General information about loans without a Schufa entry

When is a loan without a Schufa entry needed? What advantages does this financial product offer and who can apply for a loan without an entry at Schufa? What does an entry at Schufa mean for me as a borrower and how can I avoid the Schufa credit report? All these questions about loans without a Schufa entry are answered in the following text.

When is a loan without a Schufa entry needed?

Loans are commonplace in our everyday lives: cars and large household appliances are financed, mail-order invoices are paid in installments and when money gets tight at the end of the month, an Overdraft credit can help. However, all of these loans are also recorded by Schufa.

Many people have good creditworthiness (this information is also provided by Schufa) – for them taking out a loan from banks is not a problem. It looks a bit different when a negative Schufa entry exists.

Every purchase financed by a loan is recorded by Schufa. With a negative entry at Schufa, many financial institutions are rather hesitant to grant credit – even if the borrower's income situation is good. Relief can be provided by loans without a Schufa entry.

A positive entry at Schufa, on the other hand, is not a problem at all and has a positive effect on the borrower's creditworthiness.

Schufa stands for Schutzgemeinschaft für allgemeine Kreditsicherung and is a credit bureau. As a business credit agency, Schufa stores all credit-relevant information about companies and consumers. If a consumer wants to enter into a contract with a company, the company can query Schufa to determine whether the consumer is creditworthy.

Different types of loans without a Schufa entry

In principle, there are quite different forms and types of loans that private individuals can take out from banks.

One of the best-known and most widespread types of credit is the installment loan. In this case, the borrower and the lender (bank, credit institution, credit broker) agree on a loan amount after a loan inquiry, which is made available to the borrower after the contract is concluded.

The borrower undertakes, in return, to repay the loan in full. Interest is also charged, the amount of which is usually agreed with the respective bank before the contract is concluded.

However, the creditworthiness is usually checked with Schufa before the contract is concluded. The reason for the Schufa inquiry is that the bank wants as much security as possible that the borrower can also repay the money.

Finding loans online

For several years, loans have not only been issued by banks and savings banks, but also by online credit institutions and credit brokers on the internet. This also includes loans without an entry at Schufa. Consumers benefit from the resulting competition – they can enjoy relatively low interest rates.

How expensive a loan is depends on several factors. Decisive are often the loan amount and the term or installment amount, but also any fees that may be incurred and the borrower's creditworthiness. The rule is: The better the creditworthiness, the lower the interest rate and the cheaper the loan. It is also important to always pay attention to the annual percentage rate when comparing loans. The annual percentage rate includes all costs incurred (fees, interest). The nominal interest rate, on the other hand, only includes the pure interest costs.

Loan without Schufa: The role of creditworthiness

Creditworthiness recorded by Schufa is determined on the one hand by the available income and on the other hand by the history with credit agencies such as Schufa (positive or negative entry).

Schufa can become a problem if there is a negative entry, for example due to a payment order or unpaid mobile phone bills. Many financial institutions attach great importance to the Schufa report when evaluating a loan application. A negative entry at Schufa can therefore lead to a loan application being rejected.

Many banks perform a Schufa inquiry for their own security. If there are already several negative entries at Schufa, the bank cannot assume that the loan will be repaid in full.

Loans without Schufa provide a solution. These are completely ordinary installment loans that are approved without a Schufa inquiry and are also granted without a notification to Schufa that a loan has been issued.

This is possible because there is fundamentally no obligation for financial institutions to query Schufa. For a loan without a Schufa entry it is merely necessary to provide proof of sufficient income.

Applying for a loan without a Schufa entry

• As a rule, applying for a loan without a Schufa entry can be done very simply and quickly – especially with online providers, many of whom guarantee a payout within a few days.
• Applicants only need to complete the loan application for a loan without a Schufa entry and send it online to the provider or return it signed to the credit institution. It is also customary to include proof of income and, if applicable, an identity document.
• If the application for a loan without a Schufa entry meets the provider's minimum requirements (e.g. sufficient creditworthiness, sufficiently high and regular income), the disbursement of the loan can take place immediately.
• A loan without a Schufa entry is granted in a somewhat more individual way: after submitting the application, which can be done online or directly through a credit broker, all requirements and wishes are checked.
• A Schufa query or report is not carried out. Instead, lenders check whether a sufficiently high and secure income is available or whether a solvent guarantor is required.
• If all the minimum requirements for the loan without a Schufa entry are met, the applicant receives an individual offer which they can accept or reject. After the contract is concluded, the loan amount is usually transferred to the applicant's reference account within a few days.

The loan without a Schufa entry is also known as a Schufa-free loan or Swiss loan. The term "Swiss loan" is quickly explained: many providers or banks of Schufa-free loans come from the Swiss region. There is no Schufa there and therefore no Schufa inquiry. Contacts speak German, and transfers can be made quickly and easily.

It is no wonder that loans without a Schufa entry from foreign banks, which are placed with German customers via reputable partners, have been very popular for years.

MAXDA – take out loans quickly & reliably

Customer trust is very important to MAXDA: as one of the largest financial service providers in Germany, we always offer fair loan conditions and fast, reputable support. As an independent broker, we look for the right offer for you – whether mortgage financing or loans without an entry at Schufa. Thanks to our many years of experience, we are also at your side to help you fulfill your loan wishes – quickly and without red tape.

If you are interested in a loan without Schufa, do not hesitate to contact our friendly and competent advisers. The non-binding loan request is made online and, of course, free of charge: simply complete and submit the online form. We will check your information as quickly as possible and send you the loan application by post and by e‑mail.

Requirements for MAXDA loans

The loan application includes our individual offer for you, which we create based on your information. The requirements for loans without a Schufa entry include a regular monthly income of at least 1,130 Euro. In addition, applicants must be at least 18 years old.

As soon as the completed and signed application and the original or a clearly legible copy of the last payslip are available, the loan is paid out by bank transfer or cash on delivery. The agreed interest rate remains constant over the entire term, which greatly contributes to planning security. As a rule, the maximum loan amount for a loan without a Schufa entry is 5.000 Euro per person.

Repayment of loans without a Schufa entry is made in the agreed monthly installments. Repayment begins four weeks after the credit is booked and is due either on the first of the month or on the 15th of a month. It is of course also possible at any time to repay the loan in full. Those who make use of this option and do not use the full term can save on some interest payments and therefore real money.

Would you like to take advantage of loans without a Schufa entry? Our friendly staff will be happy to answer your questions by phone, e‑mail or in person. We look forward to hearing from you!