If consumers forfeit a Schufa entry, but have later paid the amount due, the note will remain in effect for three full calendar years, but will be marked as completed.
In the opinion of the Credit Insurance Association, applying for a loan with the completed Schufa entry should not encounter any difficulties as it classifies it as a neutral feature. However, this assessment does not match the classification of completed Schufa entries by a majority of credit institutions active in Germany.
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15000 euro credit
5000 euros credit
Credit without down payment
Credit with little interest
Borrowing with a completed Schufa entry via a German bank
Some German commercial banks do not grant a loan with a completed Schufa entry to applicants who have not been known so far, as they equate this with a current negative feature. In fact, however, the settlement means that the consumer did not meet a financial obligation on time, but subsequently. For this reason, both large banks and many regionally active Volksbanks and savings banks issued a loan with a completed Schufa entry.
Applicants increase the likelihood of lending when they explain the change in their financial circumstances between the date of the Schufa entry and the present. It is ideal if the loan seeker was unemployed at that time and now again has a permanent job. On online platforms for private lending, the desired loan with the completed Schufa entry is easier to record than through a traditional bank.
Many of the private lenders registered there evaluate the purpose of borrowing and social criteria in their decisions more than hard credit features. You will receive anonymous information about the Schufa entry marked as completed and decide on your own responsibility whether and at what interest rate you are writing a credit application. The anonymity of the lenders and the borrowers is guaranteed, as the practical loan settlement is carried out exclusively by the platform operator. For legal reasons, a licensed commercial bank is also formally responsible for lending to BaFin.
Borrowing with a completed Schufa entry via a Swiss bank
A Swiss bank can in any case take out a loan with a completed Schufa entry, as the Swiss bank does not ask for it. Loans directly requested by a Swiss financial institution are possible up to a sum of 3500, with few banks also up to 5000 euros. Any amounts exceeding this limit may be claimed by the person seeking the loan through an intermediary, who shall ensure that the latter only pays appropriate remuneration in the case of successful lending and no pre-cost.
The Swiss banking institution pays the desired loan amount in euros, so that the customer bears no foreign currency risk. Since numerous Swiss banks in Germany grant loans without Schufa, online easy-to-use credit comparison is useful for obtaining a favorable loan.
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