If you are unexpectedly burdened by expenses or want to do yourself some good with a purchase, although your financial cushion does not allow this at the moment, then the credit is a proven means. With a loan, you use your future earning power to finance an expense today. So far so good.
But what if you have been burdened with a negative Schufa entry? Or what the situation is like if you fear a burdensome entry because you are only checking a credit offer? Is then a loan disbursement unthinkable?
We show you how you can get a loan without a Schufa query or despite an existing Schufa entry. And, we also show you what you must pay attention to when applying for a credit without credit history, so that you do not fall into the trap of dubious rip-off artists.
When is a loan without Schufa the means of choice?
A credit you need especially if you are on a tight budget. Especially if in addition a potential expense, such as a household appliance, a repair due to unexpected damage or the spontaneous family vacation your frame goes beyond. Sometimes you just want to treat yourself to a purchase you couldn’t afford at the moment, like a new smartphone, watch or flat-screen TV.
Some German consumers facing latent monetary challenges have been burdened with unpredictable costs at inopportune times in the past, resulting in a dreaded negative Schufa note: the credit rating was promptly downgraded.
It is not uncommon for credit seekers to find themselves temporarily backed against the wall, because many incalculable burdens came together in one fell swoop. In German said: They were victims of external circumstances.
If the washing machine suddenly gives up the ghost, you have just returned from the expensive family vacation and a purchase in the supermarket has eaten up the last cushion on the current account, then a phone bill can quickly remain unpaid.
To the chagrin of those affected, the resulting payment defaults about a negative score noted at the Schufa and as Decision basis for a future granting of credit by banks uses. Is thus the train of a disbursement for you finally driven off? Fortunately not. A loan without Schufa or despite Schufa with Kreditissimo.com can help you out of a jam.
Reasons for Kreditissimo.com
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without obligation& without any upfront costs
Quickly and easily to your loan without Schufa with Kreditissimo.com
In fact also Loans despite negative Schufa forgiven. But there is an urgent need for clarification here, because there are different interpretations of this concept:
On the one hand, there are loans that can be applied for in a credit-neutral manner. That is, a credit check by the credit intermediary leaves your Schufa score unchanged. On the other hand, there is the credit without a credit history, which is entirely waive an examination of your creditworthiness with the Schufa. This is reserved only for foreign banks, such as Swiss banks, since German lenders are required by law to obtain information about the solvency of the borrower by means of credit assessment. Serious providers from Germany comply with this obligation.
When you request a loan without Schufa through Kreditissimo.com apply, you can assume that the sole Credit request without consequences at the Schufa for you remains. You can get non-binding offers and compare different options with each other. The score stored about you at the Schufa is only viewed, without the claimed information is effectively recorded. You do not pay until the conclusion of a contract a cent.
Through our Cooperation with reliable and reputable partners In the area of credit mediation, we can provide you with a very large number of credit offers from several providers. You can easily choose the offer that suits you best. Should you start an independent conditions query with limited creditworthiness, such as a low Schufa score, you will be suggested offers from banks that would still approve you for a loan.
What you need to do? In a few moments the credit application form of Kreditissimo.fill out com and name your desired conditions, you will already receive the best possible offers without obligation. Try it out right away!
Why is an online loan without Schufa worth with Kreditissimo.com?
The advantages of an online loan without Schufa are obvious. Due to the progress of digitalization, processes and transactions can be increasingly automated and thus greatly simplified. This applies not only to well-known online stores and marketplaces, but also to banks. transactions, as well as Credit agreements, can online not only faster and uncomplicated, but Above all, they can be processed more cost-effectively. The advantage for borrowers? All the cost savings of the banks can be passed on to you through more favorable conditions!
What are the advantages of an online loan?
Let’s take a closer look at the levels at which online providers have structural and cost advantages over the normal house bank from which consumers can benefit:
Human resources/personnel costs:
One of the largest expenditure items of banks. This accounts for up to half of the total cost at some institutions. The greater the total expenditure of a bank, the higher the interest rates must be for financial products such as loans, in order to generate a desired margin and to secure long-term profitability.
Banks whose business is mainly digital have a leaner personnel cost structure.
An online bank can drastically reduce this item. Starting with the person at the counter, which a digital bank does not have to maintain in comparison to a direct bank, to many office employees who take over administrative tasks, to transactional processes, which are monitored by employees.
Material costs:
In addition to employees themselves, which are included in the Business premises of a bank have to maintain financially, the need for the real estate is less with an online bank. Many purely online credit institutions only need premises in which digital and automated processes are controlled and monitored when granting a loan.
Narrow management structures and a handful of communications staff round out the team. Data storage, management and backup is increasingly being handled by cloud providers via software as a service, so that this expense is also reduced.
A branch bank cannot keep up with this low material expenditure. Result: Cost advantage and therefore lower loan interest rates for borrowers also for online loans without a credit history. Admittedly, many older institutions in the banking and finance sector are following suit and moving large parts of the business to digital.
Still, the big players are dragging around old structures and huge, money-hungry management wars, and are still forced to maintain their house bank offerings.
processing of the loan application:
Not only lower costs are attractive for credit seekers. Also Simplification of the processing procedure, from the initial loan offer through a credit broker, to the upload of necessary documents and the confirmation of your identity by means of the Video-Ident procedure, to the final online transfer make your life easier. It is certainly not that simple at your local bank around the corner.
There, you first talk to the staff at the counter, who may pass on the processing of the loan request internally. Until you have actually signed a contract, let alone the loan is received in your account, days have passed. With an online loan without Schufa, you can sometimes dispose of the loan amount within 24 hours. And this with a comfortable credit inquiry from home! You save not only money, but also time.
variety of offers and higher competition:
Another striking argument for the use of a credit-free online loan is the Variety of offers on the web. Consider that a house bank wants to bring mostly its own credit products to the man, or must arrange certain credits in the order. Choice is therefore limited. So is the price offer.
If you credit without Schufa on the other hand online apply, you have the opportunity to countless Offers from different providers with each other to compare and to pick out the most favorable package for you. High competition creates a price war, which results in favorable conditions for the consumer.
If you, for example, about Kreditissimo.com apply for an online loan without Schufa, or have a loan offered through a credit broker, you usually have a choice of loans from several providers. You have the choice.
Try it right now and fill out our application form with your desired loan amount in just a few seconds!
What is a loan without Schufa?
You might think that a loan without Schufa is by definition a loan that is granted without checking your creditworthiness with Schufa. But stop! Questions and confusion can arise here, because there is room for interpretation. So that you can keep track and understand what can be meant by a “loan without Schufa”, we go into the possible interpretations for you below.
Credit without Schufa or credit despite Schufa? – Eliminate misunderstandings
Not to keep you in suspense any longer: In the case of a loan without Schufa it is not necessarily a loan where a check of the Schufa score is waived. But: it a note in your Schufa file is waived, That you get a loan, for example, through Kreditissimo.com, have applied for.
It is also referred to as a credit neutral credit application, because this does not affect the credit score of the applicant. Entirely without the involvement of Schufa, or other institutions, can not apply for a loan from a bank located in Germany. But there is an interesting alternative.
Swiss credit – the true credit without Schufa
In fact, loans are also granted, where the inclusion of German companies, as well as the Schufa Holding AG can be completely waived. Most prominent example of Lenders, which offer a loan without Schufa query, are Swiss banks. These sometimes even grant loans to consumers whose Schufa score would preclude the granting of a loan due to a negative entry, because they have a poor credit rating according to Schufa.
These providers also want to avoid payment defaults by their customers in order to process profitable loan transactions and remain competitive. Therefore they resort to Alternative proof of a good credit rating and sufficient payment history, sufficient income, or in an emergency on the presence of collateral back.
Act in the event that you as a potential borrower have a regular income with a reasonable amount and your cost structure is assessed as reasonable, nothing stands in the way of the disbursement of a credit without credit history by a Swiss bank.
If these conditions are not met, you could alternatively receive approval via a contractually agreed guarantee. The guarantor must be able to provide sufficient income and collateral on a substitute basis.
The fastest way to get your loan without Schufa:
meet the necessary requirements
upload all important documents right away
complete personal identification
Credit despite Schufa entry? – Is this possible at all?
To find out whether you would receive a Swiss loan without Schufa, fill out the application form with desired loan amount without obligation, have your request reviewed and get free offers with different credit periods suggest. The credit broker checks individually whether you have sufficient solvency and creditworthiness to repay a loan in accordance with the contract, despite negative entries by the Schufa. If your information has been checked, you will receive a positive response or rejection.
When do you get a loan approved without Schufa?
As you can imagine, for the approval of the loans without Schufa other conditions apply, as with a conventional loan. For many banks, the information about your Schufa score is the easiest and supposedly most watertight way to collect information about your creditworthiness and to evaluate the loan application on an economic basis. Read more at: “Who can get a loan without Schufa?”
Credit comparison
What documents and evidence do you need to request a credit without a credit history entry??
If you have questions regarding the application process: In the following, we show you what steps come to you according to experience with the beginning of the credit application on you.
After you have specified the desired loan amount in the first window, you must provide general information about yourself in the form, including:
- Name and address
- Date of birth
- Contact information such as email and phone
Likewise, in this first form you can already express a desire for credit. In the next step, you will be asked for details that will help the credit broker to check and evaluate your financial situation:
- Employment/occupation
- monthly net income
- Other income
- monthly warm rent
- Information about collateral, such as real estate holdings
- Nationality
- Marital status
- Number of children
- Information about possible co-applicants
In the next step you have the possibility to upload via drag and drop a Proof of your fixed and regular income, how to pay your salary or wages, for example. The last pay stub, a pension statement, or bank statements with alimony receipts will do the trick.
In case you can’t provide such proof at the moment, you have the option to submit it delayed to an address provided by the loan broker. These proofs can be help with the approval of a credit without credit history.
In addition to the general information already mentioned, which is necessary for the formal processing of your request, you can provide alternative documentation. The credit intermediary can check these and possibly use them as a supplement to the regular evidence in case of negative Schufa information.
- Alternative sources of income
- Guarantee
Confirm your identity by videoident or postident
Before it comes to signing a loan agreement, you must confirm that you are a real person. In the past, the Postident procedure was used at this point. Nowadays, identification also works from home by means of Videoident procedure, for example, in the form of a video call such as Skype or Facetime, which is the modern form of telephony with video image over the Internet.
The identification process is done from the comfort of your home.
If you have met all the requirements, you will be suggested suitable offers based on your information, as well as according to your desired loan amount over several providers. If you choose one of the offers, they will send you the loan agreement to sign.
Proper planning before you apply for a loan without Schufa
Whether you want to apply for a regular loan or a loan without Schufa, ideally you make necessary preparations in advance. Good Planning starts with listing all cost items and sources of income of your household to. Before taking a closer look at your financial situation, it is useful to consider the urgency of taking out a loan.
How important is the property you want to purchase? Is it a broken appliance that needs to be replaced immediately before your household collapses? Or do you want to get the latest smartphone, although the necessary money is missing? Be honest with yourself at this point, because if you would have to go hopelessly into debt for it, the latest IPhone is of no use to you.
Then make a list, if possible a spreadsheet, in which you record all regular expenses. This includes your rent, insurance, purchases, maintenance, etc. Really think of everything so that in retrospect you have a Determine realistic framework for the repayment of the loan can. Also include any one-time cost items that may come as a relative surprise.
Note all possible sources of income, including your salary, investment income, government grants, alimony, etc. Compare income and expenses in an income statement and, after deducting a safety margin (depending on the budget), determine your monthly available amount of money. That’s how much money you have left at the end to make both repayments and debit interest on your Credit without Schufa with security pay to can. If you find that you do not have a surplus, you should reduce expenditure items, increase your income, or completely forego a credit application.
You can download a budget calculator at the bottom of the page
If the surplus is too small for the planned sum, you must either set the term of the loan higher, which would result in a reduction of the loan installments but also increase the interest costs, or you reduce the planned loan amount and calculate again with sharp pencil, how much money they actually want to borrow by credit.
In a certain way you calculate preemptively Your own creditworthiness. Also list collateral in the form of valuables, real estate, or other tangible assets that might be of importance to banks. If you still have the annual one-time free use of the Schufa information open, you can independently check whether there is a negative note.
Possibly a credit free of credit history is not necessary at all. For more on how consumers can view their Schufa file and how to remove a negative notation, see: “How creditworthy are you?? – Find out” and “What happens with the entries? – Can a Schufa entry be deleted again??”
Now check how expensive the purchase will be, which you intend to finance with a loan without Schufa. You get the expected loan amount and know thanks to the income statement your framework for monthly installments. This determines the possible credit period. With this information you can subsequently, so also with Kreditissimo.com, fill out the application form without obligation and receive the most suitable offers for you. If you decide to make an offer, then the rest is a purely formal matter. Follow the steps provided and meet the requirements, then you may be able to enjoy same-day loan disbursement.
Conscientious planning – The most important things at a glance:
- Excess income statement / profit and loss statement
- Check and evaluate your own budget – keep an eye on expenses
- List collateral
- Assess the urgency of the issue
- Determine credit limit
- Inform about the credit offer and the type of credit
- Compare credit offers online
- Prepare documents and information for the loan application
- Obtain offers
- follow specifications for the conclusion of contracts
- Be happy about the money coming in
Case studies – In which cases the credit without Schufa makes sense?
A negative Schufa entry is an indication that a borrower has had difficulty meeting payment demands in the past. This info is not only a warning sign for lenders, who want to protect themselves from non-payment, but also for the borrower, that could get you into economic trouble if ignored.
However there are Cases in which a negative note in the system of the Schufa AG is not meaningful. Everyone encounters situations in life where income is tight in relation to expenses. Students, trainees, pensioners, or even self-employed people can sing a song about it. Not only lower-income groups, even average earners can suddenly be blindsided by unexpected expenses. We have listed below when a loan without Schufa makes sense for credit seekers.
Then a loan without Schufa makes sense:
- You have a Schufa entry from your student days because you were unable to pay your cell phone bill due to very tight child support: Now you live financially in a more comfortable situation and could easily pay off a loan without Schufa without getting into trouble.
- You have a Schufa entry due to the coincidence of several unlikely events that have put you under financial strain and led to a payment default. Your income ratio was sufficient at the time, but the amount of problems was not manageable. Maybe you had a car accident with uninsured damage while your daughter was supposed to go on an expensive school trip at short notice after you came home from the family vacation. You certainly know the saying: “When it comes, it comes thick”. It is therefore all the more important that you save up a sufficiently high security cushion.
- You are plagued by a negative Schufa score because you have missed payments due to unreliability. If you have left bills unprocessed not due to an unfavorable financial budget, but due to forgetfulness, the credit score for you has not been created on any meaningful basis. If you could easily repay a loan without Schufa including interest, an application makes sense for you. Reconsider, if necessary, your private time and task management.
- You have a faulty Schufa entry. Contact the company and have your file cleared of the misinformation.
- You have a narrow income, but have collateral, for example in the form of jewelry, art objects or real estate. Especially with a provider from Switzerland you can get credit in this way despite Schufa.
Then a loan without Schufa does not make sense:
- If you have not been able to meet payment demands after several reminders due to financial bottlenecks, which resulted in a Schufa entry and your financial situation has not changed noticeably since then, you should keep your hands off a loan without Schufa.
- If, after comprehensive calculation, you cannot generate a private income surplus with which you intend to repay a credit without credit history, ordering such a credit does not make sense.
- If you have neither income, nor can you include a guarantor in the loan agreement, who will vouch for you with income and collateral, you should forego a loan without Schufa.
Excursus – what are loan collaterals and which ones can help you to get a loan despite Schufa?
There are two forms of collateral:
Personal collateral:
- Guarantees
- Guarantees
- Letters of comfort
Material collateral:
- Mortgage (real estate)
- Pledge
- Land charge
- Retention of title
- Cession
- Transfer of ownership by way of security
Steps to your individual loan offer
Fill out online form
Credit without Schufa in detail – conditions, special features, facts
What are the conditions for a credit without Schufa?
The conditions of a loan without Schufa often differ from those of other loans. loan term, loan interest and the loan amount are more often designed inflexibly. The reason for this is the waiver of a Schufa entry in the course of the credit check, or the checking of creditworthiness via Schufa altogether. This creates uncertainties in terms of calculability of repayments, against which the provider must protect itself.
What fees and costs you will incur?
There is no charge to borrowers until a legally effective loan agreement is in place, even if they have already received offers. Only when you sign the agreement, depending on the provider, you will have to pay varying brokerage fees in the low single-digit range. The other costs include the repayment rate, as well as the contractually fixed debit interest, which are related to the credit period.
Is a loan without Schufa more expensive than other loans?
Due to the more difficult financial situation of the applicants of credit without Schufa prevails for lenders a higher risk of default, than for a borrower with a flawless credit rating. In order to protect yourself against a loss on an economic level and to compensate mathematically for the statistical average amount of defaults, the Loan interest from the point of view of the creditors necessarily higher be, than with an average loan. The question is how high?
How high are the interest rates for a loan without Schufa?
For the above reasons, the interest rates for a loan without Schufa often end up in the double-digit range. From 10 up to 15 % are common. In a few cases even 20. Think carefully whether you really need the credit without Schufa, or whether you can find another solution to your problem, such as classic savings.
Fixed terms – Are there any special features in the repayment of the loan without Schufa?
It is not uncommon for loans without Schufa to have fixed terms, which are at 4 years. This inflexible arrangement of the credit conditions has your origin in the special circumstances with the request schufaneutral credits. The estimated credit period is the product of statistical calculations and empirical values and increases the probability of successful repayment by borrowers.
However, the situation is different with a personal loan. Here, the term can be up to 84 months, depending on the conditions set by the lending private person. More about this type of credit under the section: “Credit from private / private credit – if all ropes tear”. Ultimately, however, the loan term depends on the respective provider and is based on your ideas regarding the monthly repayment scheduled. An unscheduled repayment is also possible if you unexpectedly have more capital at your disposal. So you can further shorten the loan term.
Problem can find, such as classic savings.
How to get an online loan without Schufa with Kreditissimo.com? – FAQ
Taking out an online loan without Schufa is incredibly easier in the age of the Internet. If you still have a few questions about the process of applying for the loan, we will try to answer them below.
Meet the necessary requirements (provide information, specify the desired amount of credit)
Upload all important documents (proof of income)
Complete personal identification (Post-Ident or Video-Ident procedure)
Borrow money by instant payment – The instant loan without Schufa
Since the expiration of the credit business with a credit without Schufa does not differ fundamentally from that of a normal credit, the same temporal advantages apply, as with an immediate credit. This is characterized by fast processing the loan application, smooth and speedy processing the application check with an immediate commitment and subsequent Immediate payment From. You can read more about this under: “instant loan” or “loan with instant payment”. With what duration you can actually count on the individual processes, we have gone into more detail below.
How long does it take to apply for a loan without Schufa?
The Application for loans without Schufa does not take 10 minutes. If you have all the necessary information at hand, you can immediately enter it in the application form, submit proof of income and you will receive a non-binding loan offer in no time at all. If you choose the modern and simple video-ident procedure, which increasingly replaces the well-known Post-Ident procedure, you can process the loan transaction on the same day and dispose of the loan amount. As with a classic instant loan.
When can you expect the commitment?
Thanks to digitalization and the accompanying automation of the application process of a credit without credit history, the process can be reduced to a minimum.
After only a few minutes you have provided all the information.
Provided you have uploaded meaningful documents to prove a regular income, you will receive immediately, provided that the application is made on working days and working hours, a positive or negative feedback.
Now you only have to confirm your identity and nothing stands in the way of concluding the loan agreement. As a rule, you should be able to count on a commitment within a few hours, sometimes within minutes.
When can you expect the payment?
After you have received a commitment to your credit request and successfully verified your identity, send the signed credit agreement to the lender.
As soon as this arrives, the request can be processed and the online transfer can be initiated.
How with each transfer there is even when the loan is paid out to your deposited account usually a delay of about one day.
Start your request in time, you can in the best case within 24 hours after the conclusion of the loan agreement, the receipt of money on your checking account observe.
A loan without Schufa is often within days on the account
Who can get a loan without Schufa?
As you can imagine, there are restrictions in terms of the target group when it comes to the approval of credit sums without a credit rating.
These usually do not apply on an ethnic or socio-economic basis, but on the basis of evaluation measures to classify the earning power and creditworthiness of a person.
For everyone Borrower, no matter what origin and no matter what age, the following rule applies. He Must be able to make repayments, including interest, within the specified term without any problems.
If this is not the case, no credit agreement can be concluded on an economically reasonable basis, because the bank would have to expect a loss.
Examples – Who is most likely to receive a loan without Schufa?
- Permanent employees, workers or civil servants with a certain minimum income (varies depending on the credit intermediary, often at least 1.150,- Euro
- Credit seekers who cannot meet these requirements, but include a representation in the credit agreement by means of a guarantee. So theoretically also job seekers
- Students who have a sufficiently high maintenance with possible additional earnings and the minimum income of 1.exceed 150, – Euro
- Pensioners, whose income in total is at least 1.150, – Euro lies
- Self-employed persons who can provide tangible assets as collateral
Is the credit without Schufa also available for students, unemployed and pensioners?
As mentioned, students, unemployed and pensioners will find it much more difficult to get a loan arranged despite Schufa, nevertheless it is possible.
Basic requirement is for many banks always a certain minimum income and if this can not be proven, a guarantor must hold out.
If, however, the student, job seeker, or even the pensioner neither has a sufficiently high income, nor can take advantage of a guarantee, then he can apply neither a schufaneutral, nor a loan despite Schufa at a Swiss bank.
How much money can you get with a credit without Schufa about Kreditissimo.com borrow?
Due to aggravated conditions by low creditworthiness of the applicants, credit institutions set upper limits for the granting of credit sums.
Reason for this is that the average potential borrower due to a preload by Schufa entries with high probability could not repay high loan amounts.
The limit varies depending on the provider. For many, the maximum loan amount is 7.500,- Euro. the minimum sum varies likewise from bank to bank. It is usually 1.000,- € or 1.500,- € Euro.
Tips around loans without Schufa
Advantages of the credit without / despite Schufa
The most important advantage of a so-called schufaneutral loan, i.e. a loan that is approved without registration, but not without checking your Schufa score, is that your Schufa score is unaffected by.
It arises when requesting a loan offer no negative impact on your credit score, who could cause problems later on. So it could be that a pure credit check without actual disbursement lowers your score. With a schufaneutral credit you avoid this problem.
If your problem is not that a possible application could leave traces in your Schufa score, but that you already have a poor credit rating, then the Swiss credit despite Schufa will help you further.
The main advantage of loans from Switzerland is that Schufa queries and information from other German institutions can be completely bypassed. So you would get a loan with sufficient alternative evidence of your solvency despite a bad credit score with Schufa.
Disadvantages and dangers of the credit without / despite Schufa
Since people who apply for a loan without Schufa are often lower-income applicants who may have payment difficulties, banks restrict the offer with regard to the conditions relatively strongly. Thus, many banks set an upper limit of the loan amount at least 7500 €.
Also the regulated monthly income must have a certain amount. The loan amounts are much larger for other loans that require a good Schufa score. The Partially limited flexibility of the loan term is a further Disadvantage of loans without Schufa.
Furthermore, the statistically higher default risks are inevitably reflected in the credit interest rates. With reputable offers of loans without Schufa, the costs are kept within limits, but loans despite Schufa are not known for favorable interest rates.
Last but not least, the concern about dubious offers for loans without Schufa is partly justified. Thus, a not insignificant disadvantage is the nature of such credit products. These loans are often made to low-income people in need, who have their backs against the wall and will take almost any offer. Who is not careful, is quickly ripped off.
Serious or unserious? How to recognize trustworthy providers?
So that you do not belong to the unhappy credit seekers and fall for a lurid offer, we show you how to recognize reputable providers. And when you should absolutely leave the fingers of the credit without Schufa.
Beware of black sheep – How to recognize dubious offers
You will be asked to pay just to get an offer. You should be aware of the fact that you could be charged brokerage fees in the event of a successful brokerage with the conclusion of a contract. Also that these can vary from provider to provider.
If you however are asked to pay a fee, only to receive an offer, then something is not right.
they still want to send you such offers by mail, which can be sent to you by Cash on delivery is charged, the Alarm lights be completely on red. Finger off!
Another indication of non-serious providers of credit without Schufa is a overpriced hotline fee. Reputable credit providers should usually be reachable via a regular local telephone number.
The central business model should therefore be based on successful lending with full repayment, not on expensive advice.
Unrealistically low interest rates: If a bank provides credit to consumers who either have a bad score with Schufa, or want to avoid an entry, then default is statistically more likely to occur.
The credit institution must protect itself against this risk when granting credit. The risk is priced into the average interest rate and appropriate collateral is required.
Otherwise, the institution does not act on an economic basis. Thus, it is inevitable that the interest rates for a loan without Schufa are in a corresponding range.
While these should not be exorbitantly overpriced, they should still reflect the underlying risk of default.
If so it says: “only 2% interest” And you think to yourself “What a bargain!” Then your alarm bells should ring. Just as unserious as extremely low interest rates are, incidentally, extremely high.
Is offered to you to the pure loan still another Insurance package If you are “turned on” by a reputable feedback company, you can at least be sure that the provider will make a lot of money from you, while you will lose a lot of money.
If the insurance is sold to you convincingly, because after all you have to protect yourself against a possible default, you have above all Larger liabilities, rather than lower risk. They get into debt twice.
You have never heard of the name of the provider before, or the name indicates that it is located in a region known for credit fraud and dubious transactions.
Our tip: Always be on the lookout for recognized test seals, such as the one from the German Technical Inspection Agency (TuV). If a credit broker has received the TuV seal, you can be sure that the company’s service can be classified as reputable.
This is how you recognize reputable lenders
The credit intermediary/credit institution has recognized test seals or customer awards renowned feedback company. Probably the most serious institution, which can award test seals, is the TuV (Technical Inspection Agency). Many online service providers are, for example, from the TuV (Technical Inspection Agency) Saarland Checked. If you find the seal of this institution, you can be sure of the seriousness of the verified provider. Well-known feedback companies, such as eKomi can create an image of how well the credit provider is received by the consumer.
The credit intermediary/credit institution has a Names that look familiar to you. The more a company is in the public eye and the longer it has proven itself in the market, the more watertight and sustainable the business model seems to be. Dubious companies with questionable practices would not last long on the market. If the company has a well-known brand name and is already active on the market for years, decreases the likelihood of a nasty surprise, since the consumer protection will also have the institution tightened in the eye.
Only the loan without Schufa is offered, no additional insurance package. As described above, this is primarily used to take more money out of the borrower’s pocket than necessary. Unseriose offerers are well-known for such hidden sales.
Other types of credit at Kreditissimo.com
click on the images to apply for another type of credit
Car loan
Home loan
Vacation Loan
Installment loan
Questions and answers – Everything important about Schufa
The most prominent institution in connection with the topic of creditworthiness and credit rating in Germany is the Schufa. The term “Schufa” is often mistakenly used in the vernacular as a synonym for a bad score, rather than for the company itself. At the same time, the institution is unofficially seen as an untouchable authority that judges every consumer and chalks up every possible faux pas in payments to decades of.
The fact that it is Schufa actually not about a state institution, but about a private company with economic interests acts, many people are not aware.
In order for you to understand why a loan can be disbursed without checking the Schufa score, we will enlighten you on what role this institution plays in a loan application. To that end, let’s take a look at who or what exactly is behind this disreputable term.
You often hear about loans without Schufa that they are part of an expensive rip-off scam by dubious banks to pull money out of the pockets of consumers with negative Schufa records. In fact, there are providers romping around in the market that are not exactly known for a reputable credit offer. But not all loans approved without a credit check, should be lumped together. To save you from the biggest pitfalls, we will go into more detail below about the advantages and disadvantages of loans without Schufa. In addition, we will show you how to distinguish a serious credit offer from dubious offers.
What exactly does Schufa?
Most readers may feel uneasy just reading or hearing the word Schufa. Many see in the enterprise a malicious mechanism, which over payment procedures prevails and in the unfavorable case transactions, as for example the disbursement of credits prevents.
It is also useful for consumers to take a look behind the scenes and try to understand what Schufa AG’s intentions are and what problem it solves by.
Who or what is Schufa?
Schufa Holding AG, also known as “Schutzgemeinschaft fur allgemeine Kreditsicherung”, describes itself as an “information and service partner for the lending industry and private customers”.
Their goal, they say, is to “…make an important contribution to building trust between two business partners [and] […] thus [enabling] secure, fast and efficient business transactions.”
Translated, this means that the Schufa a company with economic interest whose business model is based on Collection, processing and mediation of information about consumers is based.
So the company focuses on using as much information as possible about your payment flows, any payment defaults and other characteristics to assess your creditworthiness.
These are queried, for example, by banks to be able to rank your creditworthiness and decide whether the granting of a credit without a credit history is justified on an economic basis.
The institution, also known as a credit agency, is therefore by no means a state institution whose judgment is the last word in wisdom.
Schufa& Co. – What credit agencies are there besides Schufa?
In addition to the probably most popular credit agency in Germany, there are also Other institutions that specialize in the collection, processing and provision of consumer data as a service and therefore used as a basis for evaluation for many credit institutions. These include the following:
- Infoscore Consumer Data GmbH (Bertelsmann)
- Deltavista GmbH
- CEG Creditreform Consumer GmbH (Creditreform)
- Burgel Business Information GmbH& Co. KG (Allianz, Otto)
- Accumio finance services GmbH (Telekom)
- Regis 24
The largest contractual partners of credit bureaus:
- Postbank – Schufa, Deltavista& Infoscore
- Deutsche Bank – Schufa
- Telekom – Burgel, Infoscore& Boniversum
- Telefonica – Schufa, Infoscore& Boniversum
- Otto Group – Schufa& Burgel
- Amazon – Infoscore
What does schufaneutral mean?
Here you have to distinguish between credit inquiries and condition inquiries. While a credit inquiry is usually not schufa neutral, it can be condition inquiries.
The term means that a request has no negative impact on the credit score or file of a credit agency. This is the case when you anonymously request credit offers in the context of a condition request, as is also the case with Kreditissimo.com is common.
What does the score value and how does it work?
The score value of Schufa Holding AG, which is called the credit score, is an instrument for evaluating the creditworthiness of German consumers. Roughly summarized, this includes mathematically differently weighted Data and experience about a person’s past , which in the context of with its financial situation, earning power, previous payment behavior and other economically relevant factors stand.
There is no limit to the type of factors and values that can be included. Every available information is collected and utilized, whether morally questionable or not. More about this later. The result is a score, which is intended to reflect the creditworthiness of individual consumers as accurately as possible.
The need for credit scores
The following problematic situation prevails in the initial situation with a credit business: On the one side the borrower stands with a credit inquiry. This would like to borrow money. On the other hand, there is the lender who wants to lend money for profit. In the normal case the credit interest rates are set contractually so high that a possible risk of default is reflected in the profit prospects of the creditors.
Nevertheless, even in the early history of civilized mankind, it was customary for the debtor (borrower) to towards the creditor (lender) deposit collateral had to. This collateral, for example in the form of land, real estate or other valuables, was given to the lender in case of default and protected him from losses.
Do you have to be afraid of the Schufa?
Since the banking system over the last century increasingly serves a mass market and no longer just entrepreneurs and businessmen, loans can be offered at more favorable conditions. Here credit agencies, like also the Schufa AG come into play.
By collecting payment and creditworthiness data from consumers, profiles can be created about their ability to pay as well as their payment morale, as described above.
What seems inhumane and calculating fulfills an important task. Banks and other lending institutions can make more sensible decisions based on this data, as any lending must be justified on an economic basis.
If a bank grants you a loan, it must be able to count on your ability to repay the loaned amount within the contractually agreed period, including interest payments. Paradoxically, this means that more loans can be granted in total, as the risk becomes calculable.
Friend or foe – How can even help you Schufa?
Collecting information about your creditworthiness and assessing it as neutrally as possible not only adds value for credit institutions, which use the information to weigh up a loan transaction. Even if it sounds contradictory, you as a consumer also gain something from it.
Thus, people more often get into trouble, who do not have their financial situation under control, who have difficulty in assessing whether they could repay a loan. With an intervention in the credit inquiry by a credit agency, worse can be prevented, over-indebtedness can be avoided. Consumers are protected from themselves to a certain extent.
When is an entry made at Schufa?
Entries do not always have to be negative. Positive characteristics and features are also recorded by credit bureaus, as the aim is to make as meaningful and objective a judgement as possible about a consumer’s creditworthiness. After all, the lending bank has an economic interest and wants to make as many loans as possible to the market without risking defaults on payments.
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What information is collected by credit bureaus such as Schufa and how?
positive entries
- Good payment record, reliable payment history on contracts and bills
- Reliable payment behavior with older credit agreements
- bills paid on time, mobile phone contracts
- Lease contracts paid on time
negative entries
- Breach of contract on an older credit agreement; payments not met
- Breach of contract for a mobile phone contract; monthly fees could not be paid
- No reaction to at least 2 written reminders (reminders at an interval of 4 weeks, negative Schufa entry must be announced)
- Debt not settled by any point in time
- Submission of an affidavit of insolvency
- Opening and conclusion of insolvency proceedings
What determines the score value? Can you influence it positively?
Having listed for you what information is collected about you, here are ways you can have a positive impact on your score.
Check your Schufa file for accuracy as part of the free annual check. Incorrect entries you can have removed immediately. Develop a good payment morale. Make sure that no bill remains unpaid in the future. Rethink your approach to money. If no new defaults are added, you will have a flawless score in 3 years at the latest.
Reduce your banking activities and maintain as few accounts as possible. Similarly, you should have an account in the first place, otherwise Schufa can track few of your activities and is forced to give a blanket assessment of your credit score. Avoid Too many credit inquiries. The more credit inquiries you have made in total, the more likely you are to have already received rejections (presumably due to poor credit). Especially here a credit application without credit history makes sense.
If possible, do not change your place of residence too often. Certainly Change of residence on the occasion of professional changes unavoidable. Still keep in mind that this could result in an adverse change to your credit score. Deal with creditors transparently, if you have financial difficulties. In the best case, you can arrange alternative payment methods with accommodating contractual partners. With these you can avoid liquidity bottlenecks, or even bridge them.
Through open communication, you can avoid problems, such as a negative credit entry. Honesty is the best policy. Overdraft Don’t max out: while a generous overdraft facility is a sign of a bank’s confidence in you, you should still use it as infrequently as possible. Any overdraft will be noted in the long term and will result in a lowering of your Schufa score.
How creditworthy are you? – Find out
Not only companies have the possibility to query data about consumers. You yourself can also request to view your Schufa entry. The possibilities are numerous.
You are entitled to according to § 34 of the Federal Data Protection Act one information per year free of charge at the disposal. Further and more comprehensive insights are available with the purchase of different packages. This is how the business model of Schufa Holding AG demands it.
You can download a sample letter at the bottom of the page
How can you query your Schufa data/get a Schufa report?
A request form can be downloaded from the company’s online portal, which you must print out, fill in and send to the company together with a copy of your identity card. In the letter you receive in response, you will find all the information collected about you in an overview, as well as its origin and who has already viewed this data.
For a one-time fee of 18.50 euros, you can view your entries online and access them more than once. For an additional chargeable upgrade, you will be notified by SMS which company accesses your entries and when. How to prevent data misuse at the same time.
Who has access to your Schufa entry? / Who is allowed to query my Schufa data at all??
Access to your Schufa entry is available to anyone who pays money for it. Both Companies as part of a credit check in preparation for a loan or leasing contract, as well as you yourself as a consumer, to get an overview of your recorded creditworthiness. Different conditions apply to companies than to consumers who want to query their own data. In addition, private individuals have the opportunity to inspect the file free of charge once a year as required by law.
Can you refuse a Schufa query?
Theoretically, anyone can refuse a Schufa query. Since for many companies the query of the Schufa credit score is a prerequisite to enter into a contract, you will not be able to use the desired service. However, a Schufa report is not always harmful to you as a consumer.
How it in the case of a credit application that is neutral in terms of credit standing the case is, is only a non-binding information by the credit institution/credit intermediary used by a credit agency, which is not recorded in the file. So there are no disadvantages for you as a customer. However, if this information about your score leads to the conclusion that you do not have sufficient creditworthiness, you can alternatively apply for a Swiss loan that bypasses a Schufa inquiry completely.
What happens to the entries? – If a Schufa entry could be deleted again?
The question that has probably been burning under your nails for some time, especially if you are thinking about a negative Schufa entry On your part know, is whether one this have deleted can.
We can reassure you. No negative Schufa entry is written down forever.
On the one hand, you may even be able to actively prevent a destructive entry, at least as long as you pay off the dunned sum of maximum 2000 Euro within 6 weeks after the last legal deadline.
On the other hand, entries that have already been written down have an expiry date, although this varies from case to case.
- Incorrect, outdated or incomplete entries: can be removed with immediate effect
- Information on current contracts (accounts, cell phone contracts, leasing contracts): can be removed as soon as the account expires
- Schufa inquiry by yourself or one of the contractual partners of the credit agency: After 12 months
- Successfully repaid loans: After exactly 3 years with the completion of the last repayment
- Credit cards: After the expiration of exactly 3 years with the cancellation of the contract
- Dunning notice/proceedings: After completion of the 3. calendar year
- Court-relevant data, such as arrest warrants, failure to provide a statement of assets, affidavit, consumer insolvency: to the day after 3 years
Is criticism of Schufa justified?
In fact, a louder criticism of Schufa increasingly has a factual basis. Thus, accusations are not only based on emotional resentment of disappointed consumers who have to accept severe restrictions in credit transactions as a result of negative credit scores.
The main accusations of consumers, data protectionists and consumer protection associations are directed against the supremacy of the company, the treatment of consumer data, controversial scoring methods and the so-called “geo-scoring”. What exactly do these terms mean and are there legitimate grounds for concern??
These are the charges against the defendant
Schufa is by far the largest credit agency in Germany. Due to a network effect it enjoys a monopoly position.
Having collected the largest data network and pool, most participants in the credit and financial market use its services.
This in turn results in an increase in the data pool, as new consumer data can be collected via each cooperating company. A self-reinforcing cycle.
The inviolable monopoly position of Schufa
As a result of this supremacy and market power, the Schufa Holding AG’s judgment on the creditworthiness of consumers a untouchable character, which can have fatal consequences. Thus, the accuracy of the data is rarely doubted, quickly taken at face value.
Considering that a large part of the collected data comes from the very contractors of the credit agency, which use the service of the same in the first place, this raises some questions. All the more so, since Schufa considers these Data after receipt of a contract partner according to their own information does not check itself.
Thus, it is a byproduct of the sheer volume of data that, statistically speaking inaccurate or out-of-date data in the inventory at any given time which are included in the credit rating of individual consumers.
With the free annual query of your Schufa data, you should therefore be a keep an eye on the accuracy of the data and immediately correct false information to the company report. Not only the type of data storage, but also the duration of the same is heavily criticized.
scoring methods reprehensible?
You are probably aware of the fact that Schufa formulates the information it collects about you into values and combines them via mathematical calculations into a single value, the Schufa score.
How exactly this scoring method and the behind it lying Calculation looks, is and remains a trade secret.
how individual data is weighted, remains uncertain. It is known that partly irrelevant factors, such as the Residence included while positive influences, such as Income, or assets not necessarily takes into account become.
It is precisely for this reason that Banks and credit institutions above all with the allocation of a credit without credit history less and less only on the Schufa score, but Obtain alternative sources and data on the applicant’s income ratio into the evaluation and check these manually.
When credit bureaus are accused of discrimination
The probably most reprehensible approach of Schufa AG is the inclusion of the so-called “Geoscoring” in the overall Schufa score of a consumer.
In principle, this involves nothing less than data about a person’s place of residence and thus possibly also about his or her demographic, ethnic and socioeconomic background.
Since this strongly in the direction of discrimination goes, certain regulations are now being formulated in a draft law that prohibit credit bureaus from collecting such data on consumers and integrating it into the creditworthiness rating system. This also includes information collected via social media sites.
The incessant growth of the data octopus
Data is the new gold. This applies not only to Google, Facebook and Co. This statement is all the more valid if you put yourself in the view and the business model of a credit agency.
The more data that can be collected about consumers, the more accurately their creditworthiness can be assessed, and the more reliable and valuable the service is for contractual partners.
Ergo: the already existing competitive advantage and economic power are expanded. On what ethical and moral basis these procedures are carried out is probably a legitimate question.
Schufa itself invokes creditor protection, which states that its contractual partners must be protected from payment defaults.