Checklist: This is what a good cash loan should look like today
Anyone taking out a cash loan – for example to buy new furniture – wants to take advantage of the cost advantages. Direct banks, for example, offer their services via the Internet or telephone – this saves money. Many of them pass these savings on to their customers in the form of favourable conditions. “However, low loan interest rates are not everything,” explains Ulf Meyer, Managing Director of Süd-West-Kreditbank (SWK Bank). Especially when it comes to cash loans, one should take a close look.
Cash credit checklist
– The cash loan should include a special repayment right. “With it one can lower future installments and thus interest save , so Meyer. If you still have money in your account at the end of the month, you can easily put it into the repayment of the loan.
– The credit agreements should contain fixed interest rates, the banks speak thereby also of ?bound interest rates? Thus one makes sure that it cannot come during the running time of the credit to any interest increase.
– A good consultation around the credit desire is important. Above all term and repayment must fit to the financial possibilities and living conditions. Some direct banks offer comprehensive advice here.
– Rapid processes in communication with the bank are important so that the customer has planning security. “In addition to a quick identification check, it should be possible to approve the loan and above all to pay it out within a short period of time,” advises Ulf Meyer to check the “small print” before taking out a loan.
– Meanwhile, there are also time-saving ways of legitimising the process. SWK Bank, for example, offers new customers the opportunity to quickly confirm their identity on their computer. Only a web cam is required for this innovative procedure. The time-consuming so-called post-identification procedure at the post office is no longer necessary. “The customer receives the online credit approval after just a few seconds. Payment is made two days after the application documents have been received by the bank,” says Meyer.