The fact that taking out a loan is currently as cheap as never is now really no news. Nevertheless, it is time to take into account the upcoming Christmas time with the supposedly super cheap loans . Experience shows that the volume of loan applications is increasing significantly, especially in the run-up to Christmas, and this is particularly evident in the extensive range of online loans. What is superficially explainable, because the online loans are considered the best as well as cheapest loans. Which purely statistically to the nationwide valid average interest rate can also prove quite clearly. For example, a federal average online loan costs 4.72% interest per annum. Where, on the other hand, the classic branch loan with the bank on the spot yields an average of around 7% (and higher). Depending on the term and the amount of the loan, however, online loan offers can be found on the internet at well below 3 percent. Basically, it’s all about picking out the lowest-interest provider according to your own preferences – right? No. Not at all, because the interest rate alone should not play the only role when choosing an online loan.
Online credit is not just online credit: The framework conditions are crucial!
Especially with regard to the interest rate is often overlooked that attract banks to attract customers, with an interest rate that corresponds to a financial ideal situation of a borrower. What does that mean in plain language? The basic criterion for granting loans is the so-called creditworthiness of a loan customer. This means that the more solvent a customer presents himself, the better his credit terms, which he receives when making a request. However, as this is usually very rare, when calculating interest on a loan offer, the so-called 2/3 rule applies. Banks must, in such a case, call the so-called two-thirds interest rate . That’s the rate at which two-thirds of customers get credit. Colloquially one calls this model also credit with credit-dependent interest rate! In principle, however, should be taken away from such online loans.
SCHUFA online credit check: it depends on the type of request!
Where we would then be on the issue of creditworthiness and the associated Schufa examination. Banks – regardless of whether online bank or branch bank – to check the creditworthiness of a potential credit customer, is well known. However, as a customer, (and must!) One can (and must) assert its influence on the nature of the SCHUFA query. Why? There are different types of requests. It is important that the request of the bank at the SCHUFA has no influence on the creditworthiness of the credit customer. It is therefore important to make sure that this is always just a condition request and not the notification of a loan agreement. Such false Schufa requests are stored and thus burden unfounded the creditworthiness or the credit score of a credit customer.
Conclusion: collecting comprehensive information is a must!
Interest rate and SCHUFA information: only 2 points to consider when choosing the right provider for an online loan . But those who focus solely on these two issues protect themselves not only from excessive interest charges, but also from the statement that their creditworthiness is decreasing, even though there is no comprehensive burden due to a large number of loans.