A rescheduling also makes sense if you have to service several installment loans. If the bank approves the current account credit, you can use it flexibly by “overdrawing” your account (up to the agreed amount). For this reason, we would like to give you the most important advantages, but also the disadvantages, before you decide on a loan without Schufa. You can then combine these into a new low-cost installment loan. They are free to use and repay.
Advantages of credit without Schufa. How high the interest savings through debt rescheduling ultimately turn out to be depends on the remaining debt, the loan term and the interest rate difference between the old and new loan interest. The flexibility of the current account loan is useful, but usually associated with high interest rates, which is why such a loan should only be used for a short time.
One of the advantages of a loan without Schufa is primarily that a negative Schufa entry is not an obstacle to receiving the loan. As a rule, the bank charges a penalty, the so-called early repayment penalty, for contracts with a term of more than 6 months. The bank loan at a glance. Thus, even normal earners and people who have a negative Schufa entry, but otherwise have a good credit rating, can make use of this loan variant. Nevertheless, rescheduling can be worthwhile if the sum of the savings from the cheaper installment loan is greater than the cost of the prepayment penalty.
Amount and costs: depending on creditworthiness and collateral Phase: start-up phase, growth phase Purpose: investments, operating resources Duration: for operating assets a few months to 5 years, for investments up to 20 years or longer. Incidentally, it is often trivial matters that can lead to a negative Schufa entry and basically have nothing to do with the actual creditworthiness of the loan seeker in question. Replace expensive overdraft facilities with an installment loan. 5. In the past, for example, have you committed an administrative offense while parking, were you of the opinion that the parking ticket was wrongly issued and therefore decided not to pay the required amount? The overdraft facility is the most expensive loan that a bank gives. Establishing microloans for smaller amounts.
This can already lead to a negative Schufa entry if the city or municipality had applied for a dunning notice. As soon as you overdraw your current account, you will be charged interest per day on the minus amount, which will be deducted from your account at the end of the quarter. Microloans are granted from the Microfinance Fund Germany and can have a loan amount between 100 and 25,000 euros. These and other reasons are not uncommon when it comes to how a negative Schufa entry came about in the first place. The so-called overdraft interest can be up to 13% depending on the bank and are therefore extremely high. So-called microfinance institutions are responsible for the award, but also house and development banks sometimes offer microcredits.
In addition, it is of course also an advantage of the loan without Schufa that this is neither reported to the customer’s house bank nor to other places, because there is no entry of the credit in the Schufa. The overdraft facility should therefore only be used in exceptional cases. The sum is usually paid out in stages and must be repaid within a short period of time (after three years at the most). In addition to the advantages mentioned above, it is important that you also know the disadvantages associated with the loan without Schufa.
If you are permanently unable to get out of the red on your checking account, an installment loan is the cheaper alternative. The loan can be repaid early free of charge. A financial disadvantage is, for example, that the loan without Schufa is often a little more expensive than ordinary installment loans from the bank. With our online installment loan comparison, you can display special offers for rescheduling an overdraft facility. Therefore, microloans are particularly suitable for pre-financing and the first steps towards self-employment.
At this point, it makes sense to carry out a detailed credit comparison, as you can do with us. To do this, simply click on the menu item “Current account balancing” when selecting “Use”. Because you will probably not be able to pay your living wages in the first few months.
Unfortunately, especially in the area of credit without Schufa, there are quite a few dubious offers on the market. Avoid negative SCHUFA entries. You must also provide collateral for microloans. You should be particularly vigilant here if the respective lender or a credit broker immediately demands a finder’s fee without a loan agreement having been concluded at all no credit check loans. If you request an offer via our installment loan comparison, this does not count as a loan request, but only as a request for the loan conditions. There should be at least a guarantee for 50 percent of the total amount.
The main thing is to separate the serious from the dubious offers. Even if the terms are similar, this is a big difference, because with every real loan request, your creditworthiness is checked by SCHUFA. If a partial amount is repaid on time, the next payment is usually secured. Here, too, we help with our detailed credit comparison, which you can have carried out, among other things, in the area of credit without Schufa. SCHUFA evaluates too many credit reports negatively and worsens your score. The microcredit at a glance.
Since we only work with reputable lenders, in this case you do not have to worry that you will be taken advantage of when borrowing.