Today, every bank actually offers an installment loan in its portfolio. In addition to the numerous large banks and savings banks with a fixed branch system, installment loans are now also offered by an increasing number of online banks and credit intermediaries on the Internet.
The numerous online banks in particular can often convince with low interest rates, since they do not have a distinctive branch system. In addition, they can save costs by dispensing with a large number of staff and pass the savings on to the borrower in the form of low interest rates. If you look at an installment loan in a bank comparison, you will often come across significantly cheaper offers from online banks. Anyone looking at an installment loan in a bank comparison today should definitely use a loan comparison on the Internet, as this is the only way to gain an overview of the numerous installment loan products.
That’s what matters
If you look at the installment loan offers from several banks, you should definitely focus on the effective interest rate when comparing. The effective interest rate is variable for all offers today, so that the borrower has the opportunity to influence the effective interest rate not negligibly.
It is precisely through creditworthiness that borrowers can decisively influence the effective interest rate. Those who have a high income and a positive Schufa can often benefit from the best interest. The same applies to those who opt for a short term and a low loan amount.
For banks, short terms and low loan amounts are associated with a lower credit default risk, which means that they are also offered at lower interest rates, but those who opt for a long term and a large loan amount must calculate with a higher effective interest rate. With the bank loan installment loan, it goes without saying that not only the effective interest rate has to be taken into account, but also the possibilities when using the loan, the structure of the term and loan amount and the possibility of special repayment should be taken into account when comparing the loans.
The online banks on the Internet often not only offer the lowest interest rates, borrowers can also benefit from a quick and easy application. The application for a loan can already be made in just a few steps. By filling out an application form, the most important step towards the desired loan can be initiated. The bank will then carry out the credit check or grant the loan. After a short time, the borrower can already download, print out and fill out the loan agreement.
Compare installment loans online with a loan calculator and save money permanently
If you want to compare several banks and their installment loan offers, you should use the option of loan comparison on the Internet. Financial portals today provide loan calculators for a quick, free and objective comparison of several offers. In addition to a specific term, loan amount and usage, an individual income, special repayments and much more can be stored in the loan calculator. and consider the best offers in this way. By comparing the credit calculator online, the offer with the lowest interest can be selected with little effort and a lot of money can be saved in the long term.