Creditworthiness always plays a crucial role in borrowing. Many banks have relied on proven funds for decades to assess the creditworthiness of potential borrowers. Of particular importance is the Schufa, the general loan protection organization, which collects all the data that could be important for lending.
However, creditworthiness is also influenced by other factors, such as income. The income provides a huge security for the banks and guarantees a continuous repayment. To avoid a loan default, a permanent employment is absolutely necessary. Having credit granted without credit is not always easy, despite the high number of providers. Not all banks issue credit to people with insufficient creditworthiness. Finding a loan without creditworthiness is not necessarily easy due to the limited choice, but to be able to secure good conditions, should you resort to a comparison on the Internet.
Important criteria for a loan without credit
Without creditworthiness you should not be granted a loan at any bank. A regular, steady income is always a prerequisite. The income can result from both a gainful employment and a social income (unemployment benefit 1 and 2). Even persons without work can in principle claim a loan. However, it is important to assess your own financial situation and adjust the repayment to your own requirements. If you have only a very low credit rating, you should definitely select a long term to keep the monthly burden as low as possible. By choosing a long term, the installments spread over a longer period of time, so that the liquidity burden can be reduced enormously.
In addition, however, the credit default risk can also be significantly reduced. However, a long term is always associated with higher borrowing costs. This can be attributed above all to the conception of many credit products. Many banks today only offer credit products based on installment repayments. Although these loan products are often cheaper than credit products with annuity or residual debt repayment, the interest expenses are determined from the residual debt. As a result of the slow decrease in the residual debt, the credit costs are higher as well.
Find cheap credit without credit
If you have no creditworthiness, you often have to expect very high interest rates. For this reason, it is particularly important to make a comparison. A comparison of loans without credit can be realized today on the Internet, on numerous financial portals with the help of a loan calculator. The comparison with a loan calculator proves to be particularly true, since individual details can be taken into account here.