Who needs a loan, thinks first and foremost to a bank as the number one point of contact. Of course, provided that you have already decided on a corresponding loan offer. But what if, for whatever reason, the traditional house bank refuses to grant a loan? Because either the basic financial conditions (temporary job, too low income, etc.) or even the SCHUFA make the planned loan plans a bummer by the bill? The supposed solution is found in such cases almost always in the vastness of the Internet. This is exactly where a large number of so-called credit brokers , whose loan offers exactly address this target group, are bustling around. The problem with these numerous offerings, which are often presented as “non-schufa credit”, “non-schaffrey loans” or “bad-credit loans”, is finding out what is legitimate and what is not.
In the jungle of credit intermediaries find their way around – but how?
In markets where there is hardly any control, it is difficult to orient oneself as a “normal consumer”. For the activity of the credit brokerage there are therefore many designations that range from the financial advisor, the credit counselor, the financial consultant, credit counselors etc …
Allen mean, however, is that they advertise the offer of “schufa-free loans” . However, in order not to fall for dubious offer, one should know the different business models as well as his rights in problem cases with credit intermediaries. Basically, the loan offers as well as their providers can roughly be divided into three groups:
- Intermediary of consumer loans
- Provider of paid or unpaid services and services
- Mediator of free financing, the so-called zero-percent financing
As far as the limitations on the topic of credit intermediaries or credit agencies. But the fatal thing is that this business is a barely regulated business.
Expertise, qualifications, approvals from credit intermediaries?
The fact is that the legislation in principle for each of the groups mentioned certain legal framework regarding the proof of expertise, the admission under trade regulations as well as with respect to the duty to inform the loan seeker.
However, the reality is that, whether credit intermediaries, service providers or traders, the lending activity requires only a simple or no license under the Industrial Code. A qualified permit, with which material and technical knowledge must be proven, is not a prerequisite for the lending agency to exercise this “business”.
What, in clear words, means the following: Anyone who has not behaved fraudulently so far can get permission to broker installment and credit loans in Germany. Qualification through a training in finance? Not necessary!
Consumer rights with credit intermediaries? Unfortunately nonexistent
A circumstance that leaves the consumer in the rain in the event of damage, because it means that consumers are not entitled to quality in terms of advice, education and expertise of the intermediary vis-à-vis intermediaries of so-called “schufa-free loans”. Now, of course, it would not be fair to portray all credit intermediaries as unqualified or even fraudulent, but here it shows that the business with the credit crunch and the associated offer of “schufa-free loans” is a gray business and will probably remain for some time.