FAQ: Frequently Asked Questions

1. Questions and answers about credit brokerage with Duratio

Can Duratio arrange a credit agreement after rejection by another bank?

Every bank has different criteria by which it judges whether to approve or reject a loan application. It is therefore quite possible that we will be able to arrange a credit agreement even if another bank has rejected your request for a loan. We are known as highly experienced credit brokers, and that not only do our banking partners receieve favourable treatment but you will be likely to get a loan despite difficult circumstances. For that reason, we are always able to deal with your application appropriately and put you in touch with a suitable bank. Making an application through Duratio is always free of charge and without risk.

Are there specific requirements for obtaining a loan?

Can I really get a loan through Duratio?

The simple answer to this question is „Yes“. We at Duratio consider all credit applications on their own merits. By working with multiple banking partners, we are able to find the cheapest option for you from a large selection of offers. Even if you don’t have a perfect credit rating, or you have retired, we can help you to get credit. This is thanks to the fact that we work with Swiss banking partners who are specialists in such difficult cases in Germany.

What are the benefits of applying for a loan with Duratio?

Duratio has been a trusted partner of a number of German and foreign banks for many years. That allows us to provide a suitable response to almost any credit application. Even if an application appears difficult or has already been turned down because of a poor credit rating or the like, we will still treat you like a human being. We really do care about you and, even in those rare cases when we are unable to offer you a suitable loan, you will of course pay nothing. Additionally, we deal with applications very quickly and always operate transparently.

Why should I choose a credit broker, and why specifically Duratio?

Unfortunately, the market does contain a small number of rogue companies, which affects the reputation of all credit brokers. A reputable broker will always be able to offer advantages. It usually works with a number of banks, allowing it to offer a wider range of services than if it were tied to a single bank. This allows it to make effective comparisons between loan offers and to find the most appropriate solution for the customer. Duratio works like this, but it also goes a step further. Since we also work with banking partners overseas, we are able to find solutions to even difficult cases. On top of this, making an application to Duratio will never cost you anything.

2. Questions and answers about your personal data

Why does Duratio need personal data from me, and what happens to it?

What documents does Duratio need from me?

All banks require proof of income. For salaried employees this means the last three payslips; for other workers, the last three months‘ payslips. Self-employed people must provide their tax return for the previous year. In addition, original bank statements for the past four weeks are required. Your identity card must also be provided, in order to check your registration with German police. In rare cases, we may ask you to provide additional documents. In such cases, you will be informed immediately.

You often hear of non-binding credit comparisons. What does this mean?

Non-binding offer is shown on those that feature the best interest rates for you. If you wish, you can then choose the underwriting lender and ask that lender for a loan. During the processing period, that lender is not bound to accept the offer. Here at Duratio, we work differently. As part of the free loan comparison we offer you, we will give you a quote, which is non-binding only on you. This means that you do not have to accept the offer. The creditor, however, is bound by the stated conditions.

I'm worried that a free credit request is risky. Am I right?

How secure is data provided to Duratio? Should I be concerned about getting unwanted mail?

3. Questions and answers about the processing of your loan application

What exactly does a credit broker do?

For financial matters, you often look to your own bank. If you need a loan, that’s the first place you’ll go. Naturally, the bank sees the chance of a good deal and offers you a credit agreement. However, you will not have the chance to compare deals and so will not be able to tell whether the offer you get is a good one or not. If you choose Duratio credit brokers, you can be assured that a comprehensive comparison of loans is undertaken, since we work with many banking partners and so can select from a wide range of products. This allows us to find the deal that best fits your needs. We then give you a free non-binding offer. You do not have to pay even in the extremely rare case that we cannot offer you a deal. Making a loan application with Duratio does not commit you to anything except letting others do the work for you.

How long does it take to process an application?

Generally, it will be a few days between making an application and receiving the loan. The most important factor is how quickly the bank receives the necessary documents. The sooner they do, the faster payment can be made. In addition, it is important that all details on these documents are correct and that they have been completed in full. Missing documents or details will mean the need for further questions, something that will inevitably increase the total processing time.

How much does it cost to process a credit application with Duratio?

Making an enquiry is completely free. There is no charge either for processing the request or for making the resulting non-binding offer. This applies regardless of whether we are able to make you an offer, or whether you accept any offer made. You can read about the fees incurred for obtaining a loan with Duratio in our Terms and Conditions. A commission is only payable if Duratio is successful in getting you credit. The amount is calculated as a percentage of the loan amount and can be up to six percent of the total. Further details can also be found in our Terms and Conditions.

Can I do anything to make approval more likely?

Yes, you can help by submitting all required documentation promptly and in full. If you are able to provide additional collateral, such as life insurance or property, this will increase your credit rating and therefore the chance of being approved for credit. This is the case even if your partner is a co-applicant and can show evidence of a regular income. However, you should apply only through Duratio, and not at other brokers, since doing that can damage your credit score and therefore your chances of the bank approving your application.

4. Questions and answers about the loans we offer

What terms and interest rates can I expect?

We at Duratio are independent credit brokers, meaning that we have many banking partners. Based on your enquiry, we provide a non-binding offer of credit, allowing you to see the interest rates and conditions. This will always be the most appropriate for your personal circumstances. Then, we will let you consider it in peace. If you are satisfied, you will agree with the bank named in the credit agreement that you will comply with the conditions stated.

I am self-employed / a freelancer. Can I get a loan with Duratio?

What sort of loans can I get through Duratio

Can I also get a mortgage with Duratio?

Can Duratio offer me a general-purpose loan?

Does Duratio offer loans for business startups?

Can I get a loan with Duratio if I am unemployed?

5. Questions and answers about Schufa and Scoring

What is Schufa?

„Schufa“ is an abbreviation for a German term meaning „protective association for general credit protection“. It is a private credit agency with its headquarters in Wiesbaden. It holds data on more than 60 million German citizens. Schufa has a number of shareholders, including banks, leasing companies and mail-order firms. Its main purpose is to provide lenders with information which will allow them to minimise the risk of loan defaults.

What data does Schufa hold?

Is data ever removed by Schufa?

Why do you need my consent to use Schufa?

Once you confirm this, we can apply to Schufa for data about you. We will check to see whether you will be able to get a loan despite having bad credit. Since some of our banking partners are willing to consider this, we will try to get you a loan with them. The advantage of this is that we can offer you much better terms if we have consulted Schufa data first. If this does not occur, we will use a different banking partner which specialises in products not requiring Schufa.

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