Details and sometimes asked questions
1. Can a loan is got by me just because my bank has refused to give me personally that loan?
There are lots of reasoned explanations why banks refuse loans. Often, the loan quantity is simply too low for them. Whether a person is provided that loan of Euros 5,000 or 50,000: The processing expenses are the exact same for a bank. But, into the 2nd situation, the financial institution earns 10 times just as much.
That is why, numerous German banking institutions do not grant loans below Euros 2,500. At Auxmoney, one could get loans currently from Euros 1,000. The payment is all about Euros 23 to 30 each month.
Loans from Euros 23 each month
Another explanation might be a “bad schufa”-rating (credit research business). Banking institutions rely upon many cases when you look at the repository “Schufa”. Nevertheless, the Schufa will not understand enough about individuals, whom are now living in Germany since just a time that is short are fairly young. Few information in the Schufa lead to a ranking that is bad.
Auxmoney makes use of the Schufa primarily as an exclusion criterion. Consequently, in the event that Schufa states that some body is within bankruptcy, then no loan is likely to be issued. For the creation of this Auxmoney-Score, other bureaus, like the Credit Reform, Arvato and Burgel, have actually an increased weighting into the creditworthiness score.
This means: despite having a less good Schufa score, you’ve kept chances to obtain a loan through Auxmoney.
Presently, the good creditworthiness rate reaches 50 percent! Read More