You have found DSL Bank's website on the Internet, click through to the "Financing Solutions" page, go to "Personal Loan" and are surprised.
You have opened a page with a general product description. You will look in vain for interest rate conditions, a loan calculator or a link to a loan application form.
As far as can be seen, the homepage of DSL Bank does not contain any real product pages from which one could make credit inquiries.
DSL Bank, a brand of Deutsche Postbank, apparently sells credit products exclusively via third-party financial service providers.
When it comes to real estate financing, for example, these are local independent financial brokers. Car loans are distributed by dealers.
And personal loans, classic installment loans to private individuals, are offered via comparison portals.
We would like to take a closer look at these personal loans below. But first a brief description of what DSL Bank is actually about.
Who is DSL Bank?
The bank was founded back in 1850 as a state bank.
It should allow farmers and small landowners to access credit. In the year 1930 the business field expanded.
As a German settlement bank, the credit institution now also granted interim loans to finance rural settlements.
After World War II, the public mission remained the same. In particular, farmers who had been driven out of the former German eastern territories and who had fled were to be supported with loans.
Basically, then, it was about inclusion aid. In 1966, the bank received its name, which it has retained to this day: Deutsche Siedlung- und Landesrentenbank – DSL Bank.
Since 1981, the bank is no longer subject to regional restrictions on rural areas. The bank has since been able to act as a special credit institution without restriction.
In 2000, DSL Bank became a division of the German Postbank. The main focus of retail banking remains real estate financing, which is offered via independent financial service providers.
In the category of real estate financing, the bank offers conventional annuity loans, bullet loans and home loans with variable interest rates.
In addition, DSL Bank is the point of contact when it comes to government subsidies for private housing construction. This is the activation of KfW funds and possible country guarantees.
The bank is part of Postbank, but sells its own products with conditions that differ from Postbank's loan conditions. This also applies to the personal loan.
The DSL private loan at Finanzcheck
DSL Bank sells its personal loan via well-known comparison portals. Both, for example, Check24 as well as smava or Finanzcheck list the personal loan in their calculator.
The conditions are essentially the same, but may differ slightly in the interest rate from time to time.
For the DSL Bank personal loan, we currently favor the loan comparison of Finanzcheck.
Possible are net loan amounts between 5.000 Euro and 50.000 euros. Terms can be agreed between 12 and 120 months.
The interest rates are dependent on creditworthiness.
The average interest rates (representative example) were found at the comparison portals on 24.9.2016 for a loan amount of 10.000 euros with a term of 84 months for free use differently indicated:
- Smava: 2/3 of all customers receive: 4.45% eff. Annual interest rate, 5.32% fixed borrowing rate p.a., Total amount 11.622,20 €, mtl. installment 138,36 €
- Check24: 2/3 of all customers receive: 5.45 % eff. Annual interest rate, 5.32% fixed debit interest p.a., Total amount 11.998,57 €, mtl. Rate 142,84 €
The example shows that banks can offer slightly different interest conditions on different loan comparisons.
For both portals, the interest rate was term-dependent and increases from a term of 96 months onwards. At smava one does not find any information on this, while Check 24 refers to it.
The use of loan calculators also allows a comparison of the DSL Bank loan terms with the loan terms of competitors.
On 20. September 2018, you can find the following interest rate scale in the calculator of tariff Check24:
Interest rates are not static. They can be calculated to the day. Theoretically, it is possible for applicants who have applied for a loan on 1. October 2018 make a loan application at DSL Bank, slightly changed interest conditions will find.
With smava one finds these further data: the DSL bank keeps itself bound to the credit offer for 14 days.
The disbursement of the loan can be postponed up to 90 days. The number of debt rescheduling loans is five.
This probably means that up to 5 debt rescheduling actions can be carried out with one DSL loan. From free unscheduled repayments or free early loan redemption is not the speech.
At Check24, unscheduled repayment up to 50 percent of the remaining loan is possible free of charge once per term year. A limitation of the possible rescheduling actions is not mentioned.
The product descriptions on the individual portals do not indicate whether repayment suspensions and credit increases are possible with the DSL personal loan.
Application requirements and documents
Persons of full age with a German bank account are eligible to apply. The applicant must be an employee or civil servant.
Or he must be retired. Self-employed persons do not receive credit.
If the employment relationship is limited in time, the period may not expire within the term of the loan. Employees in the probationary period are not eligible to apply for a loan.
The income situation must be verified by a current proof of income or by a valid certificate of residence. by a current pension notice or a current salary notification be proven.
In addition, the submission of account statements consecutively from the last 5 weeks is required. Applicants must prove their identity with a valid identity document.
The attachable part of the current income must be assigned as security. Further collateral is not provided. For high amounts over 10.000, but a co-signer may be required.
DSL Bank offers risk protection through residual debt insurance.
However, the conclusion of a residual debt insurance is not a prerequisite for the granting of a loan.
In our opinion, residual debt insurance should never be taken out when granting consumer loans, if only for reasons of cost.
A DSL Bank loan despite negative SCHUFA or without SCHUFA is not possible. Application prerequisite is rather that no negative Schufaeintrags are determined.
Similarly, DSL Bank does not provide a loan for self-employed persons as a personal loan.
Evaluation of the DSL Privatkredits and a summary of the experience
The interest rate conditions are within the usual range. However, they are not particularly favorable, but rather in the lower half of the offers to be settled.
For some borrowers, the long term of up to 120 months may be positive. However, longer terms also mean higher total costs.
The unscheduled repayment provision is positive. The loan application are relatively few documents to be uploaded, provided that the smava credit comparison is used.
This is also positive. DSL Bank apparently does not have its own product pages, but handles loan transactions exclusively through financial service providers or. Comparison portals as of.
That is unusual, but in principle not to criticize.
On the Internet you can find a relatively large number of testimonials and reviews from customers:
|Portal||Number of ratings||Rating|
|Check24||4806||4.8 / 5, recommendation rate: 95 percent|
|Smava||117||4,8 / 5|
|Ciao.en||64 reports||47 percent positive|
|Experience 24.eu||Own surveys||4,68 / 5|
|Experience.com||10||2 / 5|
As the breakdown shows, customer experiences are quite mixed. However, reviews of DSL Privatkredit are mainly found on Check24 and smava.
The experiences on other portals refer with emphasis to the main product of the DSL bank, the construction financing. The construction financing is apparently made with emphasis locally by independent service providers.
Who made bad experiences with such insurance agents or Finanzmaklern, which wrote themselves the bad experiences on portals from the soul. The many good experiences remain, as often on the Internet, unmentioned.
The fact that DSL Bank is better in construction financing than some reviews on the Internet suggest, results from the many awards from the trade press.
Thus, the bank received in 2015 from the Handelsblatt the predicate "Best Forward Loan". In 2014, the Handelsblatt in cooperation with the renowned FMH awarded the construction financing as "Best Construction Money.
The special ratings of the DSL Privatkredit, on the other hand, are also above average on the Internet. The customers are satisfied with the credit conditions as well as with the processing time and the rapid disbursement of the requested loans.