A consumer loan

For a consumer loan, no collateral is usually required. In such a loan, the bank relies solely on the creditworthiness of the customer. Therefore, it is carefully checked before a positive award decision whether the applicant’s creditworthiness is sufficient. For this purpose, an information is obtained from the Schufa, there are negative entries about the customer, he usually gets no credit. In addition, the customer must provide extensive self-information regarding his personal and economic circumstances.

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Only if it follows from these that its financial capacity will most likely be sufficient to service the loan without collateral, the bank will approve the loan application. Subsequently, the credit will be transferred to the account specified by the customer at your own discretion. In monthly installments, which always have the same amount, the consumer credit is paid back during the term of the loan. Incidentally, such a consumer loan can be taken on the Internet at the branch office of a branch bank, a savings bank or even an online bank.

A loan with guarantors

A loan with guarantors

Another option for a loan without collateral is a loan with a guarantor. This alternative can be used, in particular, if a consumer has a negative entry in the Schufa or has only a rather low income and the bank therefore the desired Credit denied. In the case of a guarantee, another person pledges to pay fully for the obligations of the borrower in the event that he does not pay interest or repayments on a loan. Only persons like close relatives or close friends of the borrower will usually be prepared to make such a far-reaching commitment.

To be accepted by the bank as a guarantor of a loan without collateral, they must be able to demonstrate their own financial capacity. If the borrower pays the installment for his loan on time or collects it from his account on the agreed dates, the guarantor will not claim the guarantor in any way.

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