Find loans at fair prices online? Here's how!


Are you planning a major purchase or do you want to invest in your business? Whether you're buying a new car or equipping your business, you'll need a cash injection. If your own funds are not sufficient, the bank will have to step in. But nowadays you can usually get cheaper loans on the Internet than at your local bank branch. The money often flows into your account more quickly because a large part of the process takes place digitally. In this blog post, we'll tell you how you can find loans at fair prices online.

Where can I find loans at fair prices online?

For most people, it has long been commonplace to store online rather than face the stress of crowded city centers. They order shoes, clothes and even cars and fresh groceries on the Internet. It works similarly with installment loans: You no longer need to visit your bank, because on comparison portals you can find Find loans at fair prices online.

These loans are often much more favorable than the offers that can be concluded in the branch. To benefit from the best conditions, you should know how to use the comparison portal correctly. First, you need to specify the desired amount, the Duration and enter the purpose of the loan in the search. You will then receive an initial overview of the banks that are suitable for your request. As a rule, the bank with the lowest minimum interest rate is at the top of the list of search results.

Is the loan with the lowest interest rate the best?

Anyone who wants to find loans at fair prices online can easily fall prey to the misconception that the lowest interest rate is automatically the most lucrative. But this is not always the case. We advise you to also look at the so-called two-thirds interest rate in the list of loan offers. It indicates how much a loan may cost at most for two-thirds of the borrowers. Therefore, this interest rate is much more realistic than the minimum interest rate.

Are processing fees due for online loans?

Some lenders are making their customers pay big. The South German Newspaper However, as early as 2014, the company pointed out that processing fees are not permitted under a ruling by the Federal Court of Justice (BGH) are inadmissible.

Banks charging interest is a perfectly fair practice. However, if you come across additional processing fees while searching for an online loan, your alarm bells should start ringing. The BGH ruling has had far-reaching consequences even for well-known banks, as it gives borrowers the right to claim a refund of processing fees. This has led to many thousands of cases against credit institutions in recent years.

Find loans at fair prices online: What are the requirements?

To one Credit application on the Internet there is a need to provide a number of details about you and your household. These include:

  • Birthday and place of birth
  • Place of residence and amount of rent (if you live for rent)
  • Information on the employment relationship and the amount of income
  • Details of other loans
  • Additional financial obligations such as alimony payments

Notice: Check in advance if your records at Schufa are correct and if you can afford the credit you are targeting.

What happens after an inquiry on a credit comparison portal?

As soon as you have decided on an offer on your mission to find loans at fair prices online, the contract for sending to the bank is available for download on the comparison portal. The information you entered during the application process is already included in the contract. To conclude the online loan, you need to sign the financing proposal and send it to the bank with proof of your salary. You can prove your identity by video call.

Image source Cover image: iStock

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