Anyone who takes out a loan would normally like to repay it as soon as possible. Many consumers want banks to provide flexible repayment. These loans include special repayments that can be made during the term of the loan. Rate breaks can also be arranged with some lenders. All special agreements must be fixed in writing.
Credit with flexible repayment – Special conditions of the house bank
When you want to borrow, the first route to the house bank usually takes you. The house bank is usually a universal bank that offers many different financial services. Many consumers are therefore customers of a savings bank or a Volks- and Raiffeisenbank. At these banks, a loan application is always preceded by a personal consultation. For a consultation to be possible, an appointment must be arranged with the responsible loan officer. Bank customers only have to bring a valid ID card on this date.
All other data relevant to the loan can be taken from the agent by his computer. After signing the Private Credit clause, information will be obtained. This information should, if possible, not contain any negative entries. If the Private Credit is in order and the creditworthiness is sufficient, a loan can be applied for. For a loan with flexible repayment possible, these points must be included in the loan agreement. Special repayments or installment breaks are available at many banks today.
Online and direct banks – apply for flexible loans online
An alternative to the house bank or to a competing financial institution are online and direct banks. According to a survey, every fourth installment loan comes from a bank on the Internet. These banks offer their financial services almost exclusively on the Internet. The offered installment loans can be easily applied for on the website of the selected online bank.
To do this, the lenders provide an easy-to-understand application form. Banks on the Internet attach great importance to a positive Private Credit information and a good credit rating.
After a preliminary calculation of the loan and obtaining the Private Credit information, the applicant receives a provisional loan offer. A final decision on a installment loan will only be made once the claimant has sent his salary statements to the bank. Before a loan is applied for, consumers should conduct a credit comparison. Whether a loan with flexible repayment or installment breaks is possible, see consumers in the product details.
These details are presented very clearly on a consumer credit portal.
Find credit comparison on Creditend – flexible repayment loans
A loan with flexible repayment can be found on the comparison pages of a credit portal. One of the largest portals of this kind is the credit portal of Creditend.
At Creditend, installment loans ranging from 500 to 120,000 euros can be compared. Credit rates of 12 to 144 months, that is 12 years, are offered. A credit comparison is possible at Creditend with a loan calculator.
In this calculator consumers enter the required loan amount and the desired repayment term. A purpose is also needed. Once the consumer has completed his submissions, many different credit offers are displayed. For a clear comparison, the loan offers the same information.
This includes the bank name, the product details, the monthly rate, the tied borrowing rate and the effective interest rate. The product details show whether a loan with flexible repayment is possible. To find the right offer, many loans should be compared. If the consumer has found the right loan offer, the request can be put online immediately.
Credit marketplaces on the Internet – loans from private investors
Not every consumer can meet the credit requirements of banks. A loan is therefore often rejected even with slight negative features in the Private Credit or insufficient credit rating. These consumers can turn to the private lenders of a credit marketplace. Private Credit information is treated neutrally on credit marketplaces.
However, applicants with hard negative features will not be admitted. Credit marketplaces are so-called peer-to-peer networks. On the Internet portals private donors finance installment loans for private individuals.
Also self-employed and pensioners are served on these portals. Incidentally, the loans are often referred to as personal loans, in the sense of private to private. Personal loans are also available on Creditend’s credit marketplace. The funders of the portal finance loans from 1000 to 50,000 euros.
Applicants can choose from credit periods of 12 to 144 months. Incidentally, an improvement in creditworthiness and faster financing of the loan will be possible with a second applicant. A flexible repayment loan is not possible on credit marketplaces. However, borrowers can redeem their loan early.
Loans with flexible rates – possible with some credit agencies
Today, many loans are in demand at credit agencies. The loans of these financial service providers are available either with or without Private Credit. The application is almost exclusively on the Internet. A home visit by a representative is rare today. The range of credit brokerage products includes various special loans.
These loans are provided by domestic and foreign banks. It is therefore also possible that a credit intermediary can offer a loan with flexible repayment.
These special conditions consumers can either read on the website of the credit intermediary or ask by phone or e-mail. Anyone who decides on a loan from a credit intermediary, should always pay attention to the seriousness of the financial services provider. Offered property and personal insurance should be optional and should not affect lending. Borrowing costs may only become due when a loan transaction is concluded.
Flexible loan installments – fix agreements in writing
A flexible repayment loan is available from many lenders. Many conventional banks offer these special conditions only on request.
Incidentally, these conditions can be found in the product details for online and direct banks. But, flexible repayments, special repayments or even early loan repossessions should always fix consumers in writing in the loan agreement.
Above all, the flexible repayment should be agreed as a “can performance”. Because if fixed special repayments are agreed, the payments must be made. This can easily lead to financial difficulties.