The credit for the Personal Payday loan

Although more and more German consumers are now distrusting banks, the bank adviser is often still the first point of contact for private individuals looking for a cheap installment loan. About 30% of German consumers are satisfied with the first credit offer of the house bank – according to a survey by TNS Infratest.

Simplest and most convenient solution

Simplest and most convenient solution

The walk to the house bank is of course the simplest and most convenient solution. And many banks also regularly advertise with fantastically low interest rates. So why look for alternatives? Quite simply: because in most cases the seductive advertising messages are decoy offers. With the interest rate of 4% communicated in advertising, the loan seeker goes to the bank branch. If he’s ever here, he’ll go home with a credit agreement in his hand, even if it does not list the low interest he’d originally imagined – in keeping with the advertising banks.

The lowest interest rates.

The lowest interest rates.

To obtain the lowest interest rate from a bank offering unbeatable credit, the loan applicant has a number of criteria to fulfill, such as income, current loans, age, employment and credit. Hardly any consumer actually meets all requirements to fall within the scope of the lowest interest rates. So, after talking to the bank adviser, about 95% of the borrowers’ dream of a super-cheap desire-cracker burst like a soap bubble. The FAZ speaks of the “Superman credit”.

An interesting aspect is the fact that key interest rates 

An interesting aspect is the fact that key interest rates 

An interesting aspect is the fact that key interest rates have fallen sharply in recent months, but banks have not significantly reduced their retail loan offerings since October 2008. What German private consumers should also keep in mind: If one and the same borrower makes an application to various banks, then the loan interest rates offered are often alarmingly far apart. A comparison of several credit offers is worthwhile in any case. Especially against the background of the forecasted economic crisis, the fewest borrowers can afford to give away cash because of a lack of information.

But there is a clear trend: bank confidence is declining and consumers are increasingly thinking about alternative ways to borrow money. Not least because of this development, thank the strong growth in borrowers in recent months.

 

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