Credit comparison & interest calculator

With some wishes, urgent purchases and especially with unexpected expenses, it is not enough to slaughter the piggy bank. Then only an installment loan helps. In view of the favorable interest rate environment, you can look forward to top conditions and thus low monthly rates. This relieves the budget and provides sufficient financial scope. If you also use a credit comparison, you save a few dollars again – month after month. Because there is also enormous savings potential in the low-interest market, which can only be optimally exploited with a loan comparison.

How can I compare the loan offers?

How can I compare the loan offers?

Nothing easier than that: only three key data are required for our loan comparison:

  • the loan amount
  • the desired term
  • the purpose of usage

These three facets, from which the loan comparison grinds a perfect offer, are largely self-explanatory. If necessary, they can be changed and adapted at any time to run through different scenarios. This even makes sense to see where and how you can get even better conditions – for example, by a shorter term or a different amount. The intended purpose is important because different interest rates may apply depending on the occasion. If you want to have a free hand, you should simply choose “free use” to play it safe.

Why is there a 2/3 example under each offer?

Why is there a 2/3 example under each offer?

The interest on almost all installment loans is credit-dependent. The better your credit rating and thus the likelihood that the loan will be repaid without any problems, the more favorable the loan terms. In other words: with a good credit rating, you pay a significantly lower interest rate. This is reflected in the so-called 2/3 example. This sample calculation applies to two thirds of all applicants. Here you will also find the interest rate that you should roughly expect. The conditions listed above the 2/3 example stand for the best possible offer. In order not to dupe anyone or lure them with false promises, the average values ​​must also be mentioned. Therefore, it makes sense to primarily deal with the data from the 2/3 example.

Is the loan comparison binding?

Is the loan comparison binding?

The loan comparison can be used free of charge and without any obligation. The calculator does not yet transmit any personal data, but only helps to get a first impression of the possible loan conditions. It is completely irrelevant whether you calculate once, twice or more and adjust the framework conditions such as the loan amount and the term again and again.

Even with a click of the mouse on “Next”, no loan agreement is concluded. It is much more about working out a non-binding offer. Since the interest on installment loans, as already mentioned in the 2/3 example, depends on the creditworthiness, some additional personal data is required to calculate the loan offer. This information, such as income, is collected and processed by the provider to determine the conditions. It is important that it is a condition request and not a credit request – you have to pay attention to that.

Does a loan comparison pay off at all?

Does a loan comparison pay off at all?

Is it worth comparing loans at all? This question is asked again and again. And the answer to this has been for years, regardless of the current interest rate: yes! It may not always be about thousands of dollars that can be saved with a loan comparison. But small cattle also make crap.

To make this clear, here are two examples:

For a loan of 10,000 dollars with free use and with a term of 48 months (as of December 2018), there is a top offer of 211.27 dollars per month. The most expensive provider from the list wants 228.71 dollars per month. Makes a difference of 17.44 dollars every month and an amount of 837.12 dollars over the entire term.

If we look at the 2/3 example for a $ 10,000 loan with a 48-month term, the range for the total amount ranges from $ 10,636.53 to $ 12,264.28. This results in a difference of 1,627.75 dollars. That’s a lot of money that can save by comparing the loan and looking at the 2/3 example.

Credit with no upfront costs: Get cheap deals now

 

Brief overview: What is a loan without upfront costs?

Brief overview: What is a loan without upfront costs?

  • Always with no upfront costs: A loan offer should always be without upfront costs. Otherwise there is something wrong with the offer, as interest or fees may never be calculated in advance.
  • Cheap online credit: A cheap online loan is a real alternative to the classic branch bank loan. It is usually particularly cheap and can be requested directly and conveniently from home.
  • Unfundable: the bank rejects your application? Then there are a few options you can still consider. In any case, avoid any dubious offers.

Are you looking for a loan with no upfront costs? Basically, it should be mentioned that a serious loan offer is always free of charge. With a loan, the bank earns from the interest that you pay with your monthly installments.

A serious loan offer is always free of charge.

If you get a loan offer that requires you to pay any costs before you get the money, your alarm bells should go off because something is wrong here.

There are, of course, loans with which you make a down payment. However, this deposit is not used to cover any preliminary costs.

Do not confuse: credit with down payment

Do not confuse: credit with down payment

Often, the topic of “Loan without upfront costs” is confused with a down payment of the loan. With a down payment, you basically do not service the cost of the loan. The down payment ensures that you have a higher repayment component right from the start, which means that cheaper rates and possibly a lower final rate are due.

This model is very common in a car loan. For example, to get a $ 30,000 loan for a car, you would have to pay $ 5,000 as a deposit. Then 20,000 will be paid in monthly installments over 5 years and the outstanding $ 5,000 will then be paid in a final installment. This is only intended to be a simple illustration. Of course, the interest would still have to be taken into account here.

Even with larger real estate financing, the banks may require a down payment in the form of equity. However, this depends on the financing volume and your financial circumstances.

The bank must therefore not require you to pay the interest for the entire term in one sum directly at the start of the financing. The interest payment is made in installments and in a possibly larger final installment.

It would also make no sense to settle the interest directly at the beginning, since the term of the loan may be shortened due to special payments or early repayment. You only pay interest on the actual amount and term.

How to apply for a loan with no upfront costs

How to apply for a loan with no upfront costs

In order to apply for your loan without any upfront costs, it is always advisable to carry out a loan comparison first. Because the conditions of the providers are very different. In the best case, a credit comparison can save you several hundred dollars. Proceed as follows:

1. Credit comparison

Use our free credit comparison calculator to find the best offer for your case. All you have to do is enter the necessary loan amount, the term and the use. It is not necessary to enter personal data for the comparison. By changing the term, you can already make the optimal selection for a possible monthly rate that you can afford financially. The longer the term is chosen, the cheaper the monthly rate. However, the interest rates increase with a longer term.

2. Apply for credit online

Applying for a loan is no longer a problem today. You can do this conveniently from home. After you have used the comparison calculator and determined the best offer for you, you can directly apply for a loan online. To do this, you then have to provide your personal data and information on your financial income. A credit check is already being carried out and you will receive a preliminary acceptance or rejection after sending the data.

3. Submit documents

After applying for the loan, you will receive a preliminary commitment. For the time being, because the bank now wants to check some documents manually. To do this, you usually have to submit your pay slips and / or bank statements and possibly also your employment contract. You must also send the original loan application signed to the bank and carry out an identification procedure. This also works very modern these days, for example by sending the documents to the bank via upload. The identification process can now also be carried out online.

4. Wait for withdrawal

After checking your documents, you should receive information from the bank promptly. In the best case, you will receive the information that your application has been forwarded to the payment department and thus approved. The money should now arrive in your account within a few days. At the same time you will be asked to pay the installments. The best thing to do is set up a standing order.

What you can do if you are not financially viable

What you can do if you are not financially viable

It is not uncommon for consumers to receive a rejection of the loan request. There can be different reasons for this. Perhaps your income is insufficient or you do not have a permanent job. However, there may also be negative entries in your Credit Bureau, which may be reasons why the bank does not approve your application. However, you shouldn’t stick your head in the sand right away, but consider one of the following options.

2. Borrowers

A second applicant or borrower can be entered in most credit contracts. If you are not financially viable as an individual, it may work in combination with your partner. With a second borrower, the risk of the bank is divided into 2 people and your chances of being approved increase.

guarantee

An option is also the so-called guarantee. A guarantor is entered in the loan agreement, which virtually guarantees that the installments are always paid on time by the borrower. If this is not the case, the bank can request payment in installments from the guarantor. This model is often found, for example, in young people in training or studying who have their parents registered as guarantors.

Personal loan

Another option is the so-called personal loan. Every person is entitled to grant a loan to another person. This is mainly based on a high level of trust. So if you don’t get a loan from a bank, there may be someone in your area who is a bit wealthier and lends you the money. However, the conditions should also be laid down in a contract. You can download ready-made templates from the Internet.

Warning of the so-called “loan sharks”

Warning of the so-called "loan sharks"

When some people do not get a loan from the bank, they often tend to solve your problem elsewhere and may take out a loan offered by a so-called loan shark.

What is a “loan shark”?

Loan shark (English loan shark, shylock, gombeen-man) is colloquially understood in the economy as economic subjects who offer loans with poor creditworthiness to loans at particularly disadvantageous credit terms and in particular demand usury interest. (Source: Wikipedia)

Credit sharks have recognized the plight and are taking advantage of it. Caution is advised here, as you may then take out a loan on particularly bad terms. In the event of non-payment, you will also try to collect the money in a very unconventional way.

Here, the topic of “credit without upfront costs” comes up again. With such a loan shark, it can also happen that you should first pay any costs before you would receive a payment of the money.

Discovering the renovation loan present on the financial market

Do you want repairs or a refurbishment of your home but you are hesitating for lack of budget? Credit institutions now make specific loan offers available to individuals. There is a more attractive formula than a simple work credit offer, it is the renovation loan.

Owning a home improvement loan?

Owning a home improvement loan?

To consider renovations, you must first have at your disposal a property to redevelop. However, being tenants is not enough to benefit from this economic alternative since there must be an act of ownership of the property registered in the name of the applicant. It is therefore compulsory to be a homeowner to benefit from a renovation loan.

The best home improvement loan with which amount borrowed?

The best home improvement loan with which amount borrowed?

With this kind of loan, you will be able to finance works of large or small sizes. On the one hand, the capital is paid directly into your account, which represents a major advantage in terms of time. On the other hand, this formula generally does not require a mortgage, which reduces the amount of additional costs.

To obtain more specific information, it is possible to carry out a loan simulation online and to obtain details concerning formulas at very attractive rates. You will then only have to send your credit request directly online and provide the files required by the lender.

For example, for a loan of around 25,000 dollars, some banks offer up to 2.99% of APR for renovation credit, monthly payments around 329 dollars over an average duration of 84 months. To obtain this kind of information, go directly to a loan simulator and discover the offers that best suit your expectations and your needs.

You can apply online depending on the amount you want to borrow for your home. Your Medicer agency will help you define the total amount to be reimbursed as well as the application fees. In general, your renovation loan does not exceed 50,000 dollars.

The installment loan is also a solution to consider.
As well as the mortgage loan for the purchase of your home.

How to choose a loan adapted to your project?

For each project there is a loan, make them! but first, find out about the types of loans available to you, and get advice so that the loan becomes more than an alternative.

What type of loan to finance your project?

What type of loan to finance your project?

It is important to choose a suitable loan to prevent repayments from weighing on your financial situation. Thus, the type of loan must be adequate for the project to be financed. But how do you find the right credit formula among the multitude of advanced offers on the market? We have listed the different types of projects and the related credits.

To obtain a cash advance

To obtain a cash advance

The personal loan appears to be the ideal solution to have a sum of money quickly and following a simple procedure. This credit, the amount of which is capped at 75,000 dollars, can be used to finance a large number of projects: studies, travel, etc. Then, you have the option of using your credit as you wish. There is also revolving credit which is a reserve of money which can be drawn at any time.

To finance a specific project

To finance a specific project

If the need for financing relates to a specific project, it is best to opt for an assigned loan. Subscription to this type of loan requires presentation of supporting documents. This serves to prove that the credit was indeed used for the purposes mentioned in the contract. In the case of a car loan, a purchase invoice will be requested. And quotes from service providers will be useful for a work credit. Note that the interest rate on an affected loan is more attractive compared to that of a loan without proof.

To carry out a real estate project

To carry out a real estate project

The home loan corresponds to the loan used to finance the acquisition or construction of a property, as well as work for an amount greater than 75,000 dollars. Obtaining this credit is subject to several conditions, including income stability, a personal contribution and a good personal situation. Also, mortgage credit insurance is often required by financial organizations. It is interesting to negotiate the rate of this loan, which is long enough to make significant savings.