A credit without Schufa does not have to be expensive

Thanks to low interest rates, more and more Germans are losing their reluctance to take out a loan and are borrowing money, for example for a great vacation trip with the whole family or for a new car. It is usually easy to take out a loan from the bank, but unfortunately not everyone likes to be seen as a borrower. This is especially true for those who have a negative entry in the Schufa, because this entry shows the bank that the customer already has problems with a loan and his credit rating is not the best. If you still want to borrow money, you can do so with a credit without Schufa.

No credit rating, no credit

Banks don't lend money out of pure philanthropy, they want to make money with it. For this to be successful, the customer must be creditworthy and it must be ensured that he can actually fulfill his obligation to pay the installments on time. In order to find out the creditworthiness of the customer, the bank asks Schufa. If the customer has a negative entry, then the bank does not take the risk and rejects the loan application. Who is negatively led with the Schufa, which can try to borrow with friends, or look completely purposefully for a credit free of credit standing. But what does it mean to take out a credit without Schufa and how does this credit differ from all other credits??

A critical customer

Who decides for a credit without Schufa, which "outet" itself as a customer with critical background and this fact uses the banks, which assign these credits. They charge higher interest rates, and always on the grounds that the potential risk of default is higher than a customer who has a spotless record with Schufa. In many cases, the credit-free loans come from abroad, not infrequently from Switzerland, which has earned them the nickname Swiss loans. Such a loan can be interesting, but for borrowers it is important to compare the interest rates very carefully, because usurious interest rates do not have to be.

The tricks of the banks

The days when it was mainly dubious credit brokers who offered credit-free loans are now over, but it is still better to pay attention to what is written in the famous fine print. For example, some lenders require their customers to take out a so-called residual debt insurance, which greatly increases the cost of the loan, also the conclusion of life insurance or Riester contracts are not uncommon for loans without Schufa. If you're smart, you'll gratefully turn down these extra cost traps and look for a reputable provider with equally reputable loan offers.

Crowdfunding – the slightly different loan

A new and very popular form for a loan without Schufa is the crowdfunding loan. With this particular loan, there is not just one lender, several people can act together as lenders, which makes a crowdfunding loan a safe and affordable loan. Because of the lack of collateral due to the negative information in the Schufa, the interest rates are higher, but still not as high as would be the case with a credit-free loan at a bank. In any case, it's worth taking a closer look at the offers of the individual platforms that offer crowdfunding loans. If the offer is interesting, it's not a bad idea to sign up for free with no obligation. Depending on the amount of the loan, it can work out very quickly with a loan, because there are many lenders who use such financing as a good financial investment project.

For the unemployed, but also for many who are self-employed or freelance work, a loan without Schufa is a good thing, but the interest should always be kept within reasonable limits.