Loans: possible despite schufa!

In a financially difficult situation, quick help is needed without long discussions. Taking out a loan is the solution for many consumers, but if the bank gets in the way, it can lead to big problems. A rejection by the house bank can occur for various reasons, but very important is the Schufa information. A loan despite negative Schufa can be possible, however, for example with Auxmoney, because here more criteria count than the pure Schufa information.

Why the Schufa report is so important for banks when it comes to a loan

Why is it that the bank considers a Schufa report so important, while credit intermediaries such as Auxmoney look at another field? The reason lies mainly in the risk. When a bank lends money, it wants to keep the risk of non-payment as low as possible. The Schufa information gives the banker a score value, which is used to determine creditworthiness. If this is too low, the credit is rejected, and often even if the income is actually sufficient.

If a loan is needed and wanted, collateral assignments or a guarantee by a solvent person are necessary. But if this is not desired, an alternative must be found.

Loans without creditworthiness do not exist, not even with the intermediary

Even the consumer center warns against falling for bait offers from the Internet. Providers from abroad try to catch customers and promise a credit free of Schufa information and other credit checks. The truth is, however, that there can be no credit without a credit rating, even from a credit intermediary.

The credit check has several purposes, not only the security of the bank. It's also about preventing people in need from going into debt because they desperately need money but can never actually pay it back.

If a credit broker such as Auxmoney mediates a loan, the Schufa is also checked, in addition, a credit check is also made. It must be foreseeable that the debtor will be able to repay the borrowed sum. If there is no income or the income consists only of unemployment benefits or temporary benefits, in most cases no credit can be granted.

Improve your own Schufa for more credit opportunities

One option is to optimize the chances of getting a loan by improving your Schufa score. The reasons why the Schufa score can be worse than assumed can be manifold. The most common reasons include:

  • Old and no longer used accounts and credit cards
  • Past debts and records
  • Frequent credit inquiries in the past
  • Falsely still geoscoring today

Geoscoring is a lousy scam of Schufa to determine a person's score. This is not about personal payment behavior, but geopolitical assessments. A residential address in a poor area can worsen the scoring, as there are potentially more defaults here. Although geoscoring has been banned by the courts, data protectionists are still mocking its use in practice.

Old accounts and credit cards that have not been used for a long time are also problematic. Schufa appreciates long-term ties, the frequent change of bank account and credit card can depress the Schufa score. So if there are old accounts and contracts that are no longer in use at all, it is worth deleting them.

What factors are important for the granting of credit – outside the Schufa

If a loan is granted, the service of the bank is usually outstanding. However, the situation is quite different when it comes to a rejection. Often customers are not even informed why exactly the credit offer cannot be accepted. Factors that are still important in a loan outside of Schufa relate to income.

A permanent employment relationship with a completed probationary period and without a fixed term is a good prerequisite, because here there is a regular and secure income. Even self-employed people have the chance to get a loan, provided that the income statement is positive. It is worthwhile to cite the income tax assessment notices of previous years, because from them it is possible to deduce how high the income was in recent years.

Reputable credit brokers and banks do not give loans to people without income. At first glance, this often sounds discriminatory, but a person who makes a living from Hartz 4 benefits does not have enough money available to pay high loan installments. The rejection of the credit request is therefore not for discriminatory reasons, but to protect the citizen.

Possibilities when all credit requests have been rejected

If the house bank has rejected the loan application, a loan broker like Auxmoney can help in many cases. Important condition: there is enough money to pay the monthly installments. A Schufa entry is not necessarily an obstacle, because sometimes these entries are old or they were mistakenly entered many years ago and not deleted.

However, if the credit mediation does not work either, another solution is needed. A rejection is conceivable if one's income is not sufficient to reliably repay the monthly loan installments. In this case, it helps if a second applicant is added to the loan application. The debtor must then have sufficient creditworthiness, since in case of doubt he must pay for the repayment of the loan.

With a bank there is also the possibility to deposit collateral. Those who own securities, real estate or a vehicle can submit these as collateral to the bank. For example, if the loan installments are not paid, the bank can resort to this collateral, pledge it and use it to repay the debt amount. If the sale of the valuables generates more profit than the outstanding debt, the difference is paid to the debtor.

A loan only makes sense if you are personally eligible

Anyone who applies for a loan is either in financial need or wants to use the extra money to fulfill a wish, push ahead with a project or make important purchases. Before the application is made, it is important to consider whether the possibilities of repayment are really secured. Only if, after deducting all fixed costs, there is enough money left over to reliably pay the installment every month, does it make sense to apply for a loan at all.

If a loan means that monthly living expenses can no longer be paid, it is not advisable to take it out. In this case, other measures are advised to solve the money problems. Sometimes it is worthwhile to sell valuables to establish liquidity. It may also be useful to optimize expenses and then reassess whether it would now be possible to repay a loan.

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