Express loan without private credit: 6 valuable tips!

Express credit without Private credit is no longer a problem in times of the Internet. But not always he is the best choice. In addition, applicants should pay attention to a few points. We give valuable tips.

Do not forget to compare

“Thinking means comparing,” wrote the liberal businessman and foreign minister Walther Rathenau, who was murdered by right-wing extremists in 1922. This also applies to borrowing. Of course, anyone who has repeatedly sought a loan and has always been rejected by the banks, does not have to search again, only to then probably be denied again.

Car finance charge special repayment

There are many fears associated with the Private credit. But these gentlemen here are not Private credit sales representatives, but advertise at the International Toy Fair in Nuremberg for toy cars. 

However, experience shows that many applicants with below-average creditworthiness are looking for an express loan without Private credit right from the start. Classic loans can be significantly cheaper, even if you do not get the favorable conditions of a civil servant loan. Of course, the banks also know that loans without Private credit are mainly applied for by applicants with a moderately good Private credit value. The loans are correspondingly expensive.

In Berlin, almost 13.0 percent of the people saved by the Private credit have registered at least one negative feature, in Bavaria it is less than 7.0 percent. 

Anyone who has been rejected by Bank does not therefore have to fail at all credit institutions. Especially specialized credit providers such as CreditPlus often give applicants with less good creditworthiness a chance – but of course with higher lending rates.

If this is too complicated, the credit broker Pixocredit offers a special service. At no extra charge, there are offers for loans with and without Private credit compared and selected the cheapest.

Express credit without Private credit especially abroad

Foreign banks in particular offer express credit without Private credit, which is because Private credit is almost exclusively active in Germany. Accordingly, other credit rating procedures have been established in other countries.

Express credit without Schufa from Switzerland

Swiss banks in particular like to lend out loans without Private credit – in the image of Jörisee in the canton of Graubünden. 

Above all, Switzerland is a good address. However, it is important that the loan is taken in euros. Although loans in Swiss francs are usually cheaper, they involve a price risk. If the franc rises against the euro, the loan amount is also calculated in euros. In the spring of 2015, when the euro lost around 20 percent against the Swiss franc, borrowers from the eurozone suddenly had 20 percent more debt. The loan amount in Swiss francs remained the same, but they suddenly had to pay 100, – € for a debt of 100, – francs instead of about 83, -.

Apart from that, there is little against a foreign bank. Unlike bank deposits, you do not have to worry about deposit insurance or anything like that. A bank failure is not as annoying for the borrower as it is for a credit-holder.

Beware of black sheep

Credit intermediaries do not have a good reputation in Germany. This is mainly due to the fact that reports are repeatedly published about companies that initially charge high fees and then do not provide loans. They had tried hard, but unfortunately could not make an offer. Still, you could not pay back the money, after all, you had a lot of work.

Above all, the immediate loan for the unemployed or the credit without credit rating often follows the first assurance that you know no impossible cases, the rejection. That’s no surprise, because recipients of basic benefits for jobseekers have no chance of getting a loan without a guarantor. The few offers for people without work such as the Maxcredit for the unemployed require a guarantor or co-applicant. No bank forgives money that probably can not be repaid.

Express credit without Schufa at Maxda

The Maxcredit Express Credit

But there are also numerous reputable providers. Already mentioned we already have the provider Pixocredit from Halle. Also known is the company Maxda, the official main sponsor of the football. But it is by no means the only serious credit intermediary. Trusted vendors should meet these criteria:

  1. Make no unrealistic promises.
  2. Do not charge any upfront fees.
  3. Always submit a non-binding offer first.
  4. Do not press customers to sign quickly.
  5. Do not ask for usurious interest.

When mediators insist on signing the loan agreement immediately, customers should be careful. Not infrequently should be avoided so that the applicants compare the offer with those of the competition. Because usurious interest rates are not justified even with an express credit without Private credit.

The winner in the Credit without Private credit category is the Swiss company Crediter. Up to 100,000, – Euro can be borrowed here for free use. Although the company does not offer a special express credit, the loan certainly deserves this name. Usually a credit offer is made one day after the application, once it has been completely returned, it will be processed immediately and the money quickly transferred.

Secure low interest rates

The interest rates are currently as low as never before in the history of the Federal Republic of Germany. Still, that does not mean that you should pay unnecessarily. Even now, a comparison is important. In addition, there are also ways in express credit without Private credit, how the interest burden can be further reduced.

Long-term hypo-rates graphic

Especially construction money is currently very cheap. Source: Press photo of the Association of German Pfandbrief Banks

In addition to a comparison of the best deals, this can be done with collateral. There are two main options:

  • the real estate loan and
  • the car loan.

If you take a real estate loan, you do not have to invest the money in the loaned apartment or house. Instead, it can also be used to finance a debt restructuring or to fulfill a long-cherished dream. Many credit intermediaries, including our test winner Crediter, also have real estate loans without Private credit.

Mortgages and mortgages A mortgage guarantees the creditor preferential access to a property, ie a house, an apartment or a property. If there is a foreclosure sale, the proceeds first go to the lender on whom the mortgage is registered, and later to other creditors. So that the apartment can not be sold without the knowledge of the lender, the debt is entered in the land register. Similarly, a mortgage works. However, this is always tied to a specific loan. A mortgage may also be used to secure a new loan after it has expired, if it has been taken out by the same lender.

However, green debt secured loans can usually only be taken from an amount of 50,000, – Euro. For smaller amounts, a real estate loan is usually not worth it, even from the customer’s point of view, because fees have to be paid for the land register entry.

Real estate loans without a land charge such as the housing loan of Metabank are usually available for smaller amounts and also at lower interest rates, but usually not without Private credit.

Express credit without Schufa for buying a car

Even car loans as an express credit without Private credit. 

By contrast, car loans can be taken out even for small amounts. Often they are also cheaper because the vehicle serves as security for the bank. Car loan is also available without a Private credit entry, here the way also leads through a credit intermediary such as Pixocredit, Maxda or Crediter.

Often, the car certificate (Part II of the registration certificate) must be deposited with the car loan. The banks want to prevent the vehicle from being sold without their knowledge. But some banks are doing without it now.

Sometimes, the conclusion of a comprehensive insurance is mandatory. Otherwise, the bank may lose its security in the event of an accident. In any case, such insurance when buying a car on pump but makes sense, even in the interest of the debtor.

A down payment is usual, but often also a complete debt financing is possible. Balloon and 3-way financing will also be subject to a high final installment. It is paid off either from the sale of the car or a new loan. For loans without Private credit such offers are rare.

Unlike real estate loans secured by mortgages, car loans can be terminated at any time if you have either found enough money for a repayment or a cheaper offer.

Debt rescheduling and early termination:

Installment loans can be repaid at any time for a small fee. This also applies to car loans, which are ultimately only a special form of installment loan. The situation is different with mortgage-backed real estate loans. They are difficult to end prematurely.

With a installment loan, the debtor can terminate the loan at any time. However, the Bank may demand a prepayment penalty of 1.0 percent of the remaining debt, with a remaining term of less than one year of 0.5 percent. Because the compensation only occurs once, but the interest savings annually, a debt rescheduling is often worthwhile even with small interest rate differentials. Especially since the same higher rates and make special repayments, both saves a lot of money.

Often contracts even offer the opportunity to make free special repayments. This should definitely be used if it is financially possible.

For mortgage-backed real estate loans, other rules apply. They can only be terminated properly if the interest rate lockout expires or they have existed for at least ten years. In addition, there is an extraordinary termination right, for example, in the event of a divorce or economic difficulties.

Creditplatform: No Express Credit without Private credit

Credit platforms have become very popular in recent years. They are especially valid for low creditworthiness as an alternative to bank credit. For the Express Credit without Private credit, however, they are only suitable for three reasons:

  1. It is almost always required a Private credit information.
  2. The application often takes several weeks.
  3. After a long wait, the loan agreement often does not materialize.

Regardless of whether Lendico, Smava or auxmoney, all three major platforms cooperate with the credit bureau Private credit, because even the private investors who lend their money to prospective customers choose credit projects based primarily on the criteria of security and interest rates.

Customers with a very bad credit rating are also rejected immediately. All others can apply for a loan, but the interest usually depends on the Private credit value. The worse he is, the more interest has to be paid.

The creditors can select a loan from the presorted loan requests. The letter behind the interest rate indicates the credit rating, where A is the best and E the worst allowed rating. Customers with even lower credit ratings are rejected immediately.

However, the approval does not mean that a loan is now granted. To do this, enough financial backers need to find their way. This is often not the case, then no credit agreement is concluded. Even if there are enough financiers, this can take several days. There can be no question of an express loan without Private credit.

Alternative mortgage loan

Another alternative to bank credit is the mortgage loan. He also meets both conditions for an express credit without Private credit: He is quickly applied for and it is not necessary Private credit information. Even the mortgage loan itself is not reported to the Private credit. However, this form of loan also has three major disadvantages:

  • You need jewelry or precious metals of great value.
  • The lending rates are comparatively high.
  • The critical feedback from the bank is missing.

If you want a mortgage, you usually have to deposit jewelry or precious metals. Because the pledge must be valuable, stable in value and easy to store. Mobile phones are thus eliminated just like washing machines or TV sets. The value is usually too low, not always easy to estimate and storage is often expensive.

Even with jewelry or coins but often only part of the value is borrowed. This secures the pawn shop if the foreclosure auction results in less money than planned. If there is money left, the customer will of course receive it back.

Jewelry for mortgage

Especially jewelry comes as security for a mortgage loan in question. 

The estimation and the storage cost money. Borrowers have to pay for this in the form of high interest rates. Mortgage loans are usually more expensive than normal installment loans.

In addition, there is no credit check. This is an advantage on the one hand, but it can be detrimental if the debtor takes over. Anyone who is rejected even without the credit Private credit, should ask himself critical, whether he can really afford the repayment or save instead of taking a loan.

Conclusion

An express loan without Private credit is in most cases no problem, but not always the cheapest option. Even with a slightly below-average credit rating, you often find a regular loan, which is usually cheaper. Loans without Private credit are given primarily by credit intermediaries. Again, interest rates can be lowered if the bank receives collateral, such as a car.