There are surveys, the results of which leave experienced financial experts and connoisseurs of the market from time to time look really surprised. So it is likely to behave with the current result of a recent Emnid survey on behalf of Postbank. Thus, according to this survey, no form of financing in Germany is used as seldom as the loan without Schufa . This leads to the conclusion that schufafreie credit is simply not popular with the Germans or even is. Only the borrowing from friends and relatives as well as the purchase on rates in the retail and mail order business have an even worse image than the schufafreie credit.
Credit without Schufa – a devil offer?
The main reason for the rejection of the Germans a loan without SCHUFA is, according to Emnid especially the concern to fall for one of the many and from the point of view of the Germans dodgy credit intermediaries. That this is not to be dismissed out of hand certainly confirms in the comments and testimonials numerous credit without Schufa customers in the relevant forums of the Internet. But you have to demonize the loan without SCHUFA equal? Not at all, because often is behind a loan without prior Schufa examination, the fear or even the clear knowledge of a consumer, due to negative Schufa characteristics or bad creditworthiness in a normal German bank simply to get a loan. That this can not be dismissed out of hand is shown by the fact that, after all, just under three percent of all German citizens have already taken out a loan without SCHUFA. In this respect, the market for schafafree loans seems to have a potential customer base. So is this loan form a work of the devil and therefore abhorrent? Not at all – this form of credit is only “different” than the conventional installment loan and for good reasons!
The credit without Schufa is expensive – rightly!
Anyone who lends a loan and relies solely on the honesty of the borrower without the economic relationship of the borrower and appropriate rating is a high risk. For this increased risk of default, which he enters into with the lending, it is quite legitimate to demand a kind of risk premium on interest and thus to set the interest rate at around 12-15% effectively. Now, one might like to argue that, given the current low interest rate environment, such high lending rates are not common and are simply overpriced. On the other hand, it is simply necessary to ask why regular banks rely solely on information provided by SCHUFA when assessing the creditworthiness of customers?
The fact is that there are not less credit customers, which are quite solvent, but financial missteps from the past thanks to appropriate SCHUFA regulations carry around with them, although these processes are long since settled. If banks were to show more individuality here and, for example, to include loans in their portfolio despite SCHUFA, this type of loan would receive much more respect and acceptance and, above all, gradually deprive the black sheep in the industry of the scam.