Online credit inquiries can save a lot of money, according to the latest test

The new car wants to be paid, a fancy home furnishing is needed, or perhaps the current account is so overdrawn that a debt restructuring is in order: the reasons for an installment loan are different. But even though interest rates remain at very low levels, borrowers had to pay an average of 5.4 percent interest on an installment loan at the end of last year. Only those who compare loans online can expect lower interest rates in return! So what do you need to know about comparing loans online?

Online credit requests can save a lot of money through favorable interest rates, according to a recent test

There are many good reasons for an installment loan. Most often, it is to pay for an unplanned purchase. Debt rescheduling is also a common cause of a loan because it reduces your interest burden. Nevertheless, consumer advocates always advise people to check carefully whether a loan is really necessary or whether there are other ways to pay for a purchase. Especially self-employed and employees with fixed-term contracts should carefully consider whether a loan is necessary. These borrowers must undergo a particularly strict credit check at most banks.

The portal Finanztip recently found that personal loans from the Internet are an interesting alternative for these customers. However, the interest rates there can be a little higher than at a bank. The consumer centers also advise calculating how much money the customer can raise each month for the repayment of his financing before applying for a loan. After that, consider how long you want to repay the loan. Only when you have answered these questions, you calculate whether you get the desired loan amount with it. If this does not work, it is recommended to think again about the acquisition. According to consumer advocates, this is better than extending the term of the loan. But how do you find favorable loans?

Pay attention to the Schufa on the conditions query

Finanztest advises consumers to look at their Schufaeintragungen before taking out a loan. Once a year you get a free extract from the Schufa. If you ask a bank to make a credit offer, make sure that the Schufa inquiry is not made as a credit inquiry. If you make a condition inquiry, it does not affect your Schufascore. Therefore, the condition query before the loan comparison is the better alternative. The use of online credit portals to compare the conditions is in any case highly advocated by consumer advocates. This is because these portals often negotiate particularly favorable terms with individual banks. With the help of a comparison portal, you can quickly and easily compile an overview of the most favorable loan providers for your financing needs. The conclusion of the contract is possible from the comparison also immediately. Please do not only look at the interest rate in the comparison! Check also the effective interest rate, because it includes all additional costs. In addition, special payments and total repayment are important so that you can repay your loan quickly.

Online loans with advice from financial experts as optimum

With Internet portals such as Duratio you do not have to do by the way without an advice. There you will receive the same information as at your bank and can compare all conditions at your leisure. Compared to pure comparison portals Duratio offers additional services, so that you conclude your loan with a good feeling.

Conclusion: Cheap and good is not a contradiction! When concluding a loan agreement, it is quite possible to combine favorable interest rates with good advice. Make sure that your online portal not only offers a comparison function, but that advice from competent experts is also available if needed.