Credit comparison – what are the risks?

Credit comparison – what are the risks?

Whether or not a loan can be granted depends today mainly on the creditworthiness of the debtor. Collateral often no longer plays a significant role, as have the individual decision-making latitude of banks has shrunk in recent years. On the other hand, the Schufa score is decisive: Debtors with negative entries no longer have good prospects for another loan.

Credit comparison: Credit possible despite low credit rating

Credit comparison: Credit possible despite low credit rating

The reason for this is already existing payment obligations, which supposedly exhaust the financial framework of the borrower. Banks fear an over-indebted situation in which current loan commitments can no longer be met. Nevertheless, the credit comparison without Schufa is worthwhile in many cases; the loan offer is getting richer.

Beware of rogue providers

Beware of rogue providers

No question: Anyone who has had difficulties in the past to meet their payment obligations should think about whether it makes sense to apply for another purchase loan. In fact, the debt trap often snaps faster than expected. This circumstance is favored by the fact that in a loan without Schufa hardly favorable offers will appear.

Even if, for example, a loan from private investors is available with a low credit rating, the increased default risk will be reflected in a higher annual interest rate. In addition, unfortunately, there are also many less reputable providers on the market who would like to enrich the difficult financial situation of some potential creditors: Dubious offers can be found by claiming an agency fee in advance. No honest provider in the credit comparison without Schufa will send the debtor a request for payment for the information alone, before he has received the loan amount.

Credit comparison without Schufa: makes sense for rescheduling

Credit comparison without Schufa: makes sense for rescheduling

But despite the risks of fraud and over-indebtedness: For a credit comparison without Schufa there can be very tangible and logical reasons. For example, if a borrower is burdened with many small installment payment obligations, debt restructuring can be a way to reduce costs. Because in relative terms, many small loans are always more expensive than a single, larger loan commitment – the annual percentage rate simplifies a comparison considerably. In addition, it is clearly easier for the debtor to manage a single loan.

More here. Anyone who wants to get an overview of the savings potential of a debt restructuring, should look at once the credit comparison without Schufa: With indication of loan amount, term and purpose can quickly find suitable offers – just without obligation and try it for free.

 

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