There are more and more people who no longer receive a loan from a German bank due to a negative entry or a bad Schufa score. With this Swiss loan, they can bridge a financial bottleneck. Even if the name suggests this, a Swiss loan is not necessarily granted by a company from Switzerland.
As a rule, however, it is foreign financial institutions that provide a Swiss loan, also credit without Schufa called, forgiven. A German bank does not issue loans without Schufa information. In the case of a loan without Schufa, this is not queried. Thus, it does not matter for the financial institution or the financial service provider whether the customer has a bad Schufa score or a negative entry with Schufa. But the banks still check the creditworthiness of consumers. A corresponding minimum income is required, as is a permanent job.
Even a Swiss loan or loan without Schufa cannot do without insurance. The bank also reports the creditor to Schufa if he does not pay the repayment installments to the credit institution as agreed.
The banks that grant a loan without private credit have a significantly higher risk of default than banks that grant “normal” loans. When the loan is paid out, the financial institutions do not know whether the consumer will transfer the repayments to the company on time. Due to the higher level of uncertainty, banks can pay for these loans at very high interest rates. The interest on a loan without Schufa is usually in the double-digit range. These types of loans are more of a stopgap solution and are not an alternative loan product.
A consumer with a negative Schufa has the option of taking out a loan without Schufa, especially on the Internet. The conditions such as term and loan amount are determined in advance for this type of loan. Serious providers give their customers the option of taking out a loan of up to 5,000 euros. There are also so-called small loans of 3,500 euros that can be applied for. The consumer does not have to state a purpose.
The duration is also not freely selectable. The maximum term is usually 60 months for a loan without Schufa. With such a loan, the consumer has to dig deeper into his pockets in terms of interest and repayment than with a conventional loan.
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