Financial bottlenecks can occur again and again. If the house bank then rejects a loan, this can lead to despair.
However, the Internet already offers the solution for this. There are more and more loan providers who grant a loan even if the Schufa entry is negative. However, you should pay attention to serious offers.
What is there to know about Schufa?
Anyone who thought that a loan without credit bureau is not possible is wrong. In recent years, more and more credit companies have been offering credit bureau-free loans. When granting loans, each banking company uses different criteria based on which the loans are granted or rejected. So far, the credit check, which was carried out by means of a Schufa check, has been the main criterion. If there was a negative Schufa entry, loan applications were rejected in most cases.
Banks relied on the so-called score, which is used to determine the solvency of customers. With the help of this score, banks have so far determined whether a loan will be granted or not. For many years, this meant that people who had a negative Schufa entry did not receive a loan.
Loans are now also possible despite a Schufa entry
Fortunately, banks adapt to the circumstances of the time. And so the loan without Schufa was also considered and is already being implemented by some banking companies. Now the situation is such that loan applications are not immediately rejected. Because a loan without a credit bureau or with a negative credit bureau entry is also possible. Lending companies use other criteria for granting the loan for this purpose. It should be borne in mind that the interest rates on a loan without a Schufa can be higher because the lending companies take on an increased risk. A precise comparison should be made here in advance. Reputable providers in particular offer loans without Credit bureau or with a negative Credit bureau entry on almost the same terms as with a conventional loan.
Requirements for loans without Credit Bureau
Numerous banking companies are already offering loans despite a negative Schufa entry. Until now, it was hardly possible for people who had a bad Schufa score to get a regular loan. However, banks use some criteria to grant a loan without Credit Bureau. In addition to a regular income, the normal place of residence must be in Germany. The borrower must provide evidence of a German bank account. The loan must also be earmarked. Customers must provide proof of expenses. Loans are only made for real estate or cars, so the banks have collateral to fall back on if the monthly installments are not paid. Even if banks keep advertising on the Internet with words like “credit without Schufa”, they still take a look at the Schufa score. The bad Schufa score does not mean that the loan request will be rejected. Rather, it should be considered legitimate that banks want to take a look at their customers and their payment behavior.
How are these loans structured in terms of interest rates?
Unfortunately, there are far too many black sheep on the Internet who want to take advantage of financial emergencies. Therefore, the following applies: Before signing the contract, please carry out a precise comparison. Of course, the interest rates are a little higher for loans without Credit bureau or with a negative Credit bureau entry. Banks must protect themselves in the event of a negative Schufa entry in the event of defaults. However, there are dubious offers that place a very high interest rate, so that customers are damaged in the long term. High interest rates are particularly noticeable for large sums.
The consequence of this is that a negative spiral can develop with dubious offers. Increased interest rates mean high monthly payments. And in the worst case, these can no longer be repaid.
So far, people with a negative Schufa entry have hardly had the opportunity for loans. Applications were already rejected during the credit check, and individual cases were hardly considered. Fortunately, this has changed, because now people with a negative Schufa score also have the chance to get a loan. However, there are a few things to consider with a loan without Credit Bureau, because different criteria have to be met here too. Before the loan is awarded, despite a negative Credit bureau entry, the offers should be extensively compared. Here, serious differences can be seen.