Sometimes in life there are good reasons to take out a loan. So it may make sense to repay an old loan with unnecessarily high interest rates, to buy a larger car with space for a child seat or to invest in your own home.
You choose the loan amount, the term and the interest rate. The loan calculator displays the corresponding monthly installments. Afterwards you can place a free loan request and creditlope looks for the offer that best suits your wishes.
That just does not sound easy, that’s it. So that the last question marks above your head disappear, we answer here how, what and why the loan calculator.
What exactly does the loan calculator do?
The loan calculator uses a formula to calculate the monthly installments of your desired loan from a loan amount, the interest rate and the term.
The calculation is based on an annuity loan. This means that you pay a fixed amount every month. This amount is composed of a repayment and an interest portion. At the end of the term, the entire loan debt is paid.
Unlike a repayment loan, you pay the interest over the entire amount in monthly installments. These are therefore not calculated according to the respective residual debt, but remain the same.
The prerequisite for such fixed monthly or annuity installments is that a fixed interest period has been established in the contract for the entire term. The loan calculator only takes into account the numbers you have entered. The actual interest rate on the bank’s offer may be higher or lower.
What should I pay attention to?
- First, you need a realistic estimate of the loan amount you want to put into the loan calculator. It’s best to collect as much information as possible, such as estimates, before you set the amount. Too big a margin up or down can cost you a lot of money.
- Equally important, you can easily pay the monthly installments. The lender makes a calculation based on your regular income and expenses. But you know how much money remains in practice at the end of the month. So set your own maximum limit on monthly installments so the repayment of the loan will not cause you any financial difficulties not even over Christmas or in months with unexpected expenses.
- After all, there should be no typos or number dodgers creeping into the form. Only if we have the right information, we can arrange a suitable loan. A critical look before sending is always good.
How do I properly clear the loan calculator?
After you have entered the desired loan amount, term and interest rate, the loan calculator displays the amount of the corresponding monthly installments.
Does this rate fit with your ideas? Then you can enter the details of your person and your contact details in the next steps.
In order for us to find the best credit for you, we also need the most important information about your current employment situation, your living situation and your monthly income and expenses. Of course, your bank details are only needed so that a successfully completed loan can also be paid out. In the final step, you decide whether to allow creditlope to view your credit bureau.
This does not change your scoring, but helps us to find the best possible conditions for your loan.
As soon as you have sent the request, you will be shown a short overview. Here you will find, among other things, the name and contact details of your contact person at creditlope as well as tips to speed up the inquiry process. In the overview, you can also check the current processing status of your request at any time.
Why do I get something else offered?
The loan calculator can only calculate and display a theoretical value. The terms of your individual offer are likely to differ from your registered numbers.
This is because the bank determines the exact terms of the loan based on your credit rating. So it may be that the interest rate or the loan amount by the bank is set higher or lower. The running time can be longer or shorter.
Of course you tried creditlope always available to make your desire values are as close as possible.
The loan proposal is only an offer and free of charge. If, for any reason, you do not want to take out the loan, you simply reject the offer. A refusal has no effect on your credit bureau scoring. Your personal contact will be happy to advise you on alternative loans with other conditions.
What is the bank paying attention to?
Your credit rating is crucial for the bank. To check your credit rating, the bank gets an overview of your financial situation.
This process is called scoring, and your individual score comes from the factors that determine the risk of default. For example, your net income and different fixed expenses you have each month are relevant.
That is why also dependent children in your household are taken into account.
Their housing situation also plays a role: if the borrower has his own house, the bank recognizes this as additional security. Even the age can influence a possible lending of the bank.
Filling out so much data may seem a bit cumbersome at first, but in the end, it makes sense for everyone involved. Through the scoring, the bank can adjust the conditions, such as the amount of the loan and installments to the respective circumstances. The offer thus provides the bank with a guarantee that the loan can be repaid. At the same time, you have a much lower risk of getting into financial difficulties through the loan.
Where is the credit bureau in this process?
credit bureau is the credit bureau used by the bank to test your creditworthiness. The credit bureau has information about your previous payment history, which results in your credit bureau score.
You get a positive score through a good payment history. Have you been paying the subscription fee for years, is the rent always paid on time, and is your bank account the same for a while? Then do everything right for a good credit bureau score.
However, at credit bureau even small problems can lead to entries that directly lower your score.
A lower score means that you have to pay higher interest rates. With the loan calculator, you can expect a value of between five and nine percent. If you give creditlope access to your credit bureau data, we can recheck the credit bureau data. Sometimes you can set up a favorable interest rate with little extra effort.
What about my negative credit bureau entry?
If you have a negative credit bureau entry, it will be more complicated to accept a new loan. Only a few banks in Germany are willing to pay off a loan despite a negative feature.
The interest rates are therefore also significantly higher. In the loan calculator, you should assume a double-digit rate here. For a loan without credit bureau are currently calculated by the eleven percent interest.
It is worthwhile, however, to have your options checked despite a negative entry. If you have doubts, feel free to ask our advisors by e-mail or telephone. If the note has already been paid and the amount is not more than 1000, it is quite possible to apply for a loan with credit bureau.
Who wants all my data?
- If you are well versed in your own financial situation, it takes just a few minutes to complete the loan calculator and request. Nevertheless, there are many, especially personal data. Privacy and privacy are very important to us. Therefore, we only require information that we or the banks absolutely need for your credit inquiry and will NEVER pass it on to third parties for advertising purposes. The individual points are:
- Wish on credit and indication of purpose:
creditlope and the lender both need to know which product you want.
- personal details
creditlope needs your personal data for the application. Marital status, place of birth and nationality are used by the Bank for scoring.
- contact details
creditlope needs your address and e-mail to send you the credit documents. The telephone number is requested by the bank and used by creditlope only in urgent cases. Specifying the collection date at the current residence affects the scoring of the bank.
Your profession and working relationship are factors that influence your scoring.
- housing situation
Your living situation and the number of dependent children in your household will help the bank better assess your situation.
- Monthly earnings and expenses
The bank provides an overview with this information. They are crucial for calculating the amount of monthly installments and grading your credit rating
- Your bank account
creditlope does not deduct anything from your account. Your loan request is free and without obligation. The account is only used by the bank to make an offer and pay out your loan after signing the contract.
- The credit bureau clause
You decide for yourself whether you allow creditlope to view your credit bureau data. You are not obliged to. However, it is sometimes possible for us to receive a normal loan with credit bureau for you despite small entries. Without access, however, only 2% of all our banks come into question, so your chances of getting a loan are of course significantly reduced.