A savings bank loan without Private Credit sounds outlandish, but it is not. For even the savings banks forgive under certain circumstances, a loan that works without the query of Private Credit. What are the circumstances and how the inclusion of TwinkerCredit works without Private Credit, you can find out here.
Why without Private Credit?
You’re probably wondering why there are so many consumers who are looking for a loan without asking the Private Credit. The answer to this question is quite simple:
The Private Credit stores all economic data of all consumers who have a permanent residence here in Germany. These data can be positive or negative in nature. Negative data refers to debts or payments that are currently still outstanding or could just recently be posted as settled.
These negative entries reduce the creditworthiness of a consumer, which makes borrowing much more difficult. Because a negative Private Credit usually leads to the rejection of a loan application. Therefore, many consumers are looking for a loan without the query of Private Credit.
The negative entries do not matter and can not lead to credit cancellation. This is also the case when looking for a savings bank loan without Private Credit.
Is there a savings bank loan without Private Credit?
There is no such thing as a traditional savings bank loan without Private Credit. Because the savings banks always ask the Private Credit of the borrower. The query can only be bypassed if the own MRP is used, which has already been set up in advance.
The call-off loan is then available at any time and does not require any additional approval if it is used. Otherwise, a savings bank loan can be taken up without the query of Private Credit only if the borrowing is accompanied by a guarantor or a second borrower.
What does the extra person bring?
The savings banks always ask the Private Credit of the borrower for a normal borrowing. Exceptions are not provided in this regard. If the Private Credit is negative, the application is rejected. The prospect must then orientate himself differently.
However, if the loan is accompanied by a second person, it can all look very different. If the second person is solvent, the Sparkasse will include their data in the borrowing. The Private Credit is queried and determines the creditworthiness for borrowing.
If this is high and the default risk low, the savings bank loan can be taken up without Private Credit. The guarantor or second borrower is then considered collateral and accompanies the loan until full settlement.
Tasks of the guarantor
A guarantor or an additional borrower thus has a very important task to fulfill with a savings bank loan without Private Credit. They not only bring security in the borrowing. They are also liable for the credit.
If the actual borrower can no longer service the loan, the savings bank will always turn to the second person and claim the money there. The credit can therefore also be a burden.
Only those who are aware of the associated responsibility, as a solvent guarantor or second applicant should support the borrowing. It also makes sense for borrowers and supporters to know each other well, to trust each other and to be able to work very closely together.
Close family members or very good friends are therefore most suitable as a guarantor. Volatile acquaintances, on the other hand, should not be tempted to undertake such a task.