Installment loan bank comparison – How to compare correctly

A bank loan installment loan can be carried out at any time on the Internet. It only takes a few minutes and requires very little information. In order to achieve an optimal comparison result, it is also advisable to use a loan calculator. Such a loan calculator is an integral part of almost every comparison page that offers an installment loan bank comparison.

Credit comparison process

Credit comparison process

If you are looking for an installment or consumer loan, you should think in advance about the monthly loan installment and how long the term should be. Of course, these key figures also depend on the question of how high the total loan amount is. With a loan amount of 100,000 dollars, it should hardly be possible to pay it off in monthly installments of less than 100 dollars. Most loans have a term of between 12 and 84 months. Only in a few cases will the banks agree to grant an installment loan with a term of 120 or even 180 months. If anything, this should only be possible with significantly higher borrowing rates than with numerous other loans. A mortgage loan comparison could provide more information.

Use loan calculator

Use loan calculator

All people who want to use a loan calculator should enter the desired loan amount, the term and the amount of the monthly installments in a specially provided field, press the “Calculate installment loan” or “Calculate loan” button and would then receive a daily updated result. A list of all eligible loans including the amount of the annual percentage rate is displayed here. In addition, this list contains precise information as to whether the annual percentage rate is dependent on creditworthiness or independent of creditworthiness.

Interest dependent on creditworthiness can be recognized by the additional note “from …”. The cheapest loans are at the top and the most expensive loans are at the bottom. A bank loan installment loan can be repeated at any time if necessary. Anyone who has not yet found a suitable loan or is looking for a new loan should make good use of it because the conditions of banks and savings banks are constantly changing.

Apply for a loan

Apply for a loan

It is often easy to go to the website of the desired bank after the loan comparison and to request a personal offer there or to submit the loan application straight away. Once this has been done, the bank will contact the customer. Credit Bureau information is obtained as soon as the loan application is received. If it is positive, nothing stands in the way of a preliminary commitment. The bank is now asking the customer to submit additional documents, such as the current wages or salary slips. These are then checked finally. If everything is OK, the loan will be paid out within a few hours or days.

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