The best credit banks and credit intermediaries online

This article makes no claim to objectivity, nor to a complete evaluation of all credit providers found on the Internet. Direct banks and other financial service providers who the author believes that credit customers in general or very specific groups of people find particularly fair conditions are recommended.

On the one hand, the recommendations are based on objective criteria such as interest conditions and flexibility, as well as the frequency of award and customer service. 

On the other hand, it is also about the question of which bank best suits which customer profile. A credit bank can offer the best interest rates in Germany, but only for customers with excellent credit ratings. Customers with slight dips in creditworthiness then turn better to other credit providers.

What should a good credit comparison do?

What should a good credit comparison do?

First of all, a sufficient number of banks must be taken into account in order to give the benefits a real market overview. But that’s not all. Realistic information about effective interest rates and detailed information about all other conditions such as the treatment of special repayments are desirable.

Some portals only compare the offers of their partner banks, from which they receive a commission if the transaction is successful. Other loan calculators also provide information about cheap loan offers from other banks – an important plus.

Based on these briefly outlined criteria, our winner is a financial service provider that may even be unknown to many credit customers. In our opinion, the best credit comparison is provided by Good Finance.

The comparison takes into account all major known direct banks and also smaller credit institutions that are ignored by other computers despite cheap loan offers. If you also want to include regional banks’ loan offers in the comparison, you can set the filter function accordingly.

The Good Finance installment loan comparison offers another significant advantage over competitors. Users can select the creditworthiness level that applies to them via a corresponding default setting.

In this way, irrelevant shop window offers can be avoided. The interest rate ranges displayed after selecting the credit rating level are significantly more realistic than with competing comparative calculators.

If you don’t want to rely solely on your own credit rating, you can get free Credit Checker information beforehand.

The E-Money loan calculator is good


E-Money offers some customer-friendly features. This includes the notification of the probability of being awarded immediately after sending the credit request. If it is 100%, E-Money promises to pay out.

A small loan is also offered, which can be processed fully automatically if the creditworthiness is available and can be paid out in a few minutes. The possibility of video identification and a secure upload of documents provided by most providers also accelerate lending.

The E-Money dream loan is a credit brokered by E-Money from private to private. The preferred loan taken into account in the loan comparison improves the chances of being granted, especially for the self-employed. Finally, E-Money provides commercial loans in addition to loans for private use.

Best loan broker online


Criteria for assessing credit intermediaries are a comprehensive range of loans for all customer groups, successful brokerage and serious advice. Of course, no upfront costs may be incurred. In our opinion, the winner in this category is Good Credit.

In addition to the pure construction financing (new construction of a property), Good Credit arranges practically every type of loan – from conventional consumer loans to credit lines and credit cards to home purchase financing. Loans can be arranged for all professional groups.

In particular, the self-employed have a chance at Good Credit for fair online loans that are granted after a lean application process.

Experience reports and reviews about Good Credit prove the high level of customer satisfaction.

There are no home visits and no attempt is made to pamper customers with unnecessary insurance.

While a loan conclusion via credit comparisons very often requires a good credit rating, Good Credit credit customers with a rather medium or poor credit rating have a real credit opportunity.

The financial service provider checks the credit inquiries manually and, unlike credit calculators, can, therefore, deal with the special features of each credit customer. Manual processing includes customer advice if this is desired. Loan processing itself is free of charge.

A fee-only arises when the loan is successfully brokered, which is usually borne entirely or predominantly by the credit bank.

Line of credit or credit card: the best options for small businesses.

When it comes to choosing the best loan option for your small business, it’s easy to feel caught off guard when it comes to terms and methods. At Lendifax, we want you to be knowledgeable about your borrowing transactions in order to find the option that works best for you and your business. In this article we look at the advantages and disadvantages of two borrowing options: line of credit and credit cards.

Line of credit

Line of credit

The line of credit is a flexible way to borrow and spend a pre-determined amount as you wish as long as you repay the amount spent.


Line of credit is a flexible way to buy what you need when you want it. Lines of credit have much lower interest rates than credit cards, especially if you opt for a secured line of credit, which offers you lower interest rates, lower monthly payments and greater limit on what you can buy compared to unsecured lines of credit. Lines of credit are especially useful in situations where you have recurring cash expenses and you do not know the exact amounts beforehand, such as home improvement projects.

The disadvantages:

Given the flexible nature of the line of credit, it is easy to get carried away with spending without thinking about the accumulating debt. More importantly, lines of credit do not offer grace periods or rewards like credit cards do. Lines of credit must be approved by the banks, which can take time without ensuring a satisfactory result. Interest rates also attach to the bank and vary with the bank’s key interest rate so, as interest rates rise or fall, so will the amount you have to repay.


Credit card

Credit card

Credit cards are payment cards with a pre-set limit that allows you to make purchases easily with a promise to refund.


Using a credit card is a great way to shop for what you need quickly. Credit cards are often accompanied by rewards programs and “extras” and allow cash advances when necessary. Credit cards are widely used and do not require the same approval process as that of lines of credit.

The disadvantages:

As with lines of credit, the convenience of the credit card makes the debt snowball effect more common, because it makes impulse buying easier. Credit cards impose fees on cash advances but more importantly, it is the fact that credit cards offer very high interest rates which can increase if the repayment is not made within the predetermined period of time. Spending on credit cards means that future income is used to pay for purchases made now and can result in losses if payments are not made on time.


What you must remember?

Credit loan

Lines of credit are very common among small business owners, while credit cards are more often used for personal purchases. However, both require a commitment to the bank and represent fewer freedoms in the future. Small business loans, such as those offered through Lendifax, offer an attractive alternative for small businesses. The advantage of a small business loan at Lendifax is that of a quick loan of a predetermined amount that will not change or fluctuate, making the future of your business more secure in the long term.

When is loan consolidation beneficial?

Consolidation is a different combination, and you can talk about credit consolidation in the financial industry. It involves the combination of several smaller loans into one larger. When does such a procedure pay off and who can benefit from consolidation?


Consolidation is a good option if the cost of the new loan is less than the sum of the costs of previously repaid loan obligations. Consolidation loans are designed to combine several loans into one and reduce and organize monthly installments. The bank grants a consolidation loan so that the customer can pay off earlier obligations:

  • cash loans,
  • car loans,
  • mortgage loans,
  • credit card limits,
  • limits on credit lines in a personal account,
  • installment loans,
  • mortgage loans.

Consolidation includes physical repayment by the bank that grants such credit of all previous liabilities. The consolidation loan may be granted as a mortgage loan, ie secured by a mortgage in the land and mortgage register, or as an unsecured cash loan. The mortgage is a solid security for the repayment of liabilities, which is why its establishment means that the bank will be willing to grant a loan with a lower interest rate compared to an unsecured cash loan.


Who is consolidation for?

Who is consolidation for?


Not every borrower will be able to use the consolidation mechanism. It will not be available to those borrowers who already have some delay in paying their credit obligations. You can’t equate consolidation loans with debt loans. To obtain a positive credit decision when applying for a consolidation loan, you should also have sufficient creditworthiness, understood as the ability to repay a new liability.


Is it worth it?

Is it worth it?


If the borrower has several loans and the specter of losing financial liquidity hangs over him, a consolidation loan may be the only right solution. Thanks to it, the remaining loans will be repaid and the new debt spread over a longer period, which means that installments will be lower.


Consolidation is a great procedure when the customer has expensive cash or car loans granted under conditions of higher interest rates in the country. Then the consolidation loan can reduce the total cost of the liability. It is always good to calculate the costs of a new loan and any fees associated with repayment of existing loans and loans before signing the loan agreement, and then confront them with the financial benefits that can be obtained.

The most common types of hard money loans

To understand where hard money loans came from, we can go back to the horse and buggy days. The most common form of money used by settlers in early America was gold coins. Native Americans, on the other hand, traded goods like pearls and furs.

When you borrowed money, you were expected to pay it back and collateral was not always part of the deal. Cash loans are usually unsecured. On the other hand, if you haven’t paid for it, you can be shot.

In order to settle the colonies, the US government gave land away in exchange for a promise by the settlers to live in the country, growing things like corn or cotton, and raising cattle. Provide shelter, chopped settlers cut down a few trees and built their own log cabins.

Today we expect to buy an existing house or we pay a builder to build a new home for us, and we rarely own a house clear and clear. For the most part, some form of financing involves buying a house in the 21st century. There are generally three parts to the purchase price:

  • Serious deposit
  • Total down payment from the buyer (which includes the serious deposit)
  • Residual purchase price in the form of a mortgage loan


Hard Money Loans Versus Purchase Money Loans

Hard Money Loans Versus Purchase Money Loans

A buying money loan is money a home buyer borrows to buy a house. The house can be almost any type of structure, from a single family home, multiple units, to a condominium, townhome, or share cooperatively to a modular or manufactured home.

Purchase money makes up part of the purchase price. The loan is secured by the property, which means that when buyers stop making payments, lenders have the right to sell the house and get their money back home.

A hard money loan to secured real estate is a loan that money won’t buy. It is money lent to a borrower that is not always used to buy a house. You can get a hard money loan without even owning a home – with no security for the loan – providing the lender feels like a good credit risk.

A credit card cash advance is a hard money loan. Or you can get a hard money loan that is guaranteed justice at home but was not part of the original purchase price. Hard money lenders usually want the borrower and security to qualify for a hard money loan.


Loan sharks are hard money lenders

Loan sharks are hard money lenders

People who generally borrow money from loan sharks cannot get a loan from another source. These borrowers could have bad credit, no assets, or questionable professions. Some borrowers are simply naive and fell for hard times.

If you have an asset that can be used as collateral for the loan, you can go to a pawnshop. If you have no element of value for money, a hard money lender like a loan shark trade is the lender of choice. Loan sharks earn their money by charging very high interest rates that are common against usury laws. Credit sharks could use threats of violence to encourage borrowers to repay the debt.

All loan sharks are hard money lenders, but luckily not all hard money lenders are loan sharks. It is not advisable to borrow money from a loan shark.


Types of hard money loans

Types of hard money loans

Most time depositors prefer to use collateral with securitizations to make a loan. Security like a house returns to the hard money lender when the borrower and the house finally go to foreclosure.

Real estate is an excellent vehicle to secure a hard money loan that provides real estate in question equity. One of the reasons for the mortgage crisis in 2007 was the fall in the value of homes that without a certainty many lenders keep their pockets out of.

Some buyers use hard money loans as a routine financial investment property that need to be fixed. You will save your money and pay high points with a short term take out a hard money loan.

The problem with this approach is that some buyers write their purchase like all cash offers, and they show cash accounts as proof of funds. If they get a loan, however, the transaction will not be all cash.


Common types of hard money loans

money loans

  • Mortgage refinancing is a hard money loan. A refinancing pays off from one or more lending secured to the property that results in a new loan, usually with a larger principal. A homeowner can refinance without paying through any of the proceeds that either roll the cost of the new loan into the principal or the cost of the loan out of the borrower’s pocket.
    • With a cash out refinance, the buyer takes out a new loan that is larger than the amount of old loans plus the cost of getting the money. The money through these two elements is called “cash for the borrower”. It is the net proceeds from the refinancing. Many cash-out refinances are subject to shortage judgments.
  • Equity loans are hard money loans. Home equity loan fund is relatively quick and is subordinate to an existing first mortgage. In other words, an equity loan falls into the second or third position. Borrowers cannot get a home equity loan in all 50 states.
  • Bridging loans are hard money loans. Bridging loans are used by sellers who want to buy a new house before selling an existing house, but need the money from their home. You will see bridging loans used more often in seller markets than in buyer markets.

Low Documentation Loans: Another Option For Some

Mortgage involves a lot of paperwork. If your dog lender or mortgage broker you for documenting it a good sign – they are trying to get the best mortgage you can qualify for. 

However, some people cannot produce the required documents. For them, a low-documentation (or no-documentation) loan is appealing, and some of these loans are still available.


Reasons for the low documentation loan

Reasons for the low documentation loan

There are several reasons why you may not be able (or willing) to provide information to a lender. For example:

  • Self employed people prefer to show lower income for tax purposes, but this backfires when applying for loans
  • Young workers have a history of low wages or no history at all
  • New entrepreneurs cannot show a past consistent return (multi-year worth is usually required)
  • Pensioners with investment income
  • Data protection needs dictate that you keep your income
  • Finding and organizing documents is too difficult
  • Your income or assets are in no way documented acceptable to the lender


The qualification Without documentation


The “good old days” of simple qualification are over. Before the financial crisis, which peaked in 2008, you can simply tell your mortgage broker how much you earn and little or no evidence was required. Those “declared incomes” (also known as “liars loans”) are no longer freely available.

The Consumer Financial Protection Bureau (CFPB) now requires lenders to ensure that you have the ability to get everyone approved for loan repayment – if the mortgage is a “qualified” loan. But some lenders are willing to work in the non-qualified mortgage room.

Note that these lenders are not looking to go back to 2006 – they are not interested in issuing subprime loans with inaccurate numbers. however, they are interested in working with people who have the ability to refund (while lacking the ability to document their income and wealth in traditional formats).

In order to qualify for these loans, you need to be an attractive borrower and the properties below will help you.

Good (or good) credit: again, low-documentation subprime loans are a thing of the past. Lenders are only willing to settle for less information if you have large credit scores (over 720 is a good place to start). That said, if everything else is in good shape, a few dents on your credit reports may not ruin your business.

Income: Income always helps you get approved for a loan. But non-qualified lenders could be more forgiving about evaluating your income. If you can make your case (even if you can’t produce a W2) you could get approved.

Active people: Having lots of backup money helps too. Large banks and investment accounts could serve the “reserves” that you can dip into to keep payments. Lenders can mitigate income if you are strong on assets.

Equity: Lenders like minimizing their risks and seeing that you have skin in the game. If you make a larger down payment, you have better chances of getting lenders with lower documentation. For conventional mortgages, 20% is sufficient, but 40% or more might be required with unqualified lenders. You can always put that stock to use a day later.


The costs

Do not close old credit cards

There is no such thing as a free lunch. Since you are not proving your ability to use standard repayment documents, lenders take more risk. These lenders also take a regulatory risk by working in gray (but still legal) areas. As a result, the price is higher.

Expect an interest rate that is at least one percent higher for a low documentation loan. Other processing costs can also be inflated. If you are just applying for an easier way of finding a loan, this might not be your best option (raving the old tax returns and paystubs). But if you fall into the categories above, it might be your only option and still worth the price.

How good! Reviews: Loans in 10 minutes.

Amount and term for loans 

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$ 900. That is the maximum limit of money that a client of How good! Through its website, in intervals of $ 1, so you can really request the right amount you need ($ 823, $ 741, etc.), without having to be a round number. On the opposite side, the minimum is $ 1, so a credit How good! It can really be as low as the applicant needs.

With regard to timing, this aspect is also fully customizable, since the minimum period established by the lender is 1 day, while the maximum is 30 days. This ceiling is the same as most online lenders, but the minimum is significantly lower than the competitors, so these loans are presented as a customer- tailored option. In addition, the speed of processing is expressed in two other time frames: 30 seconds and 10 minutes. The 30 seconds refer to the time from when the lender approves the request until the shipment is made. The 10 minutes refer to the approximate time the customer must wait until his money is reflected in the bank statement.

New clients and promotions

New clients and promotions

Unlike other online lenders, Across Lender does not usually offer a welcome offer in which the first loan is free. However, there is a space called ‘Promotional Code’ in which the customer can enter a discount code on commissions to pay, which is provided on various collaborating websites of Across Lender!

Another important aspect to keep in mind, especially for new clients, which is that the maximum credit limit is reduced to $ 300 on the first request, a cap that will be eliminated on successive occasions, when the lender already has security on the seriousness and commitment of the client.

Valid payment methods to return a credit of How good!

Valid payment methods to return a credit of How good!

To repay a loan from ¡Across Lender !, the customer can choose between one of these valid methods:

  • Through the ‘My account’ section, where there is a space in which the customer can enter their bank card number and make the payment as if it were a classic online purchase. The lender will take care of sending a reminder by email the day of the due date and in that reminder, the client will find a link that will take you directly to that section.
  • By bank transfer: this is not the usual method, but if the client wishes, they can make an online bank transfer to an account number owned by Across Lender! This bank account belongs to Cream bank and in the concept of the transfer, the client must indicate his ID so that the lender can correctly identify the operation. It is an interesting solution for when the client wants to cancel the credit early.

Paperwork that is minimized

Paperwork that is minimized

The paperwork that needs to be done to get one of the quick loans. Good! they are really minimal. Just fill out the online form at the beginning and little else. In fact, this lender does not even require you to send proof of income, such as a payroll or pension. They consider that the moderate amount of their credits make any applicant capable of repaying it. In addition, on this web portal those who have a negative credit history in the lists of defaulters and those who cannot get a guarantee as collateral can also request a loan at the moment.

Loans How Good! with Financial Credit Institution

Loans How Good! with ASNEF

You can apply for Across Lender credits regardless of the situation you are in. In this financial company they trust their clients, so they are ready to help at all times. In addition, you can request Across Lender loans without payroll or guarantee. When you request the money you need so much, they ask you some brief questions, which take five minutes to answer and, in a few minutes, they already tell you if you can enjoy the requested financial amount.

Borrow in What Good is very easy and intuitive. You just have to enter its website, select the financial amount you need and the time period that best suits your needs. In less than 24 hours you will get the money in your bank account to enjoy what you want or what you need most.

If you are in Financial Credit Institution you should know that you can also request Across Lender mini-credits of up to 300 USD. As you contract more credits with them, the amount will increase to 900 USD. That is what Across Lender focuses on, in the mutual trust between client and entity. So if you are thinking of requesting a quick money with Financial Credit Institution this is one of the best companies. Call the Good phone NOW and get out of doubt!

Bank Credit: how good is the online offering?

Good Finance is the only remaining large, internationally active German commercial bank with total assets of USD 452.5 billion (2017). Installment loans and auto loans that can be processed online are only a very small selection of the financial services offered. The bank operates with a comprehensive product portfolio in the business areas of private customers and corporate/corporate customers.

In addition to loans and mortgage lending, this includes accounts, savings products, securities, and asset management as well as pension products. Good Finance has locations in approximately 50 countries. The company’s shares are traded on all major stock exchanges.

According to Forbes Global 2000, Good Finance ranks 690th among the world’s largest listed companies with a current market value of approximately $ 16.1 billion.

In the first half of the 20th century, the bank developed into a leading large bank, not least through a series of mergers and mergers.

The bank is endeavoring to strengthen its position

The bank is endeavoring to strengthen its position

Good Finance currently has a dense network of branches with around 1,000 branches. More than 18 million private and entrepreneurs customers, as well as 60,000 corporate customers, have looked after.

From the homepage, visitors can navigate to the credit pages as follows: Private customers – Products – Finance & purchase – Installment loan/car loan.

The product pages for installment loans and auto loans are structured similarly. The conditions of the loan offer are briefly described. Below, visitors will receive information about application requirements and the documents required.

This section also contains links to information about data protection and account analysis.

The account analysis also called the account view, is carried out as part of the application process for checking the creditworthiness.

Below the section on credit requirements, visitors will find a link to the branch search and the hotline’s telephone number for advice and, if necessary, making an appointment in a branch.

In between, the visitor is given several opportunities to access the loan application with one click.

The product pages are clear and easy to navigate. The information provided to customers is limited to what is necessary.

Customers can roughly assess important credit requirements and terms such as term, loan amounts and effective interest. The application process is clearly explained in keywords.

However, some points remain open. Are special repayments possible free of charge? Probably not! Do you offer a debt rescheduling service? A call to the advisory hotline may provide information.

We recommend that you read all the information on the product pages and on the linked pages carefully before making a credit request. This is especially true for an account analysis.

There is a minus sign for the use of footnotes at the bottom of the website above the footer. Important information is hidden in the footnotes, such as the representative example. Anyone who encounters a footnote has to scroll all the way down to find out what is behind it.

Good Finance online loans

Good Finance online loans

Good Finance offers two clearly defined credit products online: a freely usable normal installment loan and a car loan. The bank also arranges mortgage lending and can make use of the offers of 250 financial institutions. The possible conditions sound promising.

Advice and credit conclusion are obviously not possible online. However, customers can have the loan calculated online as the basis for a consultation. The prerequisite is that the fixed interest period should not exceed 20 years.

In order to take out an installment loan or a car loan online, customers have to agree to the automatic account analysis.

If they do not want this, the only thing left to do is close the deal at the nearest Good Finance branch. The same applies if the loan is to be applied together with a co-signer. The branch search helps you find the nearest branch.

The digital analysis of the payment transaction account replaces the sending of the otherwise usual documents with which the economic situation of the credit customer is checked.

Customers grant Good Finance access to their main current account. The bank then evaluates all bank statements from the last 13 months (salary payments, rental payments, standing orders and other).

The verification of legitimacy is either carried out using a video ID or can be carried out personally in the nearest branch.

Good Finance installment loan


Loan amounts are between 1,500 dollars and 80,000 dollars. The effective annual interest rate is given as from 1.75% annually. Maturities between six months and 96 months are freely selectable.

The amount of the possible loan amount and the effective annual interest depend on the determined credit rating. The amount of the interest rate also depends on the term.

Special repayments should be allowed at any time and unlimited.

Good Finance publishes the following information on its website in accordance with Paragraph 6 of the PAngV (as of August 2018):

Effective interest rate 1.75% pa, committed borrowing rate 1.74% pa, term 12 months, net loan amount 3,000 dollars, monthly installment 252.36 dollars, total amount 3,028.32 dollars. The interest rate depends on the term and creditworthiness.

Representative example: effective interest rate 5.75% pa, fixed interest rate 5.61% pa, term 84 months, net loan amount 6,000 dollars, 84 monthly installments of 86.52 dollars, total amount 7,267.68 dollars. The lender is Good Finance AG, Kaiserplatz, 60311 Frankfurt am Main.

Good Finance car loan

Good Finance car loan

The framework conditions for car loans do not differ from those of normal installment loans.

It is stated as an advantage that the Kfz-Brief is not required. Both new and used cars can be financed.

This is the information according to paragraph 6 of the PAngV (as of August 2018):

Effective interest rate 1.75% pa, fixed interest rate 1.74% pa, term 12 months, net loan amount 6,000 dollars, monthly installment 504.71 dollars, total amount 6,056.52 dollars. The interest depends on the term.

Representative example: effective interest rate 2.75% pa, fixed interest rate 2.72% pa, term 60 months, net loan amount 6,000 dollars, monthly installment 107.06 dollars, total amount 6,423.60 dollars. The interest depends on the term.

The representative example assumes a 60-month term. This corresponds to the usual service life of a new motor vehicle.

The average interest rate is significantly cheaper than for general installment loans. There are various reasons for this:

Car loan interest rates may be lower than general installment loan rates; and/or the specified average interest rate for car loans is lower because the term is different from the representative example for the installment loan with 60 months and not with 84 months.

Cost traps and dangers in borrowing money

For banks, loans are lucrative everyday business. For consumers, on the other hand, borrowing is not a routine matter, but always something special. Above all, of course, this applies to people who take out their first loan.

What type of loan and what amount of loan are appropriate? What duration is useful? Which additional agreements are advantageous for consumers?

Credit agreements contain a number of specialist clauses, the content and above all the effects of which borrowers should know before concluding a loan agreement.

At first glance, some regulations appear reasonable and advantageous, but when you look closely, they turn out to be cost traps.

Below we explain the most common cost traps for loans and the economic dangers that borrowing can pose to consumers if borrowing is too careless.

Avoid dangers in borrowing

Avoid dangers in borrowing

The biggest danger in borrowing is overestimating economic opportunities. The chosen loan amount is too high. You cannot actually afford a loan for this amount. Or the term is too short so that the monthly installments can only be shown with great difficulty.

Before borrowers enter a bank or open a direct bank’s website, these questions should be resolved:

  1. What is the credit requirement? The estimated amount should be realistic and, above all, should not be too low. Loan increases are complicated. Increases are often not possible, so a further loan agreement must be concluded. In any case, there is another credit check. Multiple loans at the same time worsen the credit score.
  2. What term should I choose? The term is based on the normal useful life of the object to be financed. The duration can be shorter if the higher installments can be paid. However, a longer runtime is not recommended.
  3. Can I afford the planned loan? A financial plan provides information about this. All income is compared to all expenses and obligations. The difference minus a safety margin can be used to pay the monthly installments. The budget should take into account future expenses that are already foreseeable. The current average interest rates specified by the Bundesbank are suitable for calculating the rate. More than 1/3 of the monthly income should not be used to repay the loan.
  4. Which type of loan makes sense? Choosing the right loan type can save you money. Dedicated car loans or residential loans are cheaper than free-standing installment loans. Very short-term financial requirements for smaller amounts are best represented via a disposition loan or a real credit line (call credit). The prerequisite is that the repayment is actually possible at short notice.
  5. Credit conclusion only from reputable providers. Borrowers will find many semi-silk loans offers in the advertising sections of daily newspapers and other publications and on the Internet. Fast money and large amounts are promised, without a credit check or Credit Checker information. Those who fall for it pay expensive tuition. You can recognize dubious credit providers by the fact that preliminary costs are demanded and the loan offers are unrealistically cheap.

Cost traps when borrowing


Most of the contractual provisions listed under this heading are aggressively promoted by banks as an advantage for borrowers. In individual cases, this actually applies. Under certain circumstances, borrowers can benefit from such clauses. But they tend to be viewed negatively.

Some contractual clauses are rather hidden. You can find them discreetly in the general terms and conditions or in the price list.

Therefore, before entering into each loan agreement, you should always read all the information given carefully.

Unit rates

Interest rate-independent interest rates look cheap on the surface. Everyone who reaches a certain credit rating level receives the same, usually quite low, interest rate. But there are two problems:

Interest is really cheap only for borrowers who show exactly this credit rating (limit credit).

The interest rate level is based on the marginal credit rating. If you have a better credit rating, you pay extra.

Anyone who does not reach the credit limit is actually excluded from lending because the specified interest rate is not risk-appropriate for the bank.

But of course, some banks don’t miss these customers either. You submit a second offer with higher interest.

The conditions for borrowers are often worse than if they had taken out a loan with a credit-related interest rate.

Anyone who concludes thoughtlessly on the worse terms may pay extra.

Long terms

Being able to pay off a loan in small installments that are hardly significant each month sounds good.

In this way, you can also cope with larger amounts of credit that can be used to fulfill expensive desires.

But even with long terms, the cost trap can snap shut. The longer the term, the more viscous a consumer loan will be paid off.

The result is that the total burden of interest increases. The loan is becoming more expensive overall. In addition, some banks also charge higher interest rates for loans with longer terms.

Loan terms should therefore always correspond to the forecast usage times of the financed item.

Postponement of repayment – repayment-free start-up time

The borrower does not have to start paying in installments, but only in the month after next, for example.

Sometimes even a postponement of repayment is granted over several months. For many Credit Checker-free loans, a postponement of repayment of one month is a mandatory part of the loan agreement.

Not having to start paying in installments sounds good, but it’s expensive. Extending the repayment period increases the total costs.

The same applies to the suspension of repayment. If you use them once or several times, you end up paying more.

Special repayments and early loan repayment

In principle, granted special repayments and loan repayments are a good, cost-reducing thing.

However, this only applies to special repayments if this reduces the loan term. Special repayments and early loan repayments in themselves are no cost traps.

They only become traps if they are not granted free of charge, but if the legally possible prepayment penalty is due.

Sometimes it is not clear on the supply side which of these benefits are free and which are chargeable. Therefore read carefully!

Hidden fees

Processing fees are no longer permitted and are no longer charged by banks.

However, this does not have to mean that additional fees (in addition to the reported effective interest rate) cannot be charged in the context of lending and credit processing.

Some credit banks have an impressive price list. Sending statements from the credit account can cost money.

Or the administrative expenses in connection with changes in credit conditions such as special repayments, rate changes or rate breaks can be subject to charges.

No prepayment penalties are charged, but the assertion of a special repayment still costs something in these cases, even if the amounts are not too high.

Advertising with bonuses and gifts

Some banks promise small gifts, cash rewards, and sometimes shopping vouchers when customers take out the loan from them.

This can be a nice touch to the benefit of the borrower if the loan terms are cheap and interest rates are low.

It is not uncommon for such small benefits to hide the fact that the competition offers more consumer-friendly credit terms.

As with all financial products, it is not gifts or new customer bonuses that are decisive for loans, but the regular conditions that every customer receives.

Mortgage Life Insurance

Residual debt insurance is a particularly expensive cost trap. They are always superfluous for consumer loans over normal amounts.

In the case of loans with high sums, such as real estate loans, risk hedging may make sense in individual cases.

Corresponding insurance contracts should always be concluded regardless of the lending.

Credit default insurance offered by banks when lending is usually expensive, and sometimes the customer even pays the additional premiums that bank employees receive for brokering.

In addition, your insurance cover very often leaves something to be desired. There are often waiting times and exclusion lists that clearly limit the scope of insurance.

Some direct banks have preset the application for residual debt insurance in their loan request. This default should always be changed.

Dealer loans and zero percent loans

Dealer loans have increased in importance recently. In particular, zero percent financing is used by retailers as a marketing tool to promote sales.

Of course, it is convenient in itself not to have to pay interest on a loan. But whether the business is advantageous overall depends largely on the purchase price of the object to be financed.

If, for example, there is the same computer cheaper at the competition, even if there is no interest-free loan, the luring offer with a zero percent loan is economically bad business.

Cost traps in connection with zero percent financing are residual debt insurance and the simultaneous conclusion of credit card contracts.

Sometimes it is not entirely clear that an additional credit card has been ordered. Such credit cards should under no circumstances be used but returned immediately.

Compare loans instead of hurriedly

Compare loans instead of hurriedly

Banks want to sell loans and that is completely legitimate. With their advertising, they try to fascinate customers in such a way that they accept the loan offered without having to search for a long time.

From a bank perspective, this is reasonable, but not from a consumer perspective.

Hurriedly concluded loan contracts are regularly expensive. No loan is so urgent that it cannot wait a few days.

There is always time for a few conditions inquiries, possibly via online credit comparisons or directly at branch banks.

With concrete offers, you get a real market overview and more easily prevent overreaching by credit providers.

Anyone who knows the market can also negotiate competently with their house bank if they prefer a degree there.

With an alternative loan offer in their pockets, many customers have already got good credit terms from their house bank.

Opinions about Needs Money Loans.

Amounts and terms of loans I need money

Amounts and terms of <a href=loans I need money” />

Between $ 1 and $ 400. That is the minimum and the maximum that customers of Spin Lender can aspire to. And between 1 and 33 days. That is the minimum and maximum term that these clients can establish as a money-back period that, in any case, can always be paid before said date, paying the interest equivalent to the time the credit has been in force.

It is interesting to highlight the offer that I need Money to those who request their first credit with the company: if the client manages to return the amount corresponding to the amount and interest within 10 days, the operation will be free, that is, without expenses no commissions.

No less interesting is the deadline for sending the money that I need Money in Spain: 10 minutes, a very short figure that turns these credits into real emergency solutions for unforeseen expenses.

Requirements to benefit from one of your microcredits

Requirements to benefit from one of your microcredits

The requirements to be able to enjoy the microloans of Fine bank are few and easy to fulfill. This is a short list with it:

  • Be of age
  • Being a resident in Spain
  • Be the owner of a bank account, which will be where the lender will deposit the requested money
  • Have a contact mobile phone
  • Have an email for possible communications
  • Do not appear in any defaulters file, as we will expand later

On the other hand, a situation that is not required here as an essential requirement is that of being an active worker, as is the case with other web portals, which ask for a payroll as proof of income. In this case, the door is also opened to pensioners and the unemployed who are collecting unemployment, since they are considered sources of income stable enough to be able to repay a low-amount credit.

Details about the return of a loan in Spin Lender

Details about the return of a loan in NecessityMoney

The payment methods accepted by Across Lender to return the credit are the usual ones: bank card, transfer or deposit to an account number specified by the lender. 

It is important to know that this lender does not accept partial payments, except when there is an extension due to delay, in which the installment is normally accepted to facilitate the cancellation of the debt, which becomes higher as a result of the extra expenses for delay.

In any case, in case of difficulties in meeting the date, the lender’s recommendation is that the client contact him in order to address the best solution to the problem. On the other hand, it is possible to anticipate the payment of the rapid loans of Across Lender without additional costs: in fact, this means saving money, since only the interest of the days already elapsed is paid.

A lender who takes delinquencies seriously

A lender who takes delinquencies seriously

A fairly general opinion on Spin Lender is that this lender takes the problem of late payment very seriously. In fact, do not process requests from those who are part of any list of defaulters in the country, such as Financial Credit Institutions. The objective of Fine bank is to process only those requests from customers who truly have sufficient economic conditions to face the return. And for this reason, they admit that they can derive from third-party companies the management of collection of a debt contracted by a client. In addition, those clients who do not comply with the agreed date may be included in lists of defaulters after 30 days of delay.

What is a Foreign Transaction Credit Card Fee?

If you have recently traveled abroad and used your credit card while you were on your trip, you may have been surprised to find a foreign transaction fee on your credit card statement. It is not a mistake. This is a legitimate fee that issuers top up many credit cards and unfortunately it is not one that you can easily have waived after the fact.

A foreign transaction fee is a charge credit card company if you use your credit card internationally or if you make a purchase that uses a foreign bank. For example, you might face a foreign transaction fee when you book a flight through Singapore Airlines, even if you are in front of your computer in Springfield, Missouri. The fee is charged for the convenience of converting the foreign currency into US dollars and makes the price of an international trip more expensive.


How Much is the Foreign Transaction Fee?

How Much is the Foreign Transaction Fee?

Visa and Mastercard charge a 1 percent foreign transaction fee and many credit card companies add an additional percent stapling. This will make your foreign transaction fee between 1 and 3 percent of the transaction, depending on your credit card company and payment processing network. American Express charges a 2.7 percent fee on some of their credit cards and waives the fee on others. Do not discover any foreign transaction fee on one of your credit cards. Some leading and travel rewards credit cards charge no fee at all and even absorb some or all of the fee charged by payment processing network.


So check if your credit card charges a fee

So <a href=check if your credit card charges a fee” />

Credit card companies are required to disclose the foreign transaction fee to you. In 2006, some of the major credit card companies had to pay a cardholder settlement because the issuers would not have told cardholders if they had charged a fee. Now these fees are revealed in the credit card contract. Read your credit card contract to discover the exact fee from your credit card issuer to calculate foreign transactions. If you don’t have a copy, you can find one on your credit card issuer’s website or the federal credit card contract database. You can also call your credit card issuer to find out if your credit card has a foreign transaction fee and if you can expect to pay it.


How To Avoid Foreign Transaction Fees

How To Avoid Foreign Transaction Fees

There are many credit cards that do not charge a foreign transaction fee, so consider opening this before an international trip. Both Capital One and Discover have removed the foreign transaction fee from all of their credit cards, so if you already have one in your wallet you can swipe on your trip knowing you won’t be charged any additional fees. You can also choose to use cash or other currency on your vacation to avoid the fee altogether, but be aware that carrying cash can be unsafe. If your money is stolen, you can no longer recover the funds. With a credit card, on the other hand, you are not responsible for fraudulent charges as long as you report theft in a timely manner.