First step: loan comparison
The loan application is the last step on the way to a loan. Borrowers should not “blindly” apply for a loan, as a rejected signed application will negatively affect their Schufa score. Instead, they should submit a condition request to several banks in advance. Each one that is willing to lend will give a provisional commitment with details of the individual interest rates and conditions. In this way, customers can quickly find a favorable loan that suits their needs.
In person or online?
But obtaining information about the loan in person at each bank is comparatively inconvenient. The borrower must make an appointment with a clerk and ensure that the clerk does not report the feature “credit inquiry” during the credit check to Schufa. To compare the credit conditions of different banks, he has to repeat the process several times. The online loan at Verivox offers an alternative. In our comparison, you can obtain a non-binding instant commitment and a personal loan offer from all Verivox-checked banks in just a few minutes with only one condition request. In the first step, only the desired loan amount, term and planned use are necessary. The calculator provides an overview of the interest margins of the various banks. For initial orientation, the representative example of each offer indicates the most favorable debit interest rate and effective interest rate, which two-thirds of the customers of the respective bank receive. You can filter the search, for example, for providers who allow free unscheduled repayments, installment breaks or early repayment without charge.
Individual loan offers
Different borrowers often receive a different APR - good creditworthiness means more favorable conditions (creditworthiness-dependent interest rate). To make a non-binding condition request and find out your personal interest rates, click on “Continue” at any bank in the credit comparison and enter your data once. Verivox makes a Schufa-neutral inquiry to all partner banks that grant the desired loan amount with the specified term.
This data is passed on:
Both for the credit check and for the loan offer, the respective bank requires a number of credit-related and personal data.
- date of birth, gender, nationality and marital status
- current profession and employer
- living conditions
- current contact details
- type of loan, loan amount, term and intended use (e.g. car loan or debt restructuring)
- financial circumstances, income and expenses and any collateral for the loan
- any debts
- non-binding Schufa information (without detriment to creditworthiness)
Submit credit application
After a bank receives this data, an automatic credit decision and a calculation of the conditions takes place. You can see these in the loan calculator and download, print and sign the corresponding loan application. The signed application is also a loan agreement, which becomes valid as soon as the bank accepts it on its side. To apply for the desired loan, customers send the signed loan application and the required documents (such as bank statements) to the bank by mail.
Some banks also offer a completely digital online loan with digital signature and document upload for the contract documents. Identity verificationNew bank customers must have their identity verified (legitimized) before taking out an installment loan. At a branch bank, the borrower can hand in the documents at the branch and at the same time show his or her ID card there for verification.
New customers can identify themselves online using the convenient Video-Ident procedure if they have fast internet access and a webcam.