Consumer advice center warns against Schufa-free loans from the Maxda credit portal

Consumer advice center warns against Schufa-free loans from the Maxda credit portal

According to a report by www.merkur.de, the consumer advice center warns that unnecessary insurance is being sold on the Maxda credit portal. This particularly applies to Schufa-free loans that are offered by a foreign bank. There is a suspicion that consumers are being forced into inappropriate and sometimes unnecessary insurance policies that are associated with costs.

The sales methods are said to be partly through telephone advertising, with consumers being urged to take out insurance in order to access the loan. It is also reported that some consumers have not received a loan despite taking out insurance and are therefore incurring the costs of the insurance.

Overall, these practices risk causing consumers to experience financial burdens through unnecessary insurance costs, in some cases accruing over three years.

It is important to emphasize that purchasing unnecessary insurance can have a significant financial impact on consumers. The monthly costs as well as long-term expenses over a period of several years can put a significant strain on consumers' budgets and financial stability.

In addition, there is a risk that consumers who actually need credit will not receive it due to the association with unnecessary insurance or will find themselves in unwanted financial obligations.

The consumer advice center's criticism of Maxda and other dubious providers shows that protecting consumers from such business practices is of great importance. Therefore, it is important that supervisors and regulators take measures to stop such practices and provide consumers with the necessary protection.