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?
Even when using Duratio, you will have to meet certain requirements. You must be aged between 18 and 75 and live in Germany; you must also be registered with the police. Additionally, you must be able to prove a regular income – this applies whether you are an employee, self-employed or retired. If you cannot do this, we will require a co-applicant who can provide such evidence.
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?
Lenders will approve loans only after seeing certain documents, including proof of income. These documents are therefore needed in order to process a credit application and to make a final decision. Duratio will forward these documents to our banking partners, and will always treat them with the utmost care. Documents submitted will of course be returned as soon as they have been checked.
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?
No! With Duratio, neither the credit itself or the processing will cost you anything. Even if we cannot find you credit, which is very rare, or if you decide to decline the deal Duratio offers, you will pay nothing. In addition, Duratio will allow you sufficient time to consider the credit offer at your own pace. We will not push you into making any rash decisions.
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?
Even self-empoyed people and freelancers can get credit with us. We are responding to growing demand in this area. However, you must have been self-employed for at least three years, and must also submit your most recent income tax and business assessment (BWA) details.
What sort of loans can I get through Duratio
The range of products offered by Duratio is very wide. We can offer you simple loans, emergency loans or credit for debt restructuring, which you can use to cover existing debts. If you have a poor credit rating, we can still help, since we work with Swiss banks who specialise in providing credit to such customers. Even pensioners can get a loan with us, as long as they are under 75.
Can I also get a mortgage with Duratio?
Duratio also offers residential mortgages. It doesn’t matter if you need to raise funds to build a house, to buy land to build on, to convert an existing property or to provide additional financing. However, you cannot get a mortgage with us if you have no credit rating.
Can Duratio offer me a general-purpose loan?
Yes, Duratio can also offer these loans. Personal loans like these are especially useful because you can use the money to pay for a variety of things, whether it’s for your next holiday or whether you need cash quickly to buy something special.
Does Duratio offer loans for business startups?
This is not something we can help with. Three organisations which might be able to assist you are your local bank, the German Reconstruction Loan Corporation (KfW) and your local Chamber of Commerce.
Can I get a loan with Duratio if I am unemployed?
You can get a loan with Duratio if you are unemployed, but you will require a co-applicant. This person will need to show proof of a regular income from their own employment.
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?
It mostly holds general information such as name, address and previous addresses. If a current account is opened with credit from a loan, the bank holding the account tells Schufa, which then holds that information. Schufa is also told when loans are paid out and when there is a problem with repayment. This is also the case if something like a phone bill is very overdue.
Is data ever removed by Schufa?
If you close an account, the corresponding data will be deleted immediately. This is not the case for data relating to problems such as loan arrears, phone bills, etc. This information will only be deleted three years after the relevant debt is settled.
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.
What does the term products not requiring Schufa mean?
This term refers to financial products which do not need information such as credit checks from Schufa. If a loan with Schufa is impossible due to a poor credit rating, we can talk to banks from outside Germany who are legally allowed to offer you loans without having made checks with Schufa.
What is the base score used by Schufa?
The Schufa „base score“ is given as a percentage, and is calculated based on the information about you held by Schufa. This percentage represents an assessment of how likely it is that you will meet repayments on your loan.
What about Schufa self-assessment?
Since April 2010, it has been possible for any citizen who wishes to submit a free Schufa survey each year. This information can be provided in writing or online. People will be able to view not only the data held about them, but also their own base score. However, there is a fee for online access.
What is the difference between Schufa self-assessment and Schufa credit information?
The self-assessment process informs the person concerned of the data stored about them. However, Schufa credit information is provided only to third parties, such as landlords. It will give only a summary containing the base score and any negative remarks. There is therefore much less detail than in the self-assessment process.
How do positive factors affect Schufa?
Your Schufa assessment can be improved by making mortgage payments on time and completing financial transactions correctly and promptly. Doing this will result in your credit rating improving.