Anyone who compares the current lending rates almost thinks they are in the land of milk and honey. Consumers with good credit ratings receive loans at low single-digit percentages for the target and effective annual interest. But how can the chances of a low interest rate be increased if the creditworthiness is in the middle range?
Personal loan from direct bank
Almost every financial institution, be it branch banks or direct banks, has a personal loan or even several forms of loan. Due to the ongoing low interest rate phase in countries of the European Union due to the requirements of the Cream Bank, many banks can offer low interest rates on loans from which consumers who are looking for a cheap loan and compare the offers on the market can benefit.
But there should be one thing that consumers should focus on: If you place your own creditworthiness in the middle range, you will get a higher credit interest rate for credit-dependent loans than a consumer with good creditworthiness. Loans with interest independent of creditworthiness can be a possible alternative.
Use loans that are calculated regardless of creditworthiness
If you compare the installment loans in our comparison calculator, for example, you will find an information symbol for each result. If you move the mouse pointer over this symbol, a text field opens in which the most important data is given. At the top there is always information about whether the interest on the loan offered is calculated depending on the creditworthiness or independently of it. For consumers, this has the advantage of being able to specifically calculate the loan interest without a specific loan request from the respective institution.
If the credit interest is calculated independently of creditworthiness, these result from the combination of the term and the loan amount and are equally valid for all customers accepted by the respective bank. Apart from that, every consumer who has uncertainties about their creditworthiness values should obtain Credit Bureau information about the data stored there in advance. This also helps to be able to better assess your own creditworthiness when applying for a loan.