Online credit & installment credit: reputable providers in comparison

Online credit & installment credit: reputable providers in comparison

Nowadays, many loans are no longer issued by branch banks, but applied for online. But why are these online loans so popular? The advantage is quite obvious: due to less bureaucracy, more favorable conditions can be passed on to the customer and the application is usually quick and uncomplicated within a few steps. A particularly prominent example of this is Minikredit.De, where there are hardly any requirements for creditworthiness and Schufa. Partly providers advertise even with an online loan with immediate commitment.

How does the granting of an online loan proceed??

The way to the online loan is nowadays very simple and requires only a few steps, which we explain at this point.

Step 1: The personal data
The first step is to specify the desired conditions, i.E. Loan term and loan amount. Then the borrower must provide the personal data. Here, the customer must enter both his name with address as well as his identity card data. Based on this data, an initial legitimacy check can be carried out.

Step 2: Information on financial circumstances
In the financial circumstances, both information on salary or other income must be provided (why we explain in this article), as well as information on monthly expenses. However, usually only payment obligations such as rent or maintenance costs must be specified. The cost of living is deposited by the bank as a lump sum, depending on the size of the household. With the help of this data and of course the term and amount of the loan, the monthly installments are determined.

Step 3: The loan application
In the next step, the customer or. Borrower specify for what the online loan is needed. Is it to be financed a car or furniture or electrical appliances? Depending on the type of financing, the interest rates will vary.

Step 4: The credit check
In order for the customer's creditworthiness to be checked, consent to the query of the Schufa information must be given in most cases. Thus, the bank has the possibility to query the Schufa of the customer. If this Schufa information is positive, it can be granted a loan. With some institutions, even an immediate disbursement is possible. However, there are also ways to get a loan despite negative Schufaauskunft!

What should be checked before signing a contract?

Cheapest online loan? If the credit decision is positive, the online loan can be applied for immediately. However, before this is done, the interest rate should be checked. Since this is determined depending on creditworthiness, the interest rate may vary. If this is above the level of the current overdraft interest rate on the current account, for example, small loan amounts should be refrained from taking out a loan, as it is then simply cheaper to go into the red with the current account. Furthermore, before signing a contract, you should check whether unscheduled repayments can be made at any time during the term of the contract.

You can easily find the cheapest online loan with our comparison calculator
To the comparison calculator

Apply for an online loan quickly and inexpensively

If you want to have the money in your account tomorrow, you should not wait much longer and apply for a loan quickly. Our loan comparison check also helps with the question of where you can or should do this. Among them, for example, you can find our Smava credit experience.

If the above steps are carried out properly, there is an online loan immediately to a credit decision and with some providers also to an immediate disbursement. The money is then on the same or within a few days on the desired current account. And who would like to have an additional security, which can include a residual credit insurance, which means however also higher costs. With this insurance, the customer has protection against death, unemployment or incapacity for work. A loan that can be applied for quickly and securely – that is the online loan.

Requirements for an online loan

Although online loans are easier to obtain than larger sums, for example, at the savings bank, there are of course also some basic requirements that must be met and some exclusion criteria.

These criteria must be met:

✔️ Residence in Germany

✔️ Sufficient creditworthiness (Variable, differs between providers)

These are the exclusion criteria:

❌ Very poor Schufa score (provider-dependent)

❌ Ongoing private insolvency proceedings

❌ Current application or submission of a statutory declaration in lieu of an oath

❌ Pending wage garnishment through a court garnishment order

Reputable providers of online loans

If you are concerned about the seriousness of certain providers of online loans, you should have a look at our Seriousness Check, where we list only serious loans.

Conclusion on the online loan

Instant approval, simple loan application, no long discussions with the bank: An online loan has many advantages over a traditional loan at the bank and the risks are very limited. Term and loan amount can be easily set via some sliders and if everything is right, you get an instant approval and depending on the provider even a payout within a short time.

Nevertheless, you should consider a few things: First, of course, you need to think about whether you can really afford the loan and want to. It may be wiser to save for a while than to take out a loan. On the other hand, you should definitely consult a loan comparison and make sure that it is a reputable provider. Then nothing stands in the way of a loan.

Cheapest online loan on the net? No problem with our credit search.

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