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When looking for a loan, one often reads “Schufa-freierkredit” on the Internet, but what does that actually mean and what do I have to look out for as a potential customer?
You have a financial bottleneck, need money, but your house bank rejects the loan request? This may be due to a negative SCHUFA entry.
A look on the Internet shows that many providers advertise “credit without SCHUFA” or “credit despite negative SCHUFA score”. What exactly is a SCHUFA-free loan? What should you pay attention to? Use these tips to identify trustworthy offers.
The most important thing about loans without or despite SCHUFA
- Every bank, every Volksbank and Sparkasse and every other lender uses different criteria for the approval of loans. One of the decisive factors is the credit rating at SCHUFA.
- A negative SCHUFA entry or a bad SCHUFA score represents an increased risk for the lender and can lead to the application being rejected.
- A loan without SCHUFA may be suitable for applicants who do not receive a regular loan from SCHUFA due to a devaluation.
- The interest conditions of such loans are usually somewhat worse due to the higher risk. Beware of dubious intermediaries: their offers may contain hidden costs.
However, caution is advised if the credit intermediary demands upfront costs from you. So-called “financial restructuring” contracts are also dangerous for them, because they cost a lot of money and in the end only bring them costs but no credit.
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