Importance of online credit comparison.

In recent years, consumers have seen a significant increase in supply on the credit market. In particular, the entry of the Internet into many private households at the turn of the millennium has contributed significantly to the fact that more and more providers have won over the Internet and offered more and more loans via the Internet.

Online bank conditions

Online bank conditions

The so-called online banks can assert themselves above all with regard to the conditions towards the providers with a large branch system. Since the online providers on the Internet often do not have a fixed branch network and can show a lower personnel expenditure, they are able to pass on low interest rates to the consumer.

In addition to low interest rates, the loan offers on the Internet often also offer any use, flexible contractual terms and easy application, but since the conditions can differ greatly, borrowers should always use a loan comparison on the Internet.

Make a credit online comparison and save a lot of money 

Make a credit online comparison and save a lot of money - this should be taken into account when making a comparison

When comparing loan offers on the Internet, consumers who want to benefit permanently from the cheapest offer should focus primarily on the effective interest rate. The effective interest rate is variable and, in practice, higher than the borrowing rate, since the effective interest rate takes into account other factors in addition to the borrowing rate, such as the loan amount, term, use, credit rating and fees. Since the effective interest rate is fundamentally variable, the borrower has the option of influencing the effective interest rate by means of creditworthiness and the desired credit.

Borrowers who have a high income and positive Credit Bureau information can usually benefit from a very low effective interest rate, the same applies to borrowers who opt for a short repayment period and a low loan amount.

Less extensive loans with a short term are associated with a lower risk and are therefore offered on more favorable terms. When comparing credit online, borrowers should always consider the possibility of a special repayment, through the special repayment it is possible for the borrower to repay part or all of the loan amount.

Loan offers that are made available over the Internet combine a decisive advantage, the application proves to be quick and easy, so that the loan amount is already available within a few working days without restrictions.

Make credit online comparison on the Internet 

Make credit online comparison on the Internet - Numerous financial portals enable an objective comparison

When comparing credit online, the use of a credit calculator is recommended. The comparison with a loan calculator makes it possible to compare several offers with regard to several criteria. In addition to the term, loan amount and repayment, use and income can usually also be taken into account in the comparison. In this way, the search can be quickly narrowed down and the best individual loan offers highlighted. The borrower can then apply to the best provider over the Internet.

What does the bank pay attention to when checking credit?

Granting a loan is always associated with a certain risk for a bank: you would certainly not simply lend a stranger a few thousand euros without first being sure that you will get the entire amount back. In order to limit precisely this uncertainty before the requested amount of money is paid out, the bank carries out a so-called credit check after the customer has submitted the loan application.

Credit check is intended to reduce the risk of default on payment after lending

Credit check is intended to reduce the risk of default on payment after lending

During the credit check, the bank tries to assess the creditworthiness, i.e. creditworthiness, of the consumer. A basic distinction is made between personal and economic creditworthiness. The latter provides information about whether the applicant has the economic prerequisites to transfer the due repayment installments of the requested loan to the bank during the entire agreed term.

To this end, consumers usually have to submit certain documents together with the loan application, including proof of salary and bank statements. With the help of these documents, the bank creates a so-called household bill during the credit check, in which all regular income and expenses of the potential borrower are compared – based on the resulting balance, the bank determines whether the consumer can even pay the loan installments.

Personal creditworthiness plays a crucial role in credit checking

Personal creditworthiness plays a crucial role in credit checking

In addition to the economic creditworthiness, the bank checks the personal creditworthiness of the respective applicant as part of the credit check. Here, for example, great importance is attached to how conscientiously the consumer has fulfilled his payment obligations in the past. In this context, the bank provides the applicant’s Credit Bureau file with a reliable source of such information.

In addition to these factors, the respective banks also attach importance to other criteria, such as the age or profession of the respective consumer, when checking credit. For example, if a bank does not grant loans to self-employed or freelance consumers, this can be a reason for rejecting the loan application, although the potential customer’s credit rating would be sufficient for the loan.

Basically, every bank is interested in the same information about its potential credit customers before granting a loan – how the banks weight the respective criteria in their credit check and whether there are exclusion criteria remains a secret of the respective institution. Before applying for their loan, consumers will find a rough insight into the factors on which a particular bank places credit checks in the product information of an independent credit comparison.

Credit loan in two days

Why not put some more money in your account for your extra needs or as a financial buffer.

  • Start your credit request now (this does not result in a contract).
  • After checking your request, the money will be in your account after 4 days.
  • All you have to do is accept our offer. If not, then not. No catch, no upfront costs.

Basically, getting a loan in two days shouldn’t be a problem

Basically, getting a loan in two days shouldn

The most important requirement is, of course, that the borrower meets the bank’s lending criteria. Online banking can speed up the application process and process loans much faster than was possible a while ago.

However, this should not hide the fact that there are still numerous banks today, that they take a lot of time and in no way offer the guarantee that a loan will be paid out in two days. In this context, many people will experience that they have to wait a very long time for a loan decision from their house bank.

Perform credit comparison

credit card and money

Anyone looking for a loan should do a comparison and not only look at the loan amounts, terms, and APR but also how long it takes the bank to make a loan decision and payout. Only if the bank offers the guarantee that it will check every loan application within 24 hours can the customer be sure that he can get his loan in two days. Otherwise, he would have to expect that loan processing and disbursement could take significantly longer.

The greatest chances of getting a loan in two days are usually when the credit favored by the customer is an online instant loan. Here, the application is processed exclusively via the Internet. The customer will inform him in writing of what information and which documents the bank needs from the customer.

As soon as the lender information and income have been checked and there are no objections to loan approval, the loan amount is paid out. Here, however, the customer has to factor in the bank terms. However, they have recently been shortened to such an extent that he can largely be sure that the money will be credited to his account the next working day.

There can be several reasons why a customer depends on a loan being paid out as quickly as possible. He often has to bridge a temporary financial bottleneck or pay an urgent bill that cannot be postponed.