Loan without Schufa experiences

Loans without Schufa are a popular financial product and many providers are present on the credit market. Nevertheless, loans without Schufa are often judged as not legitimate and are still associated with rip-offs and fraud. Therefore, borrowers should in any case compare providers with one another.

Below, we at MAXDA, as a loan broker, want to explain why a loan without Schufa can nevertheless be legitimate and how to determine whether a loan without Schufa is legitimate. We also address consumer experiences and why these influence legitimacy.

What are legitimate loans without Schufa?

To understand the doubts about whether a loan without Schufa is legitimate, one must first explain what is meant.

The label “without Schufa” (also: Schufa-free) means for these loans, on the one hand, that the bank or the loan broker does not request information from Schufa about the applicant. This is especially advantageous for borrowers who do not have good creditworthiness. The credit check is therefore omitted here. In a credit check, Schufa provides information to lenders about whether there are already negative entries for the borrower. A positive entry, however, is not a problem for the lender, such as a bank.

If there are already negative Schufa entries and a loan is therefore rejected by the borrower's main bank, consumers can turn to such a loan if they are sure that this loan without Schufa is legitimate. A Schufa-free loan at a bank thus helps the borrower to submit a loan application despite negative entries. The application for a loan should always be free of charge and is also an indicator of a provider's legitimacy. As soon as costs are charged for the loan application, consumers should look for another provider.

“Without Schufa” also means, on the other hand, that taking out the loan without Schufa is not entered in the register at Schufa Holding AG and thus does not create a new entry. The borrower therefore benefits from absolute discretion and their creditworthiness at their main bank or for future contracts and purchases will not be endangered.

When a loan without Schufa is legitimate, it is a very good alternative for smaller loan amounts. The money is usually paid out either by bank transfer or in cash. How the payout is desired can be freely decided by the consumer. With an instant loan, for example, the lender strives for a fast payout of the money within a few days, since the borrower is quickly dependent on the borrowed sum when choosing an instant loan.

Opinions online: Experiences with loans without Schufa?

On the internet, one encounters many opinions on forums and review portals about which loan without Schufa is legitimate. To the question of whether a loan without Schufa is legitimate, many people with experiences of loans without Schufa answer with a warning “No!”.

Terms like “rip-off” and “fraud” often appear in connection with this type of loan. When searching for legitimate loans, it is important to clearly differentiate these often subjective opinions.

Often the opinions on whether loans without Schufa are legitimate are impressions that did not arise from personal experience. Mostly there are stories based on hearsay or from distant acquaintances.

Or they are blanket statements such as “A loan without Schufa is never legitimate, stay away!”, even though there was no direct contact with a provider of loans without Schufa. The experiences with loans without Schufa are thus mostly negative.

Another aspect when answering the question of whether a loan without Schufa is legitimate are the opinions of disappointed applicants. Some loan applications from people in a poor financial situation are rejected by legitimate providers like MAXDA because, for example, their monthly income is less than €1,150 and they cannot provide a guarantor. Their loan application is thus rejected and a negative experience arises.

This measure regarding the query of monthly income serves to protect against over-indebtedness, especially when the provider of the loan without Schufa is legitimate. Therefore, no loan is granted. If the monthly income is too low, there is a possibility that the lender will not get the borrowed money repaid. The agreed monthly installments can therefore be too high and a monthly payment is not possible.

Affected people often express their frustration and anger through a poor review and spread the claim that the loan without Schufa is not legitimate.

How to tell if a loan without Schufa is legitimate?

You can recognize dubious loan offers for loans without Schufa by recurring patterns. We at MAXDA give you a short overview of the most common indicators to help you determine whether a loan without Schufa is legitimate:

• Advance payments and fees: If applicants are asked to pay fees before signing the contract, caution is advised. If the loan without Schufa is legitimate, as with MAXDA, no payments are required in advance, especially not for lists of addresses of possible banks or similar!
• Free comparison: If the loan without Schufa is legitimate, comparing the different loan conditions should always be free of charge for the consumer. If fees are charged for viewing the conditions: beware!
• No overpriced hotline: Providers of dubious loans are often recognizable by overpriced hotlines as the only consultation option. A phone number in Germany, on the other hand, is a good sign that the provider's loan without Schufa is legitimate.
• No shipping fees: There are repeatedly dubious loan providers who charge fees for sending the documents and the application. At MAXDA, however, you receive all documents free of charge by post as well as electronically.

In any case, the consumer should compare the different providers. Pay particular attention to hidden costs.

Is MAXDA's loan without Schufa legitimate?

MAXDA is a loan broker and offers loans without Schufa exclusively in a legitimate manner. Even though there are many negative statements about loans without Schufa on the internet, we at MAXDA have been proving for many years that it can be done differently.

Our loan without Schufa is legitimate, because we do not charge hidden fees and we work with transparent interest rates. With regard to interest rates, it should be noted that they can be stated both as an annual percentage rate (APR) and as a nominal interest rate. The indication of interest as an annual rate includes all costs and fees of the bank. The nominal rate refers purely to the interest rate.

At MAXDA we take an important part of the work off our customers' hands, because as a loan broker we work with numerous legitimate banks.

Thus, borrowers at MAXDA do not have to fear that a loan without Schufa is not legitimate and do not have to deal with dubious banks – for example, banks abroad.

MAXDA will gladly answer questions about our loans and the topic “Is a loan without Schufa legitimate?”