Low-interest loans without SCHUFA can only be accepted by interested parties if they conduct a thorough comparison of providers beforehand. This comparison is in turn only possible due to the strictly credit-based interest rates for schufafreien financing, if the customer can create a direct offer. But that’s not worrying: unlike loans with SCHUFA query, where an offer could lower the score, such a mechanism is not to be feared for cheap loans without SCHUFA.
Compare cheap loans
Those who are looking for cheap loans without SCHUFA are often very unsure in the beginning. Initially, they had probably tried their luck with a home bank or direct bank financing, but such attempts routinely fail with a negative entry in the SCHUFA file. Cheap loans without SCHUFA are available only from the financial intermediary, who procures this money from a foreign bank. Upon request by reputable agents, customers receive a credit-based interest offer after they have left their most important details in an online application. With the normal loans with SCHUFA query one advises now of repeated inquiries with different banks from, because their credit check with the SCHUFA could reduce the score of the customer so far that further inquiries reliable in the void run. The real comparison would thus only anonymous on online portals with credit-independent interest rates possible. But if you are looking for cheap loans without SCHUFA, you can inquire with several financial intermediaries and leave your data: These do not check the SCHUFA, so there is nothing to lower the score (which is already burdened by a negative entry). The fact that cheap loans without SCHUFA offer this comparative advantage is generally under-appreciated.
What are the cheap loans?
The interest rates are always determined on the basis of creditworthiness for such loans. This happens with most common consumer loans (with SCHUFA query) as well, resulting in the aforementioned difficulties. To the definition:
- Credit-dependent interest depends on the established creditworthiness of the customer. This can be determined even without SCHUFA query based on his income and his obligations.
- Credit-independent interest rates are equal to all borrowers. There is no such thing in loans without SCHUFA. An essential condition for non-credit-linked interest rates (which are rarely offered) is the fundamentally good creditworthiness of applicants, as they bring only civil servants and employees in permanent full-time employment.
- Regardless of the interest rate setting with or without an individual credit rating, the interest rates for consumer loans are always fixed, they do not change during the term. Of course, this also applies to cheap loans without SCHUFA.
From this consideration, it is difficult to determine what really cheap loans are without SCHUFA – it depends on the creditworthiness of the customer. If this is unemployed, a favorable interest rate can start at seven to eight percent. Self-employed must also expect increased interest rates. For civil servants, on the other hand, low-interest loans without SCHUFA sometimes earn interest of just three to four percent.
Approach to find cheap loans
The first step to finding cheap loans without SCHUFA is to get your own SCHUFA information. Unfortunately many sufferers do not know that they are burdened with a negative entry. They learn of it only when they apply for a loan from the principal bank or a direct bank and are suddenly confronted with a refusal. According to §34 BDSG, the SCHUFA is obliged to provide each citizen with a self-assessment free of charge once a year, which can be requested here (right-hand column with the red crosses, free self-assessment). If you find out as a prospect that you are being charged by a slight negative entry (no bankruptcy or sworn statement) or that for other reasons – usually due to over-indebtedness – your score has dropped below the value of 90 points, proceed as follows in front:
- Search the web for trusted credit intermediaries.
- If you have more than one provider, go to the online form and make the required entries. Be careful and be honest about your income and obligations.
- Choose a loan – usually a maximum of 5,000 euros are possible – according to your financial project.
- Choose a repayment period that will result in a monthly installment you can afford, even with a possible higher interest rate. Some providers allow you to set the monthly rate, after which the term is calculated.
- Send the application to multiple providers.
- Wait for your credit-based interest rate offer.
- Choose the provider with the lowest price.
Cheap loans: What should you pay attention to?
It is important in the procedure that you receive your offers completely free of charge and that also otherwise before or after the loan payment separate fees of the agent are due. The commission of the intermediary comes from the financing bank, it is compensated by the repayment installments. So if a provider advertise with very favorable interest rates, but require a fee in advance, you should definitely refrain. You probably will not get credit after paying the fee. This is dubious, but unfortunately not illegal. The provider will prove in case of dispute that he has seriously, but unfortunately unsuccessfully sought a loan brokerage. Unfortunately, the German legislator does not act against such machinations. You should also under no circumstances accept documents by cash on delivery, do not leave a representative in the house and do not call a fee-based hotline. Reputable agents create a free offer by mail or post, then the credit intermediation takes place.