If you value special service and guaranteed low interest rates for your installment loan, you have come to the right place: numerous victories and podium finishes in tests by renowned institutes.
Whether installment loan, car loan, debt rescheduling, energy or civil servant loan: You can easily secure your cheap financing online with our loan application. We compare the interest of all relevant providers free of charge and make you a non-binding proposal at optimal conditions. Benefit now from our first-class advice from our installment loan specialists.
Effective interest and debit interest: Why the comparison of installment loans is not always easy
The current loan conditions depend on the desired loan amount and the term of the installment loan. In principle, the longer the term, the lower the monthly charge. The decisive factor when taking out an installment loan is the interest rate at which the bank lends you the money. This represents, so to speak, the remuneration that you, as a borrower, pay for the borrowed money. The so-called “borrowing rate” remains constant over the entire term. However, the borrowing rate is not suitable as a comparison criterion for an installment loan because it does not include all credit costs.
In contrast to the borrowing rate, the effective interest rate takes into account other factors that determine the cost of an installment loan. In addition to the borrowing rate, it includes interest clearing dates and payment rates. Processing fees for loan agreements have not been permitted since May 2014.
You can use the effective interest rate to compare installment loans with the same term if all price-determining factors are identical except for the debit interest rate.
However, the comparison is complicated by a number of other costs that are not included in the effective interest rate. We therefore recommend that, in addition to the effective interest rate, you also carefully examine the other costs for the installment loan you want and contact our experienced installment loan specialists. We will be happy to advise you and are guaranteed to find the cheapest offer for you.
Creditworthiness decides on the cost of the installment loan
The offer for an installment loan varies depending on the creditworthiness of the applicant. Your credit rating gives the bank information about your solvency. It is determined by private credit agencies. Your personal credit score includes a variety of factors, such as existing financial burdens, your assets, family and living situation or your professional background. On the basis of these points, Checker creates your credit rating, which shows how risky it is for the bank to grant you a loan. With a good credit rating, the offer for the installment loan will be cheaper than with a poor credit rating, as the bank takes less risk of default.