Getting a loan despite negative schufa is not always easy at first glance. How this works, when it makes sense for you and what you should pay attention to, we have summarized in this article for you.
Why credit with schufa at all?
Schufa provides its customers with statistics about your payment behavior. This allows the lender to obtain an assessment of your creditworthiness relatively easily. If the system shows that there is an entry and therefore a default is likely, the lender saves itself the further work and usually rejects your request.
When is a loan possible despite negative schufa?
The lenders are of course aware that in individual cases you could nevertheless be a good borrower. At the same time, the data records are not always up to date or correct. Either your bank makes a decision on a case-by-case basis – or you start looking for other solutions.
Possibilities for a credit in spite of negative schufa
As noted, not all banks will offer you a credit despite negative schufa. In exceptional cases, a loan is sometimes possible despite negative schufa, provided that your overall financial situation is in order or you can provide appropriate security. Otherwise..
Credit despite negative schufa – your options:
- Foreign lenders
- The swarm funding
- Find co-borrowers
- Case-by-case assessment (already noted above)
Credit despite negative schufa with a foreign lender
Only german financial service providers consult schufa. For z.B. Luxembourgish banks this does not play a role. Of course, a foreign bank will also carry out a credit check – but at its own discretion.
This may well mean that you are granted a loan that you would not have received from the bank in germany. In most cases, foreign lenders work together with credit brokers based in germany.
They bring the lender (the bank) and the borrower (you) together and take care of the paperwork. Your advantage: a german contact person.
Disadvantages of foreign lenders
Even though many things are standardized thanks to EU regulations, the contract details can sometimes differ from what is usual in germany. Especially with swiss loans you also have to consider the currency risk: does your loan run z.B. In swiss francs, your monthly rates can constantly change downwards, but also upwards.
The swarm financing
A credit despite negative schufa is also possible with the schwarmfinanzierung (P2P credit = private to private credit). You don't borrow the money from a bank, but receive it from many different people.
To ensure that this process is regulated, legally secure, compliant with data protection laws and convenient for all parties, it is usually carried out by a number of large, reputable providers. In doing so, you enter your data – just like in a normal credit application – and submit a credit request.
Interested investors can then participate in your loan request according to certain criteria and rules (for example: loan 1000EUR, A gives 10EUR, B 15EUR, C 40EUR etc…). If enough investors have come together, a loan agreement is concluded between you and your "investors" via the platform as an intermediary and trustee – naturally at interest.
Disadvantages of swarm financing
"There is no right to credit" is an old banker's saying. Although many receive a loan despite negative schufa, which would have been rejected by traditional banks, but not always.
In addition, the investors active on these platforms naturally also want to minimize their risk and carry out a credit check on you more or less professionally at their own discretion. Although your schufascore is not considered, you should still have a certain creditworthiness, which you can prove, for example, with account statements and a household bill.
Finding co-debtors – the elegant (?) solution
A loan despite negative schufa is sometimes possible with a guarantor or co-debtor. In this case, the bank considers or. The financial service provider the schufa of both parties.
This is useful, for example, for married self-employed people who have an income, but this is constantly fluctuating throughout the year. This is also useful in cases where the reason for a credit entry is settled, your financial situation has improved significantly, but the deletion is still 1-2 years away.
Disadvantages of a co-borrower or guarantor
A third party is jointly liable for your debts and must pay them if the worst comes to the worst. So think carefully, because this supposed solution can be a great burden for all those involved, especially in the family circle. In the worst case, you can drag a loved one with you into ruin, especially for larger sums.
When searching for a loan despite negative schufa, you will find many providers on the internet who promise you a "guaranteed" and "100%" commitment. Be careful here, because often they try with "processing fees" to be paid in advance and similar tricks just to pull the money out of your pocket.
The desired loan, on the other hand, is then – if there is any feedback at all – "unfortunately" not granted after all. You will never see your money again. Ergo: finger away!
Conclusion to the credit with bad schufa
A loan despite negative schufa is possible, as long as you consider the various options on the market and can provide collateral or a decent financial situation can show.