Personal loans in themselves have existed for centuries. Over time a branch of business developed that has proven lucrative for lenders.

When issuing an installment loan, the lender sets a certain interest rate and can then lend at that rate to borrowers of their choice. Depending on the repayment risk, borrowers are divided into different creditworthiness tiers. Depending on creditworthiness, the bank grants the personal loan at the determined interest rate; depending on the loan type it is then either purpose-bound or unrestricted.

A special loan is usually a purpose-bound loan. The definition of the term, however, is relatively flexible and simply indicates that the loan is tailored to the current wishes and financial situation of the borrower. It is also possible that a special loan is a promotional offer.

Special loans from the internet

In the meantime the lending business has also expanded through numerous direct banks on the internet, the competition among banks has grown, and with it the options for consumers to obtain a good loan. Today anyone who can prove a corresponding regular income can also take out such an installment loan.

Special loans are a distinct form of installment loan. They are advertised as part of seasonal and punctual promotions and are granted under very different conditions. Special loans include, for example, car loans offered to sell a particular model more effectively or financing a vacation before the holiday season.

Types of special loans: The car loan

When a new model is launched or a particular model range is to be promoted, there are sometimes opportunities to take out favorable special loans for buying a car. This does not apply to every car manufacturer or every series. Sometimes the special loan is used to stimulate car sales.

On the one hand this is of course a marketing measure, on the other hand it pleases car buyers who can thus access good financing for their new vehicle.

Financing a new kitchen with special loans

People often consider investments in their own home or in a rented apartment. This often creates the desire to buy a new kitchen. Since this can seldom be paid for in a single payment, financing a new kitchen can be particularly worthwhile when certain special conditions for the purchase are granted. For example, when old appliances are taken back, in individual cases a special loan for the kitchen purchase can be granted on improved terms.

Special loans for buying a TV

Especially for the purchase of a television, loans are frequently taken out. Various lenders have taken action in this area and retailers of consumer electronics stores are also heavily involved.

Depending on the offer there is zero-percent financing, but more or less varying loan interest rates are also possible in the area of special loans for buying a TV.

Special loans for buying new office furniture

In the course of self-employment certain equipment and, depending on the needs, a new office setup must be purchased. This can be expensive and can strain the wallet early on.

Here a special loan can be helpful to make these purchases possible. In addition to the areas mentioned, there are many more possibilities for special loans. In any area where a loan can be taken out, there is also room for special loans. Only a few points are important, such as the loan term, the amount of the monthly payment, the loan interest rate and the question of whether collateral is required to take out a special loan.

The area of mortgage financing can also be regarded as a kind of special financing. As with car financing, a construction loan is also a special loan granted at a certain point in time. Depending on the lender, special loans can be granted either as a loan with a Schufa check, or as a loan without Schufa.

Special loans can be obtained from several "sources": directly from a bank, via a loan platform — which there are now several of in Germany — via a loan broker, or directly from a private person or the retailer.

The latter is often the case when, for example, a new television or a new car is purchased. Dealer loans are then also considered special loans because they serve a particular purpose, such as buying a car or a television, and are therefore purpose-bound.

Special loans through a bank

Depending on the purpose, a bank may require collateral when a special loan is taken out.

This is especially common when financing a car or when financing the construction of a house or the purchase of a condominium. Collateral is not always required; this often depends on the purpose and on how high the loan amount is and how the creditworthiness of the borrower is assessed.

Special loans through a loan platform

Loan platforms are one of the best ways to obtain special loans. Since purpose-specificity plays an important role in such person-to-person loans, it depends on how important potential lenders consider the borrower's project. This can be the purchase of a needed new car, the renovation or refurbishment of one's apartment, office equipment, and much more.

There are no limits to the purpose for special loans, and those who can present themselves well will attract many people on a loan platform and thus obtain their desired loan. Collateral usually does not have to be provided; the loan agreement is generally sufficient.

Special loans through a loan broker

The opportunity to obtain special loans is not only available at banks or via loan platforms. Loan brokers also offer the possibility to take out a loan for a specific purpose. Depending on the borrower's wishes, this can be a loan with a normal Schufa check or a loan without Schufa.

The advantage of going through a loan broker: borrowers who already have entries in the Schufa still get the chance to obtain special loans for a desired purpose. This does reduce the possible loan amount, which depending on the broker can range between €1,500 and €5,000. However, through this route even borrowers who would have poor chances at banks in Germany can still obtain a loan.

A loan without Schufa is therefore an opportunity to obtain a good loan even if there are already some negative entries in the report. This of course also applies to special loans without Schufa, which depending on the loan amount are possible for many different purposes. The possibilities of obtaining special loans are diverse.

The reasons for taking out a special loan are equally diverse. The chances of obtaining a loan are always high when regular income from employment or self-employment can be proven.

Simply submit a non-binding inquiry for your special loan at MAXDA! As a loan broker, MAXDA operates independently and compares various offers, including from banks in Switzerland. The offer with the best terms will then be presented to you.