100.000 € credit

Who needs money and wants to apply for a loan, should always check the offers of credit institutions beforehand carefully. This is particularly worthwhile if a larger sum is involved, for example a 100.000 Euro credit. Here it pays off in the truest sense of the word, if you compare the credit offers of the financial institutions with each other and examine not only the interest rate, but also the credit conditions carefully. In this article, we will give you detailed assistance and valuable tips on how you can buy a 100.000 Euro loan can apply.

A 100.000 Euro credit apply. This is what you should watch out for

Nowadays, in Germany, even taking out higher loan amounts such as 50.000, 100.000 or 250.000 Euro loan has long ceased to be a rarity. Due to the current low interest rate policy, consumers can borrow money very cheaply from banks and pay it back in flexible and convenient installment models. In March of 2019, the Bundesbank let it be known that the current loan stock in Germany is more than 9.8 billion euros. But what are all these credits actually used for?? According to a study commissioned by the banking industry association, the following 10 points are the main reasons for which private consumers in Germany take out loans.

The 10 most common reasons for taking out a loan:

• Financing of used car (car motorcycle)
• New car financing
• Financing of fixtures and fittings (furniture, kitchens, etc.).)
• Borrowing for debt restructuring purposes (redemption and combination of several installment loans into one loan)
• Financing of consumer electronics / computers etc.
• Purchase of major household appliances
• Balancing of the account / repayment of overdraft facilities
• Renovation / move to a new apartment
• Purchase of clothing or jewelry
• Trip to the vacation

Compound interest: Why a loan comparison is worthwhile

Even if one were to take out a loan of only 1 euro with a bank, this one euro could theoretically bankrupt entire generations with an unfavorable installment model. You do not believe that? Admittedly, this does not necessarily sound realistic, but it is nevertheless true and the reason for this is simply: compound interest!

One may not believe how important the interest rate is in the lending process. Even the numbers that are behind the decimal point and seemingly marginal play a weighty role – even fluctuations of 0.1% can have a significant impact on a large sum (such as 100.000 euro loan ) and a correspondingly long term can even mean several thousand euros, or even tens of thousands of euros, plus or minus in the end!

This theory can also be proven, namely with the example of the Jesus penny. This is a thought experiment of the British philosopher and economist Richard Price from the year 1772, which illustrates the madness once figuratively, which compound interest can generate.

The Jesus Cent: The exponential growth of compound interest

… put it in the bank, paid interest at a fixed rate of 5%, and not withdrawn any money for 2000 years – guess what amount the bank would have to pay him at the end of the 2000-year investment period?? Don't even bother, because it is such an unimaginably high sum that you can neither write out completely nor pronounce and even less believe..

• Saved amount after 10 years with interest & compound interest: 0,02 Euro
• Saved amount after 25 years with interest & compound interest: 0,03 Euro
• Saved amount after 50 years with interest & compound interest: 0,11 Euro
• Saved sum after 100 years with interest & compound interest: 1.32 Euro
• Saved sum after 150 years with interest & compound interest: 15.08 euros
• Saved amount after 200 years with interest & compound interest: 172.93 Euro
• Saved sum after 250 years with interest & compound interest: 1903,01
• Saved amount after 300 years with interest & compound interest: 22.739,96
• Saved amount after 350 years with interest & compound interest: 260.768,23

After 350 years, this fictitious investment has already turned one cent into more than a quarter of a million euros at 5% interest with compound interest. If Jesus were to leave the money for another 1650 years and not withdraw anything from his savings, he would end up with such a large sum that he could not be paid even if all the banks in the world got together for this purpose. The sum would have a value of ..

… 150 million earths of pure gold!

This fictitious example illustrates in a drastic way what an exponential potential compound interest has and what dimensions the whole thing can take on. The bank knows about the immense importance of the numbers behind the decimal point when granting loans – unfortunately, many consumers do not know this. The bank is happy about this, because after all, credit institutions earn good money from the ignorance of their customers. Even if the interest rate differences seem marginal – the (financial) impact can be enormous, as the previous example impressively illustrates.

Important note: Never underestimate the effects of interest and compound interest!

Take out a loan. What are the options?

As a consumer, there are two main ways to apply for a Euro loan. Either one chooses the classical way and goes to a branch bank and can be advised in a personal discussion with the bank employee or however – which is much more recommendable and in most cases also clearly more favorable – one applies on-line for a 100000 euro credit over Internet.

Everything in life has a flip side, of course. We have taken a closer look at both options and compared the advantages and disadvantages of online loans, for example through direct banks such as SKG Bank, compared to the classic credit advice in a local bank branch, for example at your own bank.

Credit at the house bank: Advantages and disadvantages

• Personal interview with a consultant. Any questions can be asked directly on the spot and answered quickly
• Quick credit decision. The own house bank usually does not need account statements, because it can access the account of the customer and track the account movements
• Sending credit documents by post is no longer necessary

Disadvantages:

• The bank announces the actual interest rate only in the course of the personal discussion
• The disbursement of the credit sum usually takes place very promptly, often already on the same day
• The consumer has no opportunity to compare loans and is usually inclined to accept the offer made to him
• Many bank advisors are trained to sell additional products to the customer (insurances etc).). In doing so, they usually proceed very cleverly and give the customer the feeling that the granting of the loan is linked to the conclusion of further contracts (collateral)

Apply for credit online: advantages and disadvantages

• No appointment necessary. Online loans can be applied for from the comfort of your home via the Internet
• Automatic credit check when applying. The individual, creditworthiness-dependent interest rate is calculated and displayed based on the SCHUFA query
• The consumer can carry out an online loan comparison and is shown all the offers transparently, from which he can determine and choose the most favorable offer for himself
• No troublesome tie-in transactions from bank advisors
• Uncomplicated execution. You are guided step by step.
• Very time-saving

Disadvantages:

• Customer service only possible by phone or e-mail
• Compilation of loan documents (printouts) by applicant and dispatch by mail necessary
• legitimation by Post-Ident procedure at the post office. However, increasingly possible online via webcam
• The disbursement of the credit sum usually lasts some days longer than with the house bank

Why are online loans so much cheaper than loans in the bank branch??

Of course, some people rightly wonder why online banks can offer such favorable conditions and their interest rates are much lower than those of local branch banks? Well the answer to this is quite simple: online or direct banks operate via the internet and therefore have much lower costs for rent and staff.

This allows them to offer cheaper loans over the internet than local banking institutions that do not have this advantage. In addition, the direct banks also fight hard among themselves for every customer. Smart consumers do the offers compare and determine by means of credit comparison quickly the most favorable providers. Online banks that offer loans at high interest rates naturally look down the tube here.

Which banks offer a favorable loan on the Internet?

This cannot be answered in a general way, as there is simply no such thing as the "cheapest bank". Of course, there are banks that differ from each other in their interest rate policies, but how high the interest rates are depends on different factors. On the one hand it plays a substantial role, how much euro credit one would like to request and over which period one would like to repay this, i.e. the height and the running time of the credit.

In the case of creditworthiness-dependent loans, the applicant's Schufa score is also included in the calculation, as are other more or less weighty factors that play a role for the banks. In addition, the daily conditions can vary. For example, the Deutsche Bank, the Bank of Scotland or any direct bank can offer the most favorable offer, for the other it can be a completely different bank.

How much Euro credit do I get?

How much euro loan you get from the bank is of course different from case to case and depends on several factors. An individual credit limit will be established for each applicant based on their personal economic situation. The decisive factors here are several points that are summarized under the heading of creditworthiness.

Before a credit institution grants a loan to an applicant, it carries out a so-called creditworthiness check. The aim of this credit check is to establish an individual credit rating. The economic ability to repay or the solvency of the applicant is measured and judged on the basis of this.

In simple terms, the bank makes a calculation of what percentage chance the borrower will be able to meet their obligations, i.e. repay the loan as agreed upon. In most cases, the credit rating also, depending on the positive or negative effect on the interest rate.

What are the creditworthiness criteria?

Which creditworthiness criteria the financial institutions include exactly in their calculation bases cannot be said one hundred percent. Only the banks themselves know this, and it probably varies from bank to bank. In each case, the following factors play a central role in calculating creditworthiness and granting loans:

• The amount of income
• The amount of monthly expenses
• The result of the SCHUFA query
• The score
• The marital status of the applicant
• Previous payment
• Assets

It depends not only on how much money one earns, but in which relation income and expenses stand to each other. Subtracting monthly expenses, i.e. living expenses from the salary, you get the actual disposable income. Starting from this sum, it is determined which monthly installments the borrower can really afford and how many euros of credit he can get.

Can you get a 100.000 Euro credit apply online, if as intended purpose "free use" was indicated?

Of course, you can also get online a 100.000 Euro loan application. Already in their own interest, applicants should make sure that they can afford the monthly installment for the 100.000 euro loan can also afford. This means that after deducting all fixed monthly costs, the borrower must have enough money left over from his or her salary to pay the monthly installment for the 100.you are able to raise a loan of 000 euros without getting into financial difficulties.

Example calculation:

A single and unmarried employee has a monthly income of 2700 Euro net.

• Net salary: 2400 euros
• Salary of the partner: not applicable
• Subsidies from the state: not applicable
• Interest / capital gains: not applicable
• Rental income: not applicable
• other income: 300 Euro

This is offset by monthly fixed costs of 1627 euros.

• Living expenses (food, groceries, etc): not applicable.): 400 euros
• Warm rent: 620 euros
• Car (gasoline, tax, car insurance)180 euros
• Hobbies: 50 euros
• Child support payments: not applicable
• Savings contracts (building society savings contract, retirement provision): 50 euros
• Insurance: 100 euros
• Account maintenance fees: 7 euros
• Rates for loans: 120 Euro
• other expenses: 100 Euro

2700 Euro net income versus 1627 Euro fixed costs. Thus, the applicant can afford a high loan with monthly installments of up to 1073 euros. Would he have a 100.If you were to apply for a loan of EUR 000 with a term of 120 months and an annual percentage rate of 4.99 percent, the monthly installment would be approximately EUR 1008. A simple employee with a normal income can get a loan in this amount, as long as his credit rating is not against it.

Requirements to be able to take out a loan

In order to be able to take out a loan, the applicant must generally have full legal capacity and be 18 years of age. have reached the age of majority. In addition to the minimum age of 18. years, there is also a maximum age for the granting of credit, which is 65 years for most banks, because at this age the residual debt insurance ends. The applicant should also have a permanent residence in Germany, a current account in Germany and a permanent employment relationship with sufficient income.

Ideally, he still has additional collateral such as real estate, savings or a second borrower / guarantor. The more guarantees the bank has, the lower the risk of default. If you want to borrow several thousand euros, collateral such as a solvent guarantor naturally increases the chances of a positive credit decision immensely.

Negative credit decision: I wanted a 100.000 Euro credit to take out, but my credit application was rejected. What now?

You apply online for a 100.000 Euro credit, but gets it rejected by the bank! A negative credit decision is very surprising for some applicants and naturally raises many questions. Basically, it is that credit institutions like to lend money. They live on it and the lending of money against interest is finally also their business. However, the bank will only lend money if the risk of default is as low as possible, i.e. the bank will get its money back together with interest at the agreed time. For whatever reason: If the risk of default is too high for the bank, it will reject the loan application.

Online loan was rejected. These are the most common reasons for a negative credit decision:

• The applicant does not have a permanent employment relationship. In this case, banks only grant loans with terms shorter than the fixed term employment.
• The applicant has a permanent employment contract, but is still in the probationary period. If one is still in the probationary period, one should wait with the application until this is over.
• The requested loan amount is much too high in relation to the salary or the income. After deducting all fixed monthly expenses, discretionary income is too low to pay the rates. Here you should check whether fewer euros of credit are sufficient and/or whether you should choose lower rates with a longer term, for example a term of 120 months instead of 96 months?
• The applicant is unemployed. Banks won't lend to the unemployed because receiving unemployment benefits I or II are non-garnishable wage replacement benefits. Thus, the bank has no collateral, even if it is regular income.
• The applicant's account has negative account activity in the form of chargebacks. This is an alarm signal for the banks and a clear indication of poor payment morale of the applicant.
• The applicant has already reached the maximum debt level by already having multiple loans running and/or maxed out / overdrawn their overdraft limit. The banks judge the applicant by facts. And if you obviously can't handle money, nobody will lend you anything either.
• The applicant makes payments to collection agencies.
• Incomplete or false reporting of monthly expenses.
• The applicant is too young / too old. In order to take out a loan, the applicant must be of legal age and therefore fully capable of contracting a business. This means he must have at least the 18. Have reached the age of majority. It is possible, however, that one is too old. Banks usually only approve loans from applicants who are no older than 65 years old.
• The applicant has negative SCHUFA records.

100.000 Euro loan – 5 important tips

No matter what a person's plans are, with proper advance planning and good organization, all things are more likely to succeed, and much better. And of course this also applies if you want to apply for a six-figure euro loan. Follow these tips to get your loan quickly and easily, especially at low interest rates!

• You are more likely to find cheap loans on the Internet than at local Fillialbanken
• Carefully compare the offers of credit institutions on credit comparison portals on the Internet with each other and pay attention not only to a favorable interest rate, but also to the terms of the loan
• If you have negative SCHUFA records, you should check whether they are justified and can be deleted if necessary
• When you fill out an application for an online loan, they should be able to substantiate all the information as well
• A guarantor resp. 2. Borrower minimizes the risk of default for the bank and increases the chance of a positive credit decision

100.000 Euro loan without Schufa. is that possible?

You will not get a loan without Schufa at least within Germany from any reputable credit institution and especially if the Euro loan is a six-digit amount. However, you can find cheap loans not only in Germany, but also across national borders, for example in Austria or Switzerland. In principle, the credit institutions located there do not work differently than banks in Germany. Only with the difference that the SCHUFA query is omitted. Appropriate securities require the lenders from abroad nevertheless.

With a correspondingly high income and relatively high fixed costs, even 100 % can be financed through foreign credit institutions.000 Euro loan without Schufa no problem! However, you will not be able to finance such a high loan from abroad as cheaply as a 100000 euro loan with low interest rates from a financial institution based in Germany. But for whom is actually worth a so-called credit without Schufa and are credit offers from Switzerland serious, or is it just a rip-off?

Finding a loan in Switzerland

One thing can be said: Who favorable conditions and a 100.000 euro loan would like to have, should compare loans and calmly explore the offers to filter out the best offer for you afterwards. Really favorable interest rates can only be obtained in this way. However, there are some credit willing hands tied, because you either have negative Schufa entries or can not provide a second borrower. In this case, the detour via foreign countries and a credit broker is a sensible option.

However, the so-called Swiss loans or Schufafreien loans also have their downsides! Unfortunately, in this segment there are not only serious credit brokers, but also rip-off artists who are only after fast money. The scam has always been the same for decades: Dubious credit brokers offer amounts of 3.000 Euro credit up to 100.000 credit (and more) and all without Schufa. In doing so, they give the impression that virtually anyone can get a loan from Switzerland. Some are even so brazen and promise even housewives and the unemployed a loan!

However, these black sheep of the credit industry can be selected quite easily. They do send you an application form for credit mediation and of course ask for proof of salary, but also an advance payment for credit mediation. This advance payment is usually several hundred euros and must be paid even if no loan agreement is made at all. In principle, you can also take the money and throw it right out the window.

Is Bon Kredit reputable?

Of course, not all credit intermediaries from Switzerland can be lumped together, because there are also service providers and companies that work 100 seriously like the company Bon Kredit from the Swiss Steckborn. The company arranges loans up to 100000 euros and so-called "incidental loans" without Schufa up to 50.000 Euro loans with terms of 12 – 120 months. Bon-Kredit arranges loans under the following conditions: