Installment loan comparison: Find the right loan
Compare online loans with favorable interest rates and individual rates!
The installment loan is a real classic among credit offers. This is a consumer loan, which can be issued in different amounts. It should be noted, however, that the installment loan is always subject to a fixed interest rate that must be repaid monthly.
Through our installment loan comparison, you have the opportunity to quickly and easily find the best offers and to see the differences at first glance. In this way, it is also possible for you to subsequently create the right installment loan repayment plan for you.
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The most important things in a nutshell:
An installment loan is in many cases in the amount between 5.000€ and up to 50.000€ forgiven.
With an installment loan, the interest rate must be taken into account.
A Schufa query is mandatory.
Our installment loan comparison helps you find the best offers.
What is an installment loan?
Installment loans are offered by many different banking institutions. In many cases, the possible loan amount is up to 50.000€. The prerequisite, however, is that a regular income can be presented as appropriate collateral.
The installment loan must be repaid within an agreed term. In this context, you should also always keep an eye on the installment loan interest rate. Cheap installment loans impress with an attractive interest rate, so that you will find it much easier to repay the amount borrowed. Before an installment loan is approved, however, the Schufa query is performed beforehand. This is mandatory for the credit institution to assess the creditworthiness of the applicant.
Conditions of the installment loan
By comparing installment loans, you'll always be on top of the action and can quickly see which providers have provided the best deals for you. In this context, it is of course important to carefully analyze the important key data. At this point, we would like to give you some important information so that you can get an initial overview of the situation.
Typical loan amounts: 5.000€ to 50.000€
Loan terms: 1 year to 10 years
Specific interest rates: from approx. 0,68% p.a.
Duration until payment: 4 days to 14 days
Apply for installment loan immediately
If you want to successfully apply for an installment loan, you must of course first take the right steps. Here it is first necessary to fill out the appropriate application form completely and with the correct data. However, many banks also offer the option of filling out this form online and then submitting it directly. In addition, however, some further documents are needed for the processing of your application.
In this context, it is necessary to submit your identity card so that your identity can be confirmed. Here we would also like to point out that you must have a German current account at least 18 years old. You must already have reached the age of 18 to receive an installment loan. In addition, further evidence is required to prove your income.
A favorable installment loan cannot be granted to minors!
As a working person, you can use the last three pay slips. If you are self-employed, however, you will need the relevant economic evaluations or tax assessment notices. Additional evidence of collateral, such as a car or real estate, can also help speed up the entire process.
In addition, keep in mind that the legitimation must take place. You can either use the Postident procedure at a local post office or the Videoident procedure on your computer or smartphone.
We have already had very good experiences with the Videoident procedure in this context. The entire process takes only a few minutes and the successful legitimation is then sent directly to your bank.
Compare loans
There are numerous banks that will provide you with an installment loan at attractive conditions. In advance, you should carry out a detailed installment loan comparison to highlight the advantages and disadvantages of the individual offers.
In this way, you can, for example, find out about the amount of the loan, the term and the corresponding interest rates. In this context, it is particularly important to successfully filter out the best offer for you personally. You should always take a special look at the accruing interest on installment loans.
Fill out the application
Without a corresponding application, you cannot apply for installment loans at a bank. You can obtain the application directly from the bank or, alternatively, on the online platform. In this context, it is especially important to fill out the application correctly and provide all required information.
This is the only way to ensure that a quick decision is made on your request. If, on the other hand, important information is forgotten, it will be requested afterwards. This then leads to the entire process being unnecessarily drawn out in the case of an installment loan.
Respond to credit decision
Once you have submitted your application and all the required documents, a decision will be made on your application. According to our experience, this process is quick and you should receive a response after just a few business days. Then it is especially important to react immediately to the credit decision.
It is best to make an appointment with your advisor directly to sign the loan offer. This allows you to complete the entire process quickly and easily and to receive your installment loan in your checking account after just a few days.
Receive money
If you have received a positive credit decision from your band, you will receive the money shortly. In many cases you only have to wait a few working days. Now and then it can happen that it takes up to 14 days until you find the amount on your account.
In this context, we would like to point out that you must have a German current account with a German bank. Foreign bank accounts are usually not accepted for a payment. It is also necessary that you have a permanent residence in Germany to obtain the desired installment loan.
Installment loans can be applied for online or in a branch by submitting an appropriate application.
Be sure to fill out the application completely so that there are no delays.
Attach further documents to your application to provide complete proof of your income.
Self-employed persons use the business evaluation as well as the last tax assessments.
In addition, a legitimation must be carried out by Postident procedure or by Videoident procedure.
Requirements for an installment loan
Through our installment loan comparison, we could already see that there are quite a few credit institutions that can convince through a particularly favorable installment loan. However, if you want to get installment loans, you need to meet the basic requirements needed. At this point, we would now like to show you exactly which important requirements you must absolutely fulfill so that your installment loan is not rejected.
First of all, we would like to note at this point that the age of majority must already be reached, since an installment loan for minors will not be granted. In addition, you must have a residence in Germany and also be able to provide a German bank account details. As proof of identity you can simply use your identity card. Anyway, legitimation is also carried out beforehand so that your identity can be successfully confirmed to the bank.
In addition, the own creditworthiness plays a particularly important role in an installment loan. In any case, you must keep in mind that a Schufa query will be made by the bank. You can also prove your creditworthiness by showing the relevant pay slips.
This always serves as a special security for the bank. In this way, you can prove that you are financially capable of making the agreed repayments, including interest, without any problems. Thus, a regular income is an elementary component to get an installment loan from the bank.
Typical features of the installment loan
In order to give you an accurate overview of the installment loan, we would of course also like to go into the important key data and general conditions of this loan. In fact, there are various offers here, all of which have their typical features. By comparing installment loans, you are in any case always on top of the action and can quickly see where the differences between the individual offers lie. Here, it's especially important to pay close attention to detail to apply for the installment loan that's right for you.
In practice, it is particularly often the case that the repayment is made with a corresponding final payment. This means that you make your monthly payments and after the agreed term you still have to transfer a final amount so that the debt is paid in full.
On the other hand, there are of course also offers where you already have to make an initial payment. This means that you transfer a certain amount and then pay the outstanding amount through the monthly installments. These actions offer you the advantage of not having to make a final payment in the end. At this point, it depends on whether you are liquid at the moment and can make an initial payment or if you prefer to pay the remaining amount at the end of the term.
In some cases, however, it is also possible to apply for an installment loan and fully waive an initial payment as well as a final payment. The entire repayment is guaranteed by the monthly installments. Since you do not have to pay a large one-time sum, this option offers the chance to arrange a particularly long term. In any case, by comparing installment loans, you'll always be on top of what's going on and you'll be able to see which banks provide the particular feature for your loan. Therefore, ask yourself in advance exactly which model is definitely particularly suitable for your own situation.