Credit for consumers through a loan


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A loan is a medium or long term loan . Therefore, the two terms are often used synonymously. With such financing the funds can get to your wishes as the purchase of consumer goods or services financed .

However, you will only receive a loan if you provide the necessary proof. However, these vary with the different banks. Often, you must have a permanent job so that regular payments are received in the same amount on your account. With a copy of your proof of income, the bank checks that you are able to repay the loan. Often, your most recent bank statements must be submitted to prove your credit rating . Use our comparison calculator to find an attractive loan for your desired funding purposes.

Schufa check for a loan

To get a loan, the credit check must be positive. Among other things, credit institutions conduct a check with the Schutzgemeinschaft für allgemeine Kreditsicherung ( Schufa ) for the verification of their creditworthiness. This collects information about your previous payment behavior. Personal data such as name and age are also saved. Schufa receives its data from the contractors, such as banks and leasing companies. From the collected data, the credit agency determines a score. This value reflects the probability with which the applicant repays the loan in accordance with the contract. Negative features such as payment defaults and dunning procedures worsen the credit rating.

The repayment of the loan

In consumer credit , the most common type of loan is installment credit . By name, the installments in this loan are made in monthly payments. These consist of the repayment and the accruing interest together. The latter are counted on the remaining debt . With the regular payments, the residual loan amount decreases noticeably, so that the share of interest rates decreases from year to year. However, since the installment payment is a constant amount, a repayment installment increases in return. This way, the loan can be serviced quickly.

However, there are other forms of a loan . For a term loan, such as the official loan, only the interest is paid during the term . The debt, on the other hand, is paid out in one sum at the end of the term. For this, the required amount is saved during the life insurance.