Getting a loan with no security is actually a hopeless thing. Especially when you turn to one of the traditional banks in Germany. Despite all of this, there are loopholes and opportunities to take out a loan despite unfavorable conditions. You can find out how this works here:
As a borrower, you should definitely consider this
The traditional credit institutions only grant a loan if you can offer sufficient collateral. Unsafe customers who have neither collateral nor an acceptable income are generally rejected. A loan without security is therefore not possible there.
In order to be able to take out such a loan in spite of everything, a look at the Internet is worthwhile. A number of providers have gathered there to grant a loan even if there is insufficient income or if Credit Bureau has saved negative entries. However, you have to be very careful here that you don’t get to a dubious provider who either has overpriced offers or who only wants to enrich yourself with a prepayment.
The best provider for a loan without security can therefore be found by comparing or evaluating the opinions of other users in forums.
These are the differences
Since lenders with almost no collateral on a loan without collateral that they can fall back on in the event of a default, they will offer their offers at a higher interest rate. For them, this income represents security and compensates for any failures. In addition, an instant loan is hardly possible because the money for the loan mostly comes from abroad.
In addition, one has to reckon with the fact that in such circumstances one can only take out a small loan and the large loan amounts have to wait until the financial situation has improved again and the conditions for a loan or loan are better again. Because then the regular offers of the banks and savings banks can be used again, all of which come with a low interest rate and extremely fair conditions.