A loan is always the right choice when consumers want to make a purchase but do not have enough equity to finance it entirely with their own funds. Loans are primarily offered by credit institutions, but can also be granted by private individuals to other private individuals.
Being able to finance a purchase from one’s own financial means is hardly possible for many consumers these days. Due to the rising cost of living, most people are no longer able to save a large amount of capital. In order to still be able to buy a new car or urgently needed furniture, a loan is a good alternative. However, you should make a comparison beforehand, because especially with higher sums it is important to keep the monthly burden for the instalments of the loan as low as possible.
The loan comparison can be carried out directly and easily here
In order to find the best loan with the most favourable conditions, the comparison can be carried out conveniently directly here on kredit.pro. We offer you a free credit calculator. Of course, you can see the current interest rate development in our calculator. In the loan calculator, you can enter the required amount and the desired term for the loan. Alternatively, you can enter the monthly instalment amount you would like to pay.
After entering the required information, you will receive a list of all credit institutions that would be eligible for your financing request in a matter of seconds. This alone will give you a good overview of who offers the most favourable conditions for the loan.
It does not depend on the nominal interest rate
As a rule, you will be able to see the nominal interest rate at first glance in the comparison. However, the nominal interest rate is not decisive, but rather the effective interest rate. This is because it includes all costs and fees that are incurred in connection with the loan and result in the actual interest rate. Many a bank has appeared to be unbeatably cheap at first glance, only to end up being excessively expensive again for the individual sum. In addition, the calculated monthly rate for the loan should be seen as a guideline. The final rate may still change somewhat due to creditworthiness after the application.
Direct banks as a good alternative
You should not disregard direct banks in your comparison. Since they offer their services exclusively via the internet and do not have expensive branches, they are able to offer particularly favourable conditions for the loan and thus form a good alternative.
The different loans
Credit institutions mostly offer different credit products. One of these is the instalment loan. The instalment loan is often also referred to as a personal loan, since this loan is primarily granted to private individuals to finance private wishes. An instalment loan can usually be used for financing various consumer goods and is not tied to a specific purpose.
In contrast, credit products such as a car loan or a real estate loan are tied to a specific purpose and may only be used for this purpose.
Anyone considering taking out a loan should always bear in mind that taking out a loan also incurs interest and additional costs such as processing fees.
What requirements should prospective borrowers have?
Those who want to take out a loan usually also have to fulfil some conditions. These include, for example, that borrowers should be of age and have their main residence in Germany. It is also important that prospective borrowers fit the respective bank in terms of their profession and income.
Most credit institutions grant their loans primarily to persons who are employed, are no longer in their probationary period and can also show a sufficiently high salary. By setting these requirements, banks want to reduce the risk of loan default.
Since banks prefer to grant their loan products to employees, self-employed persons can sometimes find it difficult to get a loan approved. If you want to apply for a loan from a German bank, you should know that all banks in Germany cooperate with the Schufa and that a Schufa report on the applicant is always obtained when a loan application is processed.
Alternative to bank loans
If you would like to take out a loan with a bank but are rejected by the bank because of your credit history or your self-employment, you can also take out a loan with a private person. There are now several portals on the Internet that broker loans from private individuals to private individuals. Here, too, prospective borrowers should be aware that they have to pay for the loan and that the monthly repayment instalment should fit into their own budget.
Whichever type of loan consumers decide on, it is advisable to make a loan comparison before taking out any loan and thus find the offer that can convince with favourable interest rates and attractive conditions.