Many banks and lending institutions offer loans that can also be made or exclusively via the internet. In some cases, these are even provided with special, discounted conditions, which manifests itself primarily in the processing fees. Due to the large number of offers, however, a close comparison is required, so that a really cheap online credit can be found.
What special features does a cheap online loan bring?
At the beginning, two cases of the online loan should be distinguished. For one thing, a cheap online loan can be a loan offer that is only available on the Internet and has been specially designed for this type of application. On the other hand, it can also be a regular offer, which can also be applied for in a branch. But even this variant can be provided with special conditions, provided that the application is made on the Internet. Often it is the processing fees, which are reduced by 1% to 2%.
Many of the offers to promote a cheap online loan are called instant or direct loans. The question of whether the loan amount actually finds its way to your own checking account faster is not unjustified. In addition, these offers are often advertised with an instant confirmation, which is to inform the customer seconds after the online application, whether his credit has been approved or not.
That it comes to a decision, should not be denied. However, this is only provisional and therefore not binding, neither for the bank nor for the applicant. Even with a loan with immediate promise, there will still be a bank employee, who submits the received documents to a final check, since some key figures in the course of the automatic immediate promise, the situation can only be roughly or inadequately recorded.
The period between application and payment is – if at all – only slightly shorter than for a branch application. From an immediate commitment or should the decision for or against an online loan so not be made dependent, since the differences are too small here. It is even quite possible that a cheap online loan requires a longer processing time, since the settlement must be handled via the PostIdent process, if there is no branch at which the documents can be submitted.
How do you compare a cheap online loan with other offers?
In principle, the same rules apply to online loans as with normal installment loans. The focus in the comparison should therefore be placed on the effective interest rate, because this provides information about how expensive a loan really is in the end. Most online loans are classic installment loans that are endowed with the appropriate terms. It also plays less of a role, whether the loan is available only over the Internet or can be applied for in a branch.
But it is also thanks to the Internet that credit comparisons can be carried out very quickly and efficiently. Numerous credit comparison sites help borrowers find the right offers. However, one should not lose sight of the fact that most comparison portals only ever compare the offers of certain banks.
To get the most objective overview possible, it is therefore necessary to look at several of these pages. As a result, it is also possible to gain an overview of the currently prevailing conditions, which makes it possible to differentiate expensive and favorable offers from one another at a faster, practically at a glance.
In addition to the classic installment loans but there are other offers that promise a cheap online loan. Car loans can also be concluded in this way, for example.