Of course, if you work, you would like to treat yourself once in a while. However, high rents, unforeseen expenses and the daily living costs leave little money to set aside. If you still do not want to give up, you can resort to a loan . To find the cheapest deals in this area, a loan calculator can help. With it it is possible online to retrieve the conditions of different banks , to calculate the costs and to calculate the desired credit.
With a loan comparison , it is possible to check the different loan offers of banks in a few minutes. It calculates the annual percentage rate that banks charge for borrowing money. This offers the opportunity to compare and compare different offers. It should be noted, however, that there are two different procedures for interest rates.
The credit-independent interest calculation
In the case of a credit with interest-free interest rates , the price of the loan is determined solely by the loan amount and the repayment term . The credit rating , ie the creditworthiness of the applicant, does not matter . Basis for the interest calculation are the general interest level and of course the business policy of each bank .
The credit-dependent interest calculation
If the interest rates for a credit are calculated on the basis of a credit rating, the credit institutes first determine the individual creditworthiness. The better this is estimated, the cheaper the lending rates . With a rather negative credit rating, however, the conditions can rise significantly. Credit-based credit offers are often identified by the given price range. The interest that is credited in detail can only be finally calculated after the loan application has been made .
In order to find the desired loan with the help of the credit calculator , the loan amount and the desired term should be entered first. You can already find out which bank is granting a favorable loan and what costs will be incurred. Once you have selected a bank, enter your personal details to submit a credit neutral request. Based on this information, it can then be decided whether the desired loan can be awarded . However, this is a non-binding preliminary decision. However, lending may be provided if all information is complete and correct. For credit-based offers, it is now possible to name the individual interest rate and perform the comparison using the APR. The effective interest rate includes not only the interest payable to the bank, but also all the costs associated with the loan . Only processing fees may not be charged by banks for some time. It should also be noted that any credit insurances are not included in the effective interest, but are calculated separately.
The big advantage of using the credit calculator is the fact that you can find the desired loan here quickly, reliably and easily, and can also complete it online. Once you have decided on an offer, you can print the application and forward it to the financing bank together with the required documents, such as salary statements and account statements. There, the data is reviewed again to make a final loan decision. In many cases, this decision will be taken on the day the documents are received. In the case of a positive examination, the payment of the loan amount will be made on the same day , so that you, as a borrower, can already have access to this after two to three working days.