each interested party has comparison possibilities. Therefore, it is advisable to get several different quotes. Only when a provider is found that appears reputable and also provides a transparent overview of costs, the prospective customer can be sure of. In this day and age, thanks to the Internet, it is no longer difficult to find a cheap and reputable loan without Schufa. With it everyone can fulfill then smaller or larger desires.