0% interest loan at a store's sale (e.g. Saturn)

Hi All,

I recently tried to get 0% loan on offer during end of 2007 in Saturn and was refused. I am lworking in Munich for past 3 years and have no loan outstanding. I have blanace to cover the loan amount in my checking account. I do not understand why credit can be refused. Any ideas what could be the reason ? I could however take loan from my own bank at usual 9.5% interest rate without any issue.

Thanks,
Neeraj

do you have a time-limited work visa or permanent residency? If the former, that might be a problem.

Hi Owain,

Ah...yes mine is a limited visa. Would that be an issue even if my length of visa period is greater than the period of loan I am opting for ?

Thanks,
Neeraj

Absolutely. You've only been here three years, probably changed addresses more than once in that time, and could leave at any moment, never to return. The chances of you getting credit were always zero.

Well same logic should apply if I take loan at normal interest at the bank or through online credit, would it not ?

And I know it doesn't as I had taken once when I had completed only 2 years.

Different companies require different credit scores before they'll lend. Your bank will be more likely to lend to you because you have a financial history with them. They may also have your contact details from your home country.

The most incredible part is that it was my bank that had tie up with the electronics shop that was offering 0%. I actually made them call up my bank and then the bank said credit looks good but come back on 2nd Jan. However the offer stopped on 31st Jan. There was no reason given why the credit could not be given on the same day.

They check on the SHUFA (or SCHUFA) and you were probably not there...

Banks lend money to people they judge as a GOOD risk.
As far as they are concerned within those circumstances, you aren't.