The low interest rates of the bank
Anyone looking for a loan to finance a consumer project on the internet must feel like they are in the land of milk and honey: The banks are starting to think about low-interest loans. Interest rates below four percent per annum are offered so that even larger loan amounts without undue burden on the budget seem feasible.
Be it out of general skepticism or simple life experience: Critical consumers rightly do not believe in such paradisiacal conditions. Extremely favorable interest rates are a loss-making offer that hardly any customer can claim. In practice, the interest rate of a loan depends on the creditworthiness of the customer.
This is made up, on the one hand, of its financial and personal situation and, on the other hand, of the scores provided by the protection association for general credit protection and requesting credit institutions. This in turn is very intransparent in its composition; the credit bureau refuses to disclose the calculation and relies on its business secrecy.
The outlay interest will not get normal customers with good credit.
Only an Alibivergabe to some consumers seems conceivable. As a rule, however, interest rates will have to be paid, which quickly add up to twice the number of shop window offers.
A problem that is most latent in the field of consumer credit arises for consumers who want to compare the terms of various financial institutions before signing under a loan agreement. Since the interest rate depends on personal characteristics, an individual offer is indispensable. However, this may mean that any credit institution in which a loan seeker inquires about the terms of the loan will send a notification to the credit bureau and the score will be affected. If you are looking for funds, you should insist that the bank does not ask for a loan but a request for a quote.
It turns out that the seemingly paradisiacal landscape of consumer credit quickly turns out to be a facade of aggressive and in some cases almost unfair marketing.
It applies as with all offers: Everything finally has its price, particularly favorable offers should be questioned. In the case of consumer loans by the requirement of an individual offer.