A new car, renovating the kitchen, financing the next vacation – in everyday life, there are always occasions when a loan can be helpful. But what if you have a negative Schufa record? Is it possible to get an installment loan without Schufa?? Here are the most important facts:
Credit assessment of banks regulated by law
According to the law, German banks are obliged to check the creditworthiness of their customers before granting a loan. For this purpose, most credit institutions use the information from Schufa. The credit agency Schufa informs its contractual partners about the creditworthiness of applicants.
Creditworthiness – what does it actually mean? By creditworthiness is meant both the ability and the will to pay back the loan. The credit check also takes into account the consumer's income, fixed income and expenses and other loans. However, the credit check is not only worthwhile for the bank. The applicant himself thus learns whether he can actually afford the desired loan. The verification of creditworthiness can therefore also be seen as a means of self-protection for the customer.
"Swiss credit" – installment credit without Schufa
An installment loan without Schufa check – is it possible? The answer is "yes". Since German credit institutions are bound by law, a credit check is always necessary for a loan here. The way out: a so-called "Swiss loan. This is a credit without a credit history, which is offered by foreign banks. If you get a rejection from German banks because of moderate creditworthiness, you can get a loan quickly and easily despite Schufa entry. However, foreign credit institutions also inquire about the creditworthiness of their customers. This is how they protect themselves against a possible payment default. A permanent employment relationship or a monthly income in a certain amount can therefore be a prerequisite for the loan.
With moderate creditworthiness: credit from private individuals
Another alternative is a loan from private individuals. You can't get a loan without a credit check, but the good news is that even if you have a negative credit rating from Schufa, you still have a chance to get a loan. Credit scores are assessed by private individuals. They make loans even to applicants with mediocre or poor scores.
Installment loan without Schufa information – here's what you should watch out for
No matter which method you choose: be aware that the interest rates on a credit free loan are higher than those offered by German banks. The applicant also has less flexibility on the term and amount of the loan. The installment loan comparison therefore belongs to the research absolutely.
Beware of dubious providers. Upfront fees, shipping costs for documents or a fee-based hotline should make the borrower suspicious. The purchase of additional insurance or expensive house calls also indicate a dubious offer. In case of doubt, you should rather refrain from the offer.
Why the fear of Schufa is unfounded
Taking out an installment loan despite Schufa entry is possible – and not necessarily bad. According to Schufa, there is only positive information on more than 90% of the people stored in the system. This information concerns, for example, current or already repaid loans. Negative information can be points such as a terminated loan, payment defaults or non-contractual behavior.
The data that is stored by Schufa includes z.B. Information about bank accounts, credit cards, leases, or accounts with mail order companies. Data on assets, occupation or purchasing behavior, on the other hand, are not available to Schufa. It should also be remembered that it is not the Schufa that makes the decision about an installment loan, but the respective credit institution.
Who once had a negative entry in the Schufa file, is not forever burdened with it. After a certain deletion period, this is erased from the file. Once a year, you can get a free look at your own Schufa file. By the way: nothing is set in stone. If you think your data is incorrect, you can have it corrected.