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Compare consumer loans

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Banks offer many financial products to consumers. In addition to checking accounts and offers for savers, they also have financing such as consumer credit in their assortment. This is the most common type of loan given by institutions to private customers. With this installment loan , you can finance all the things you need for private use. A consumer credit comparison helps you to get an overview of the current conditions and to filter out the offers that have a favorable interest rate .

Current lending rates in comparison

The interest rates of the banks vary in part strongly. If you want to get an idea of ​​the current offers, use the consumer credit comparison. When comparing the conditions, you must pay particular attention to the annual percentage rate. This includes several factors that directly influence the total costs : the debit interest, the term and the processing fee.

If you compare consumer loans , you will find financing that is assigned on a credit rating or credit rating basis. The difference is that in the former, your solvency has no impact on interest rates. Your credit rating is only relevant for lending . However, in order to be able to contrast the installment loans , you can use the representative example in comparison. This indicates the average annual effective interest rate that at least two thirds of the borrowers receive.

Pay attention to free special payments when comparing consumer credit

In the course of repayment , you can have more money available than for the months before – for example, through a bonus payment from the employer or an inheritance. In this case, it is a good idea to be able to use free special repayments and repay the consumer loan faster. Unfortunately, this option is not offered by all banks free of charge – many institutions require a prepayment penalty .

The same applies to the early repayment of the debt: If you want to repay the consumer loan at a later date, because, for example, the interest is cheaper than at the time of the conclusion of the contract, it is unfavorable if the bank charges for a compensation fee. Because under certain circumstances, debt restructuring is no longer worthwhile. Therefore, when comparing consumers, make sure that the option is free of charge.