Everything is getting more expensive - even going into debt. If you are looking for a cheap installment loan, you should not wait too long. FMH-Finanzberatung examined for ntv which providers are currently making the best offers.
Even though the inflation rate fell minimally in June, the situation remains serious. At the latest when the special effects of the nine-euro ticket and fuel discount have been exhausted, experts expect further, possibly dramatic, price increases.
To counteract this, the European Central Bank (ECB) has already announced further interest rate hikes. After the first increase of a quarter of a percentage point in July, the next increase is to follow in September. It is also conceivable that the measures will be brought forward if inflationary pressure does not fall by then.
The consequences for consumers could be far-reaching. Because when interest rates rise, interest rates on investments and the cost of installment loans also increase. Anyone planning larger purchases should therefore look out for a suitable (and cheap) installment loan in a timely manner.
FMH-Finanzberatung has examined which bank is currently offering the cheapest lending rates. However, it does not make sense to only evaluate what is theoretically possible. Because when financial institutions advertise that loans are available "from" a certain interest rate, it also means that not even five percent of customers get the top conditions. And these are the ones whose credit rating is so good that they actually don't need to take out a loan at all, according to FMH.
The calculation for credit-independent loans is much easier. The name is misleading, since banks also examine the financial situation of the applicant. If the loan is approved, however, every customer receives the same conditions. It doesn't matter whether you are a civil servant, a lawyer or a craftsman. Depending on the provider, however, the monthly charge to customers varies considerably. And there are also differences when it comes to the flexibility of repayment, according to FMH.
Basically, banks can demand a maximum of one percent prepayment penalty if the installment loan is redeemed prematurely. The same applies to special repayments if these are not provided for in the contract. However, many institutions refrain from such compensation payments or explicitly offer their customers the option of unscheduled repayments. If you value the greatest possible flexibility, you should also pay attention to these items in addition to interest rates, advise the experts at FMH.
Probably the most important differentiation criterion for installment loans that are independent of creditworthiness are the interest rates. In order to get the best possible overview, FMH has based its ranking on the mean value of four interest terms. The results:
Anyone who borrows 10,000 euros, wants to repay the money within 36 months and is looking for a nationwide bank is currently getting the best offer from EthikBank. The monthly rate for customers here is 290.98 euros.
When it comes to longer maturities, comdirect has the edge. A loan of 10,000 euros with a term of 120 months costs a rate of 99.95 euros per month. Another plus: comdirect does not require any compensation for unscheduled repayments and the early repayment of the loan.
With average loan terms of 36 to 72 months, Oyak Anker Bank is convincing, just ahead of EthikBank and Deutsche Skatbank. Among the regional banks, the PSD Bank West and the PSD Bank Koblenz have the edge.
With long loan terms of 84 to 120 months, the already mentioned Comdirect is the sole leader among the nationwide banks. The regional providers score points: PSD Bank Koblenz, PSD Bank Rhein-Ruhr, PSD Bank Kiel and PSD Bank Munich.