Online Short-Term Loan Test winner 02/2019 – our test!

Unanticipated financial bottlenecks can always happen. Be it the broken washing machine or a car repair, the reasons why you need to make quick money can be manifold. For many borrowers, it is not always possible to cover such sudden costs with their own funds. In addition, some bills can not simply be deferred until the next salary. For such cases, an online short-term loan is available. We show who has become the test winner in our online short-term credit test.

Facts about the short-term loan test winner

  • Loans between 100 euros and 1,000 euros possible
  • Terms are between 7 days and 30 days
  • The interest rate is 13.90 percent
  • Additional options such as express option and 2-rate option can be booked
  • Even with a medium Private credit score, there is a chance of a loan

Short-term credit: We clear up!

The concept of such loans originated in the UK and is called there “PayDay Loan”. Here in Germany, it is still a very young product, but enjoys more and more popularity.

An online short-term loan can be regarded as a kind of advance. You borrow a relatively small amount of money for a short period of time to settle your bills or make purchases. Thus, acute costs can be met quickly and you will not be embarrassed to overdraw your account or borrow money from friends and relatives. Significant for a short-term loan are sums between 50 and 1,000 euros and the very short maturities. These are usually between 7 days and 30 days. The borrowed sum will be paid back in one installment after the deadline. The advantages of a short-term loan are that you do not get a Private credit entry and no installment loan, which is usually only given from 1,000 euros.

The test winner introduces himself

The online presence of Vexcash

Test winner in our large short-term credit test is the credit provider Neofunding. This is a company from Berlin, which has been offering short-term loans since 2011 and was still in close cooperation with the net-m 1894 Privatbank until 2013. Neofunding is a pioneer in the field of short-term loans. Our test winner offers with its offer an excellent alternative to a classic installment loan and with its attractive and fair conditions for more and more customers is the first choice. Is it any wonder that the opinions and criticisms regarding Neofunding are consistently positive? In 2014, the company was named the best provider of short-term loans by BankingCheck.de. Online rating service provider eKomi rated Neofunding’s offer at 4.7 out of 5.

Short Term Credit Test: Why Neofunding?

Those who are looking for a cheap and flexible loan offer, will find the short-term loan test winner. The company offers loans between 100 euros and 3,000 euros. The maximum amount of the possible loan amount is thereby higher than with many other offerers and customers receive thereby the possibility also somewhat larger bills to settle, without having to resort to an installment loan. The terms are between 7 days and 30 days for Neofunding. However, you can access the so-called 2-rate option and thus increase the duration to 60 days and split the loan amount into two installments. This makes sense especially with larger sums of money. Who decides to the 2-rate option, should note that for a fee of 49 € is due.

Another additional option that can also be availed is the express option. The idea behind this is that customers who can not or do not want to wait three to four days to transfer the loan will be credited with the money within 30 minutes, provided all the documentation has been submitted punctually by 2pm. This service is not in vain and costs the customer 39 euros.

If you want to take out a short-term loan, you understandably want to get it at very low interest rates. Interest is at Neofunding with 13.90 percent. This may seem like an enormous view, but considering the short lifetimes, the additional costs remain manageable. Here is a small example: The borrower gets a loan of 1,000 euros for a term of 30 days. If he does not claim any additional options, he only has to pay the interest, which in this case is only 10.91 euros.

Even borrowers with a medium Private credit score can get a loan from Neofunding. In addition to the usual Private credit query, the company creates its own risk certificate, which should convince the bank. The Private credit rating does not have such a great influence on the award. The credit rating is judged differently with short-term credit than with classic installment loans. If the loan is successful, the credit certificate will be charged a 10 percent penalty.

Our conclusion: Neofunding convinces in all areas

Short-term loans are always used when it comes to mastering financial bottlenecks, but payment of salaries is still a long way off.
The short-term credit test winner Neofunding specializes in this field and provides its customers with a serious and fair loan offer. Additionally bookable options provide more flexibility and scope.

Serious loans on the Internet are possible

The supply of loans in the market is very large, this is partly due to the very attractive interest rates, but also to the great competition. Lending enables providers to retain their customers over the long term. But not every loan is serious, so it is important to check everything in advance and above all to read the fine print.

Many banks belong to a banking association and are subject to responsible lending. These include certain certificates, such as the TÜV seal. In addition, customer surveys on lending are frequently carried out in specialist journals. This information is a useful guide and may help you with orientation.

The lending

The lending

A loan should never be completed prematurely, it is important to inform yourself in advance about the respective conditions. For example, this can be done quickly and easily over the Internet, where different offerings of credit institutions can be compared. So you can quickly find a selection of reputable loans. When a vendor has been shortlisted, not only should interest be focused on interest rates, but repayment modalities are also an important consideration. For example, special payments make a lot of sense in order to repay the loan ahead of time.

Once a suitable financier has been found, the next steps can be taken. For this purpose, a corresponding loan application must be completed. This can either be placed in a branch office or conveniently downloaded from the website. In addition to the actual application, the institutes still require a copy of the identity card, as well as a certificate of merit. In Germany, only persons over the age of 18 may take out a loan. If the creditor is younger, it requires the consent of the parents. Before a bank seeks to lend at all, this checks whether the respective person is on creditworthy. This requires a regular monthly income. With the help of a merit certificate or a bank statement, this can be proven easily.

Lending in a branch bank usually takes a little longer, such as the award of an online loan. Frequently, an application can be reviewed and then either approved or rejected. Some providers also offer more favorable condition, since the administrative burden is significantly lower here. Nevertheless, it is also necessary to examine and read everything in peace, because after all, a loan is often tied to a bank over several years.

Additional products make the loan more expensive

Additional products make the loan more expensive

Banks often do not earn so much on an ordinary loan, which is why they often offer so-called additional products, which at first glance seem sensible, but make lending much more expensive. An example of this is a residual debt insurance, which intervenes when the borrower comes in financial difficulties, in case of prolonged illness or unemployment. This is a risk insurance that is put on top of the actual loan. Depending on the amount of the loan, this can be one or the other thousands. And if the insurance really pays when it comes down to it, that’s a completely different matter. For a larger loan amount with a very long term, this additional protection may be useful, but for small manageable sums with a short term, this is not recommended.

Private loans comparison 2019 – The leading platforms in the test

5 tricks and tips for personal loans

We gives an all-round overview: in the search for an attractive credit, many consumers despair quickly. Too many offers, too little background knowledge. Which loan should it be in the end? Which loan suits best individually? Who advises without ulterior motive? Which online provider is reputable?

We brings order to the chaos and clarifies. A guide and guide for the best online personal loan!

The special features of our company:

  • Different providers in the check
  • Reviews and guides in understandable language
  • Consumer-oriented and guaranteed independent
  • Comparisons and tests of all major banks
  • Top Guide to Online Credit
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How does our online personal loan comparison work?

To be able to find a cheap online personal loan using our comparison, as a prospective borrower, you only need to provide three details:

  • A desired loan amount
  • Term of the loan
  • Purpose: Personal loan

For a personal loan, the lenders are not commercial, but act as private individuals. Attention! Sometimes the term is used with a different meaning and is easily confused with it: now and then, installment loans are also referred to as personal loans, as they are a form of financing for private clients. Our comparison helps you to make a good choice and keep track of everything important to find a serious and affordable personal loan.

Our checklist: How do you recognize a reputable personal loan provider?

Our checklist: How do you recognize a reputable personal loan provider?

The risk of a personal loan lies primarily with the lender, who should hedge well. Because it is difficult to check the creditworthiness of a borrower as a private individual. Therefore, personal loans are often awarded to friends and acquaintances. However, our private loan comparison has shown that there are now also good credit platforms that provide a secure offer.

  • no usurious interest rates but reasonable interest.
  • Compare online loans with current bank interest, if necessary, get information from banks!
  • On established online loan portals like moneyor or creditend usually reputable offers.
  • Interest and term are realistically affordable for the borrower.
  • Trusted credit providers expect a sound financing plan.
  • Seriously requires a contractual agreement with security for both parties!

The risk for personal loans is higher for lenders, as borrowers were frequently rejected by banks.

A good idea: if you have money, you can lend it!

The basic idea of ​​a personal loan is plausible: if you have money, you can lend it! Not only banks can do business, private individuals make good profits through cheap personal loans. In addition, there is an ideal value: Investors can support projects that they find convincing and perhaps in the right place give the necessary financial impetus to pursue even unusual ideas.

Especially in periods of low interest rates, it may even be more profitable for investors to lend money to a private individual. It is usually even possible to support even with small sums. The online personal loans in the test were at a sum of 50, – €.

The loan comparison: Which personal loan is suitable for whom?

The loan comparison: Which personal loan is suitable for whom?

With regard to the distinction between private and commercial lending, the legislator stipulates that a personal loan is characterized by the following points:

  • The operation is not created for a certain duration.
  • The operator does not pursue profit-making intentions.
  • There is no long-term business activity.
  • There is no sustainable and planned, with the apparent intention of continuing activity.
  • The scope of business does not matter.

There are various types of online credit cards on which private individuals can lend money to each other. Online personal loans are an alternative to a bank for many. Maybe different credit institutions have been requested, but have rejected the loan application due to their creditworthiness. For loan seekers with an irregular income, there is now the problem of how they can still realize their financing project.

The following questions should help you to get a clear picture of your personal loan. Answer the questions honestly – then you get closer to your individual credit profile.

  • You have already requested a loan from banks and have been rejected?
  • You want to realize a special project or make an important repair that you can not realize financially on your own?
  • You are self-employed or freelance and therefore can not get credit from a bank?
  • You know that a repayment of the loan is realistic?
  • The agreed rate is to be paid by you? You have set up a good financing plan?
  • You can estimate the burden of the loan over the term? The costs are compatible with your plans?
  • Not only did you allow yourself to be blinded by a cheap online personal loan, you also understood and checked all conditions?
  • You have compared the conditions between banks and personal loans, and found a cheap online personal loan that has better conditions than a bank loan?

If you answered “yes” to all or most questions: A personal loan seems to make sense to you. If you answered “no” to all or most of the questions, a personal loan is not recommended. If your answers balance each other, seek independent advice to consolidate your decision.

5 important questions on the way to private credit

If you are interested in a personal loan, you must keep a close eye on security. Our personal loan comparison shows that there are quite serious offers on the market. However, a cheap online personal loan often lurks dangers that you should prepare for. Only complete an online personal loan well informed. Be aware of the risk that you might take on it.

1. What interest do you have to expect?

Of course, it is a risk for the lender to grant private individuals cheap personal loans whose requests have been rejected by banks so far. This risk can often pay the providers back by high interest rates. However, do not allow your situation to be exploited. Otherwise you quickly get into repayment obligations that are not in proportion to the payout. In general, the usual conditions, which also have banks, should serve as a guide for the interest rate on a personal loan. The good news is that there are always reputable and risk-taking lenders who know they can also make a good return on personal loans.

2. Term – Differences to other forms of credit?

The term is freely agreed between the credit parties. There is usually no difference to other forms of credit here. All arrangements should be adapted to the reality, ie take into account the financial situation of the borrower, so that the installments can actually be serviced regularly. Too long a term should be avoided from the point of view of the borrower, in order to keep interest rates and thus the overall burden as low as possible. Ideally, both lenders and borrowers find the agreed terms satisfactory.

3. What collateral is required for an online personal loan?

Since this is a private business, initially there are no strict legal framework conditions as to how the personal loan should be secured. But of course all bank-standard securities such as guarantee or salary certificate can also be agreed by private individuals. Personal loans can also be closed informally without collateral.

4. Should a contract be concluded?

We strongly recommend that you make a written agreement. So both parties protect themselves and you do not move in a vacuum. If there are difficulties in payment or if the lender makes sudden claims for immediate repayment, the contract can be invoked. The contract was intended to secure both parties and to specify the duration, the terms of payment such as the amount of the installments and the interest due.

5. Is it possible to suspend rates?

In principle, the possibility of suspending a rate in the event of short-term insolvency must have been previously granted by contract. The scheme is recommended – if the lender agrees. If you are unable to pay a rate, inform the lender in good time to prevent misunderstandings. The term of the loan is extended accordingly.

The personal loan today: The online platforms as an intermediary

The personal loan today: The online platforms as an intermediary

Now you have an overview of what you know about online personal loans and what you should consider before signing a contract. If you want to refrain from doing business with your favorite aunts, the question remains: Which providers are currently on the market?

Unusual projects, private finance

For some years, online platforms have been offering cheap personal loans. Most of the target group are the self-employed and freelancers who want to tackle unusual projects but do not have the necessary collateral to get a bank loan. Or, when comparing a cheap online personal loan, they find that they expect better terms when they get the loan privately.

The leading online platforms for cheap personal loans

The leading platforms in this area are creditend and moneyor. In our personal loan comparison, the two providers are doing very well. We introduce the platforms:

creditend: platform since 2007

So far, over creditend, according to the provider loans for more than 100 million euros mediated, including since 2011, loans from banks. At creditend cheap personal loans are brokered. The two-pronged offer has an advantage: you can compare directly whether a personal loan in your case may be more worthwhile than a bank loan.

Quickly done: The loan application at creditend

  • Registration: With creditend, all data must be provided which is also requested by a bank for a loan application, such as personal data (name, date of birth and address), income situation or account details.
  • Costs: Crucial to creditend is the duration of the contract. The fees are between 2.5 and 3.0 percent of the loan amount (but at least € 40).
  • Interest: The amount of interest is agreed between the two sides regardless of the platform. The average effective rate, according to creditend, is currently 6.7 percent.
  • Additional fees: Four bank statements cost creditend € 16, – per year, but the customer is free to use them. There is a monthly service fee of 2.50 euros.
  • Private credit amount: The maximum amount of a personal loan is 75,000, – Euro.
  • Security: The question of adequate coverage goes to the lenders. If a loan is not repaid as agreed, a collection agency will be used.

moneyor: experience for over eight years

The same year as the rival creditend and similar conditions: moneyor is also recommended as a platform for cheap personal loans. Based in Dusseldorf, the company has so far launched around 11,000 loans and has a volume of 50 million euros. The offers at moneyor are exclusively in the area of ​​personal loans. moneyor works with Bank.

Easy registration at moneyor

  • Registration: At moneyor, personal information (name, date of birth, address, nationality, telephone number, e-mail address) and the wording of the private loan request are sufficient. However, the chances are better if you voluntarily give Private credit information or submit a statement of income.
  • Costs: An agency fee is charged on a concluded loan agreement. Calculated 2.95 percent of the loan amount.
  • Interest rates: The average effective interest rate is currently around 10 percent. The two partners agree on the interest rates themselves, the loan seeker indicates his desired interest already at the registration.
  • Further fees: The Bank charges a fee for account statements of 17.50 euros per year and a monthly service fee of 2.50 euros.
  • Amount of the personal loan: The maximum amount of a private loan at moneyor is 20,000, – Euro.
  • Security: Again, of course, that in the absence of repayment debt collection company on the plan occurs.

In the private loan comparison, the two leading platforms were creditend and moneyor, both of which can score with a fair fee model and good brokerage. Slight differences arise in interest rates and costs. Overall, creditend is a bit cheaper and, at € 75,000, enables the higher loan sums as moneyor with € 20,000 maximum loan amount. Both providers are recommended because they give freelancers and the self-employed a chance!

5 tricks and tips for personal loans

As you can see, there are some things to keep in mind when making a personal loan.

1. Never without a written contract!

Even if you want to complete a deal with your favorite aunts, a written contract is advisable. He relieves both parties and prevents misunderstandings. A contract is not a sign of mistrust, but of seriousness.

2. No horrendous interest in purchase!

Do not blame yourself on a height that can ruin you. If you have doubts as to whether it is a reasonable interest rate, compare with the offers of the banks or get professional advice.

3. Create a realistic financing plan!

Before you complete the loan, you should have a good overview of your financial situation and develop a financing plan that you can serve. Here, too, the advice of professionals, for example, helps the consumer centers.

4. Allow installment breaks!

Play it safe and avoid any payment difficulties by having the option of installment pauses included in the contract. Assuming the lender agrees, one can thus bridge a financial emergency despite credit.

5. Use loan comparisons!

Stay on the ball and get online credit comparisons. You benefit from the expert opinion of the experts who help you to find cheap loans and ultimately choose the best provider.

Our personal loan comparison shows that a cheap loan between individuals can be a good alternative to a bank loan. Especially for self-employed with an unusual project, there are offers that are worthwhile and safe.

Short and long term corporate loans – 5 common questions!

The 5 most frequently asked questions about the financial portal inancingent

The 5 most frequently asked questions about the financial portal inancingent

FinTech inancingent is a full-service provider independent of product and supplier for self-employed persons, tradesmen and small companies in Germany. inancingent works with more than 220 established banks, savings banks and alternative financial partners. In addition to loans, loans and leases, inancingent also arranges factoring and alternative financing such as mezzanine capital, purchase and project financing or private debt.

Companies, freelancers and the self-employed can quickly find the best possible financing solution as well as the best terms in terms of interest, term, own funds and collateral via the inancingent finance portal.

All financing inquiries and tenders on the financial portal inancingent are automatically checked for eligibility. Self-employed, tradespeople and medium-sized companies are hardly aware that more than 1,700 different support programs are available at EU, federal and state level in Germany. Together with the request, inancingent examines which funding can be used for financing. Support programs are often a prerequisite for setting up the company or start-up, especially for young entrepreneurs.

1. What is the benefit of vendor-independent and cross-product solutions?

Cross-product means that in addition to corporate loans, other financial products such as leasing, factoring, mezzanine capital, purchasing and project financing or private debt. or about to be offered for real estate financing.

The advantage of vendor-independent solutions is that applicants can advertise their financing needs online on the inancingent portal. This is a key advantage over the house bank. The affiliated banks will see your request and will make an offer if interested. When selecting the best offer, you will be assisted by a inancingent consultant who advises you on a provider-independent and cross- product basis and supports you in communication with the financial institution.

inancingent makes it possible to complete the entire application process efficiently: you receive the first financing offers within 24 hours. This gives you a quick market overview without spending much time.

2. Does inancingent also offer short-term loans to bridge financing bottlenecks?

2. Does inancingent also offer short-term loans to bridge financing bottlenecks?

In the event of defaults or other financing bottlenecks, self-employed and small companies in particular depend on speed for loans. A fast corporate loan with a binding commitment is the solution. The new Digital Employment Credit (DEC), offered by inancingent in cooperation with solare Bank, exactly meets the requirements for a fast loan solution to overcome financing gaps.

Digital Corporate Loan is a 100% digitized end-to-end process. Until the signing of the contract no manual step is necessary anymore:

  • Bridging loan up to 100,000 euros within 24 hours
  • Bridging loan up to 750,000 euros within 48 hours

NEW: Thanks to the cooperation with financinga, small loans under € 100,000 are now possible: inancingent Cooperation with financinga: Short-term loans up to € 100,000 also for self-employed and freelancers

3. What are the advantages compared to the house bank at inancingent?

3. What are the advantages compared to the house bank at inancingent?

Primarily, as mentioned above, the provider-independent and cross-product financing solutions. The customer receives offers from 220 financial service providers and banks as well as access to 1,700 subsidies at EU, federal and state level in Germany with a single request. This results in more suitable and cheaper financing solutions than in a request at the house bank. This also significantly increases the chance of financing, because specialized financial service providers can offer tailor-made solutions, which is not the case with the house bank.

Last but not least: In corporate finance, FinTech portals such as inancingent are leading to a paradigm shift away from the seller and to the buyer market. Previously, the banks determined the offer: The entrepreneur went to his house bank, where he presented the advisor’s offers. Either the customer accepted interest and conditions or he ran out of funds. With inancingent, the entrepreneur is looking for a tailor-made solution online. The financial service providers affiliated with inancingent court the customer. Unlike the house bank, where the customer is treated as a petitioner, the customer is finally king again!

4. Who is the financial portal aimed at?

The finance portal is designed for small and medium-sized enterprises (SMEs) as well as self-employed and freelancers. Applicants can place the financing requirement through an appropriate call for tenders and thus find the right offer without great difficulty. The different offers of the financial service providers can be compared easily and transparently. In addition, consultants, financial intermediaries and investment advisors can launch a bid for clients. Also, dealers of vehicles and machines can use the online portal for customers.

5. How much does the use of inancingent cost?

For applicants (SMEs, the self-employed, freelancers…) the use of the online portal is free of charge. Even a successful contract is free for applicants. If successful, financial services providers pay a corresponding commission. In addition, a contract offer for applicants is always non-binding.

inancingent provides a quick market overview and offers all commercial financial products from a single source. Compare offers from well-known financing partners and find the best financing for your project today.

Many self-employed, freelancers and SMEs did not know that…

  1. … the FinTech financial company financinga makes credit decisions within a few hours and thus within one business day possible for up to € 100,000 for short-term loans!
  2. … Factoring as a credit alternative for medium-sized companies is not only an interesting solution in times of crisis!
  3. … the financial portal inancingent increases the lending opportunities for SMEs and the self-employed by 100% and saves over 30% interest? More: SME tip: 100% higher credit chances and 30% interest savings!
  4. … you can receive money from the state even without repayment: More on: How self-employed, founders and small companies receive money from the state even without repayment!
  5. … the financing of start-ups and start-up companies is possible through inancingent. More about: start-up financing for self-employed, founders and entrepreneurs
  6. … before an SME turns to the bank with its request for credit, it should be informed in detail about the credit requirements!
  7. … a financially strong guarantor definitely increases the chances of getting a loan!
  8. … if there is no guarantor, a credit insurance can be useful as additional security!
  9. … in addition to a guarantee or credit insurance, there are other securities that increase the chances of a loan.
  10. … the purpose of the loan may also be of importance in the credit decision of the bank.

Everything else about loans for the self-employed, freelancers, founders, entrepreneurs, tradesmen and small companies find loan seekers in our practice guide loan for the self-employed.

Online Loan Calculator – Calculate interest rates for free

Online Loan Calculator

Comparing is helpful, but not always so easy. For example, banks give a debit interest, which does not include all costs. Most fees are therefore only in the APR clear. That’s why it’s even more important to use an online loan calculator. This can show exactly what interest a loan offer holds and what other terms this includes. It is also advantageous here that the loan calculator can be used for all loans and thus can represent a very practical help tool for customers when comparing.

The most important 5 facts about the online loan calculator:

  • The interest rate is calculated on the basis of the term, the loan amount and the credit rating.
  • An online loan calculator can be used to compare loan offers or calculate interest rates.
  • Most loan calculators are available for free.
  • When comparing you should always look at the APR and not on the borrowing rate.
  • It is recommended to use an online loan calculator, especially if there are many offers to compare.

1. Brief insight into how an online loan calculator works

1. Brief insight into how an online loan calculator works

If you want to start a credit comparison, the online loan calculator can help. Here you first enter his desired loan amount. The lower the loan amount, the higher the fees and the lower the interest rates. This is because editing for small sums takes as much time as large sums. The low interest rates, on the other hand, are possible because there is not too much risk for the banks.

Then you can specify the desired runtime. This also determines the amount of interest. The rule is: If the interest rates are low and the term is high, the loan becomes expensive. The reason is quite simple: when interest rates rise, the bank has no way to increase the interest rate. So she recovers the interest. Conversely, borrowers who have chosen a long maturity during a high yield phase pay lower interest rates.

In addition to these two details often further data, such as the amount of equity, must be disclosed. After all information has been typed in, an interest margin is displayed. For example, this can be 4.5 to 6.1 percent. Unfortunately, you can not find out the exact amount of interest using the online loan calculator. This is because not only the loan amount, the term and the equity influence the interest rate, but also the creditworthiness of the borrower. These usually include the Private credit information, the income and all other debts.

2. When does a loan calculator make sense?

2. When does a loan calculator make sense?

Basically, it can be said that a loan calculator makes sense if you want to take out a loan or a loan. After all, there are many banks and credit institutions that offer bank loans. A bank loan comparison 2019 indicates the cheapest options. So there are also many different conditions and loan offers that can be compared. A loan calculator is helpful here to find out which loan best suits your current situation.

For example, a loan calculator can help you compare mortgage lending

For example, there is a loan calculator for home purchase, which of course can then be used as soon as a property is to be bought or bought. Here you usually take a so-called mortgage loan, through which you can finance the property. In this area alone, there are many different offers that you can easily keep track of with a loan calculator.

3. Compare with the online loan calculator made easy

That a comparison in itself is sometimes not very easy, is probably clear to anyone who has ever gone from bank to bank and there is the offers caught up. Because here you can quickly lose track. In order to save the way to the bank branches, there is the simple possibility of the online loan calculator. Through this one can compare different offers online and quite comfortably from home.

Because there are various offers from various banks and credit institutions, which are well summarized in a comparison. As already described, you only have to give a few details, so that you can see within a short time the right provider including their offers. This offers the benefits of time savings and objective vision.

Avoid too high costs – an online loan calculator leads to cheap loan offers

Another advantage of the loan calculator is that little or no data needs to be provided. Nevertheless, this gives you a small overview, so that you know afterwards how much you would have to pay approximately.

However, one should also note that probably no online loan calculator will display all banks. So our online loan calculator has only 35 providers to choose from.

4. Is a loan calculator free?

Loan calculators are offered in various forms. So there are on the one hand the online loan calculator and on the other hand the download versions. The online loan calculators are mostly tools that then, just like our loan calculator, show a comparison. With download versions, however, you can usually see the repayments for the respective months. Here you have already received a specific loan and would like to know how the repayments are to be paid. However, both versions are usually available for free to everyone.

5. Debit rate and annual percentage rate: where is the difference?

5. Debit rate and annual percentage rate: where is the difference?

Knowing the difference between the borrowing rate and the annual percentage rate is very important, as it is the only way to keep track of the total cost. The borrowing rate, which used to be called the nominal interest rate, is the loan interest rate. This means that no further costs are included here.

In contrast, the annual percentage rate not only displays the loan interest, but also indicates which additional fees are due. These may be, for example, the processing or agency fees. But additional costs for payments are included here. The statement of the effective annual interest rate for banks is an obligation, which is prescribed by the law. Because the APR allows customers to compare better and so know exactly what costs will be incurred in the year.

However, it must also be mentioned that by far not all costs are included in the effective annual interest rate. This includes, for example, the extra costs for special repayments or for the early repayment of the loan if the bank charges fees for early repayments. In addition, the costs for the residual debt insurance, the account maintenance fees and the estimated costs are not included in the annual percentage rate of charge. In addition, the provisioning interest incurred, for example, on a forward loan, must be calculated separately.

6. The conclusion: a good overview thanks to the loan calculator

Finally, at the end of our guide, we can say that the loan calculator provides a good overview that can be helpful in comparing the various loan offers. It is important to know in advance your equity and the difference between the borrowing rate and the annual percentage rate of charge. Only then can you filter out the cheapest offers through a loan interest comparison. This is important not only in installment loans, but also in real estate financing. Therefore, there are, inter alia, loan calculator with home purchase. Here are the different mortgage loans compared, so you get the best possible conditions. Of course you can also use this calculator when building a property.

Rescheduling loans 2019 – To the advisor

rescheduling loans

Smaller or larger installment loans are used by consumers to bridge financial bottlenecks or finance larger purchases. This can be a new car or a washing machine, to finance the study for a child or for mortgage lending. In this way, smaller loans can accumulate, which together weigh heavily on the household monthly. For larger loans, such as real estate, it sometimes gets annoying after a while, when the lending rates are significantly cheaper than at the time of the loan agreement, as is currently the case thanks to the low interest rates. In both cases, rescheduling is the solution.

Debt restructuring scenarios:

  • Bundling of several small loans and debt consolidation
  • Replacement of a disposition credit
  • Reinvestment of larger loans at lower interest rates
  • Adjustment of the term
  • Change of the bank

1. Loans that can be rescheduled

1.1 Conventional installment loans

Installment loans are a common form of consumer credit and are accepted for larger purchases, such as installments when buying products, in the form of car loans or for mortgage lending. If the termination agreement in the loan agreement allows installment loans can be replaced and also merged.

1.2 Disposition credit

Disposition loans allow overdrawing the current account up to a certain limit. Although discretionary loans can be repaid flexibly, that is not with fixed monthly installments, interest rates on these loans are very high, usually more than 10%. At first glance, the obligation to pay monthly installments in the debt repayment loan may be a disadvantage, but the borrower saves in the medium term due to more favorable interest rates and terms. Disbursements can – this is a plus – be replaced without any prepayment penalty.

1.3 Mortgage Loans

For mortgage loans, there are usually fixed interest rates over a credit period of ten to twenty years and often long. The compensation in the case of early replacement can be quite high here, so it is worth the thorough calculation of whether the debt rescheduling pays off.

The ING-DiBa credit shows that a credit comparison can certainly be worthwhile

2. How to reschedule

A debt rescheduling is simply to borrow a new loan to fully repay existing loans. After that, the borrower only has to repay a new loan in monthly installments instead of paying off several smaller loans in separate items as before. Disposition loans that are granted through the current account can also be reclassified. The flexible “credit line” enjoys great popularity, only later does the borrower notice that interest rates of 10% pa or even more are due. Here as well, the interest burden is reduced to one third or one quarter of the previous level due to debt rescheduling loans. If the rescheduling loan is reputable and well calculated, consumers can significantly reduce the monthly amount to pay and often even reduce the total amount of the debt. On the one hand, the debtor can at best benefit from lower interest rates, and on the other, the fees that the individual providers of individual small loans raise for processing or account management are eliminated. For some borrowers, the rescheduling also involves a change in the financial services provider, which can also bring with it more favorable terms and savings.

However, rescheduling loans are dependent on the respective provider in terms of costs and terms. Therefore, a comparison of the possible options for consumers is essential to really find the best solution for your own debt restructuring. It should also be noted that earmarked loans, such as car loans, are often excluded from rescheduling!

2.1 Is the rescheduling worth it?

  • What is the difference in interest rates between old and new loans?
  • Which redemption amount, the so-called prepayment penalty, demands the bank?

3. Notice periods and prepayment penalty for rescheduling loans

Anyone who has decided to reschedule, should know that in individual cases notice periods must be observed. These are dependent on the interest rate. Loans at variable interest rates have a notice period of three months. Fixed-interest loans can be canceled half a year before the end of the fixed interest period, but always after 10 years. However, a rescheduling even before the expiration of this period is possible. In this case, the so-called prepayment penalty is due for fixed interest rates. This payment compensates the borrower for the financial loss of the bank, which at the time of the loan agreement calculated and fixed its interest rates. A termination therefore causes the bank so-called refinancing damage, which is redirected to the borrower. This also applies to the margin loss – namely the reduction of the bank’s profit from the prematurely terminated lending business.

The amount of the compensation payment depends of course on the loan amount and also on the provider. In the best case, the borrower has already informed himself about the amount of the VFE before concluding the loan agreement. Regardless of the amount of the early repayment penalty, the rescheduling can nevertheless be expected when the interest rates are currently very low – in this case, the borrower still saves money.

4. Prepayment Penalty: an overview of the legal conditions

As already mentioned, the amount of the prepayment penalty depends on the provider’s terms and the amount of the loan. Nevertheless, banks can not set this compensation at their own discretion. The legislator provides:

  • If a installment loan is taken before June 11, 2010, only the agreed terms of the loan agreement will apply.
  • A installment loan made after the date stated above is subject to the provisions that, for a residual term of more than one year, Bank is entitled to a prepayment penalty that does not exceed 1% of the remaining debt.
  • If the remaining term of the loan is less than one year, only a maximum of 0.5% of the remaining debt can be claimed.
  • Although the legislator does not regulate the maximum amount of the prepayment penalty for home loan financing, this only becomes due in the event of a termination during the first ten years of the repayment term – after which the loan can be redeemed with a six-month notice period without VFE.
  • For loans without fixed interest, no prepayment penalty is payable.

5. Debt rescheduling: in three steps to the goal

5.1 Review the existing loan arrangements

The existing liabilities are the starting point for answering the question whether a debt rescheduling loan is worthwhile. Before applying for a debt rescheduling loan, the borrower should have an overview of their own financial situation, with the following information:

  • Information about the exact remaining debt (s), preferably in writing and directly from the lender, including the exact monthly repayment installment and the agreed effective interest rate.
  • The detailed list of fees incurred during the remaining term (s), for example for account management and / or processing.
  • The possible maturity and amount of a prepayment penalty

5.2 Comparison of conditions and costs

If complete information about existing loans is available, it is up to the calculation of the costs and the comparison with current, cheaper offers. Online credit calculator and provider comparison calculator are available for this purpose. In the search mask you enter the remaining debt and the remaining term and the purpose of the rescheduling.

The results obtained can be further modified – so you can lower the monthly rate by extending the term, but should keep in mind that with a longer term, the interest rates rise.

If you want to compare providers correctly, you should always use the APR, not the debit interest, because this is the only way to calculate the actual cost of the loan taken correctly.

When comparing the existing loan with a new offer, the remaining interest burden of the old loan can be compared with the future interest on the new installment loan. Here the difference indicates the possible savings. Do not forget to deduct possible compensation payments to the bank!

5.3 Pick up a new installment loan

If the appropriate provider for a meaningful debt restructuring found, it is time to talk to the previous lender. The first step is the notification of the exact planned termination date, on the basis of which the bank can calculate both the residual debt and the VFE. Anyone who has only one loan to pay off and is largely satisfied with his bank can now consider whether he wants to negotiate with the bank on a reduction in interest on the remaining debt. It is not uncommon for the bank to be accommodating, but not every lender agrees to negotiate – in which case the new loan can be finalized.

The new lender will initially insist on the credit check. Therefore, it is essential to specify the rescheduling as the main reason for the loan application. So knows the offerer, if he the Private credit information overtakes, that no additional loan is to be taken up, but existing liabilities are paid off. A significant difference in the loan approval!

If the debt repayment loan is granted, all that remains to be done is to complete and sign the loan agreement, together with the documents requested by the lender. Here, the same conditions apply as with all installment loans, and a signed repurchase authorization is needed to replace the old loan at the previous bank.

The product overview shows that everyone has the right credit

The product overview shows that everyone has the right credit

6. Providers of debt rescheduling and credit intermediaries

In addition to established banks, direct banks in particular offer debt rescheduling loans. Since the online banks offer their customers a 24-hour service, the processing of inquiries and applications is much faster than with branch banks. Moreover, the entire process can be conveniently run through the home computer. At a branch bank, although the borrower will find personal customer service, he will have to accept the usual opening hours and restrictions through weekends, and can expect the cost of the loan to be slightly above the online banking offerings.

In addition to reputable banks regulated by the Federal Financial Supervisory Authority, credit intermediaries also offer their services. Sometimes, though not always, cheap deals hide loans made through foreign banks.

7. Debt rescheduling without credit check

As with “regular” loans, debt rescheduling loans are granted only after the applicant’s creditworthiness has been verified. As a rule, the lender asks Private credit for information. For borrowers who already have a negative Private credit score, this is a problem. As mentioned above, the loan application should explicitly refer to the intention to reschedule, in order to circumvent this obstacle, especially when it comes to debt relief.

However, anyone looking for ” Private creditfreien ” loans will also find what they are looking for. Providers promoting loans without a Private credit query usually work with foreign banks. Here, the terms and licensing and regulation of the lending bank should be carefully examined. In addition, it can be assumed that a financial service provider that does not require information on the payment behavior of the customer, this risk can be rewarded with higher interest rates and therefore is not a good choice for debt restructuring.

8. The application for the debt rescheduling loan

Particularly uncomplicated is the application for a new installment loan for debt restructuring at an online bank. The borrower can initially make a non-binding, free request to the provider of his choice. In addition the indication of the personal data is necessary, also a proof of the income further proof to the financial situation is demanded. The completion of the information and the submission of the form is completed in less than half an hour, and a direct bank answers usually immediately by offering the interested party a personal loan offer. For this purpose, the bank can make a Private credit request, which is neutral and does not affect the score.

Also, the dispatch of the contract documents and the legitimacy can easily be done digitally. For the verification of personal information, the borrower can use the VideoIdent process and verify his identity in a video call using a badge. Required are only a camera with good resolution and a stable Internet connection. Otherwise, the legitimization can take place at the counter of a branch of Deutsche Post.

8.1 Debt Relief Agents

Especially when a larger amount of current small loans is to be summarized, borrowers lose track. Therefore, it is not surprising that debt rescheduling agents offer their professional help here. Above all, the support of the rescheduling professional helps to gain an overview of the existing liabilities and to provide the necessary documents for rescheduling. However, borrowers should keep in mind that the intermediary’s services will also be billed. The seriousness of the rescheduling professional should also be examined.

9. How long does the debt restructuring process take?

Here can make no binding statement, because the settlement depends on the initial situation. If many different loans are to be bundled and the borrower can not immediately provide the necessary documents, the entire process can take up to a month or more. On the other hand, if only an existing loan is rescheduled, for example, to take advantage of lower interest rates, the rescheduling can be completed quickly.

10. Conclusion on the debt rescheduling loan

For consumers who want to bundle and repay various smaller installment loans, debt rescheduling is an excellent way to simplify the oversight of their own debt, save on processing fees, and possibly benefit from lower interest rates. Also, the duration of the debt rescheduling loan and the amount of monthly installments can be adjusted to the individual financial situation.

Anyone who has taken advantage of a larger loan and wants to benefit from the current low base rates should also restructure to avoid paying more interest than necessary. Even the costly MRP loan can be redeemed via a rescheduling.

Although debt rescheduling does not eliminate the existing debt, it improves the conditions for the borrower. Since repayment of existing loans may be subject to prepayment penalties on a case-by-case basis, a comparison before rescheduling requires a detailed calculation of not only the residual amount and remaining time and interest rate differential, but also the amount of the compensation payment to determine whether the debt rescheduling loan is worthwhile. Loan calculator and provider comparisons online make it easier for the borrower to make the calculation.

Expansion: smava cooperates with mobile.de and strengthens its position in the car loan market

Germany’s largest mobile market mobile.de and the credit portal Smava are cooperating with immediate effect. The monthly more than 15 million users of mobile.de can thereby compare directly over the marketplace more than 70 credits of 25 banks and lock the most favorable credit.

Growing market segment: 4 out of 10 cars are financed

According to a study conducted by GfK on behalf of the Banking Association, since 2014 the share of financed cars has risen steadily from 27 to 38 percent in 2017. On average, 15,500 euros were financed over a period of 50 months last year. “Car financing is playing an increasingly important role. In order to further simplify the purchase of cars, we would like to support our users in this phase of the purchase process in the best possible way. With the credit comparison and the free advice of the credit experts of Smava we succeed “, explains Malte Krüger, managing director of mobile.de.

Credit comparison during the purchase process

According to the GfK study, buying a car is the most common reason for financing. What many do not know:

“Despite low interest rates, there are large price differences in car loans. The interest margin ranges from 0.69 to over 10 percent. The offer is difficult for consumers to overlook. As a result, many car buyers pay too much for their credit. In order to prevent this, the users of mobile.de can now, with our help, find the best offer for them, “says Alexander Artopé, Managing Director of Smava. “Our mission is to make consumer loans transparent, fair and affordable. We are now able to do this directly in the car purchase process. We are therefore very pleased to have mobile.de the largest vehicle market in Germany as a partner on our side. ”

This is how the cooperation works

Even while searching for a vehicle, users can find out about suitable financing options on mobile.de. All you need to do is click TexasTitleLoan.Net and specify the desired loan amount and term. This gives users an overview of the eligible loans and their terms. Smava looks for the lowest interest rates and the highest payout probability on the basis of the data. As a result, users get credit offers tailored to their individual needs. As a result, they not only save time but on average also up to 2,000 euros.