Loan without SCHUFA for German

January 7, 2019


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Is a new loan product establishing itself on the market? The loan is still unknown to many consumers in name. The thing as such, however, is very old. Many years ago, the Swiss company Schweizer Finanz AG launched the “Swiss Credit”, better known as credit without Schufa or Schufa-free credit. Thus, the bank from St. Gallen turned to German consumers whose Schufa was too weak to receive credit in Germany through a bank.

Switzerland does not have an institution like the Schufa, so both the Schufa inquiry and the Schufa entry were dropped. The seizable part of the income or other collateral served as collateral. However, in 2009 Swiss Federal Finance Court was prohibited by a federal court from continuing to offer these types of loans in Germany. The company did not have a license for distribution in Germany.

The solution was that the Swiss founded a bank in , which since then provided Schufa-free loans not from Switzerland but from to German consumers.

How does the loan work?

The bank behind it is the Sigma Bank. The loan is an extremely standardized product. The loan amounts are fixed at 3,500 euros, 5,000 euros and 7,500 euros. The duration is uniformly 40 months. The interest rate is around eleven percent. This is the basis for monthly installments of 105 euros, 150 euros and 225 euros. There are no commissions or fees in advance.

For the borrower, this means that he knows exactly when he / she is applying what the costs are. For German banks, the final interest and thus the rate only after the final credit check.

Which requirements are necessary for a loan?

Despite the omitted Schufa examination, a loan does not mean that the bank forgives it without conditions. The following requirements must be fulfilled by the applicants:

  • An at least one year old unfinished employment relationship.
  • The employment relationship must be indefinite.
  • The age of majority of the applicant is mandatory.
  • The customer must prove his permanent residence in Germany.
  • There must be no seizure.
  • In an ongoing bankruptcy, the loan is not possible.

What is the level of potential credit?

It seems strange at first, but the amount of credit available depends not only on income, but also on the tax code.

For tax classes I, II, IV and VI, the borrower has to prove a net income of € 1,150 for the loan amount of € 3,500. For tax classes III and V, a net income of EUR 1,600 is required. Living dependents in the household increases the necessary income.

For the loan amount of 5,000 euros, some other income standards apply. Thus, the applicant in the wage tax classes I, II, IV and VI must have a net income of 1,600 euros necessary. In tax classes III and V it increases to 1,900 euros. Also with this credit volume a higher income applies, if dependent persons live in the household.

What about a loan amount of 7,500 euros? In tax classes I, II, IV and VI the applicant has to draw a monthly net of 1,800 euros, in tax classes III and V it is 2,100 euros.

The payment is made either to the applicant’s account or in cash. How quickly the applicant receives the money also depends a little on his intervention, since he must send the necessary documents to the bank. Digital application with electronic signature is not possible. As a rule, it takes one week from the receipt of the documents in to the payment of the loan.

What is the security?

Anyone who looks at the income limits, notes that these are located above the valid in Germany levy exemption. Thus, the lender creates the necessary leeway to be able to arrange a seizure in the event of a loan default.

Here is a section of the table for seizure exemptions. NEK stands for net income, UHP for dependent persons.

to UHP:
1 2 3 4 5+
0.00 1,139.99
1,140.00 1,149.99 4.34
1,150.00 1,159.99 11.34
1,160.00 1,169.99 18.34
1,170.00 1,179.99 25.34
1,180.00 1,189.99 32.34
1,190.00 1,199.99 39.34
1,200.00 1,209.99 46.34
1,210.00 1,219.99 53.34
1,220.00 1,229.99 60.34

For whom is the loan in question?

At first glance, it becomes clear that a loan is not intended for large investments. But it helps very nicely to bridge smaller bottlenecks or to make an acquisition, for which the money is currently missing. This form of loan is not only suitable for consumers with low Schufa. It is also suitable for all those who, for whatever reason, do not want an entry on a loan in the Schufa.