Getting cheap instant loans without Schufa is not easy. As a rule, all those who are interested need a reputable credit intermediary to help them with the search. That has very different reasons.
On the one hand, the fact should be mentioned that no German bank or savings bank lends a loan without Schufa, on the other hand should also be taken into account that the interest on an instant loan without Schufa are often much higher than a normal installment or consumer credit.
Positive Schufaauskunft and secure income
Without exception, all German banks require from their customers who want to take out a loan, a positive Schufaauskunft and a secure income. Otherwise it will be very difficult to find a suitable lender in Germany. Negative Schufa entries almost always result from unpaid bills and / or non-adherence to payment obligations. For this reason, the bank will be very careful to grant such a customer a new loan. She fears rightly that he will continue to meet his payment obligations in the future only to an insufficient extent.
Compare interest rates
Anyone who has found a suitable lender who would be willing to seek cheap instant loans without Schufa, which are tailored to the personal situation of the borrower, should nevertheless catch up on several offers. Often the interest rates for an instant loan without Schufa are significantly higher than for another installment loan. Thus, the bank wants to hedge against the default risk, which is usually very high in an instant loan without Schufa.
Many people who have one or more negative schufa entries will not find a suitable lender. Here they have no choice but to completely renounce a loan or to seek a private lender, who can come from their own circle of friends as well as from the family. Cheap instant loans without Schufa, which are awarded in this context, are not bound to such strict legal requirements, as is the case with bank loans.
The same applies to the repayment modalities, which can be regulated individually. However, the borrower would be strongly advised to abide by the arrangements made. Otherwise, a lot of trust can be lost, which is very difficult to restore, especially in the private circle of friends.