If you are planning a new purchase and the reserves are insufficient for this, you can apply for a loan. With a good credit rating, the chances are very good that the loan will be approved by the bank.
Compare loan offers and apply for them conveniently from home.
However, credit is not the same as credit. For example, there are differences in the uses. But also the amount of the required loan amount is correct according to the respective requirements and your credit rating.
We would like to give you neutral information here and give you the opportunity to apply for a loan through us. An online loan in particular scores with numerous advantages, since it is very cheap and can be applied for conveniently from home.
What documents do I need for a loan application?
In order for the bank to decide on your loan application, it needs some information and documents from you. This can vary somewhat depending on the amount of the loan and the intended use, since, for example, higher loan amounts require a more intensive examination. As a rule, however, you need the following information and documents.
- Personal data
- Information on income relationships
- Fixed costs and other expenses
- Consent to a Credit Bureau query
- Original signed application
- Ident procedure
- The last salary calculations
- Bank statements
As already mentioned, it depends on the credit and the bank which information and documents are requested. For small loans, a Credit Bureau query and proof of salary are often sufficient. The higher the loan amount, the more collateral and evidence the bank will require.
At branch banks, you usually have to take the documents with you to the branch and sign the application. An identification process is not necessary because you will be personally presented. For online loans, you can usually upload the documents or send them to the bank by email. The identification process can be carried out using a smartphone and camera.
Apply for a loan: What can I afford?
If you want to apply for a loan, then you should consider in advance whether you can afford a loan at all. As a rule, you can always afford a loan if there is still credit remaining in your account after all your monthly expenses.
The easiest way to determine this is with a budget. To do this, write down all monthly expenses and add them to a total. Now deduct this amount from your monthly income. What is left is your budget surplus.
If you know your budget surplus, then you know how much you can spend per month to finance a loan. You can then compare offers much more easily and adjust the repayment schedule according to your needs.
The intended use plays an important role
When you apply for a loan, you usually plan to use the money for a specific purpose. For example, if you want to buy a new car or another car, there is a special car loan. Or if you are a tenant or owner of a property and you are planning a renovation or refurbishment, then a renovation loan would be an option.
The advantage of earmarked loans is that the banks often make better offers than, for example, a simple consumer loan for free use. With a car loan, for example, you assign the vehicle to the bank as security. The bank has a lower risk in the event of a default because it can then sell the vehicle. A lower risk for the bank is usually rewarded with good conditions.
However, there is a difference whether the purpose is only used colloquially or whether the bank actually prescribes a purpose. In the case of a car loan, for example, your credit contract states that you can only use it to purchase a car and then provide proof of purchase. The same applies to the renovation loan. For example, the name wedding loan is used only colloquially. If you apply for such a loan from the bank, the contract does not state that you can only use the money for the wedding. This is usually always a consumer loan for free use.
Branch bank or online loan?
You can apply for a loan both at the branch bank and online. Both have their advantages and disadvantages. Online credit, on the other hand, is now used very frequently by many consumers.
You usually have a personal contact at the branch bank. Maybe even a longtime trusted advisor who can advise you on credit matters. The disadvantage, however, is that due to the infrastructure, a branch bank calculates its loan offers differently than, for example, an online bank. Such offers are usually more expensive. The branch bank can usually only offer you one loan, namely that of your own bank, or possibly one of a cooperating bank.
With an online loan, on the other hand, you benefit from significantly more favorable conditions. With an online loan comparison, you can also choose from several instead of just one offer. There is almost always a contact person available by phone who will take care of you until the end. You can usually easily upload all the documents you need. In addition, the processing of your application can run faster since online banks usually have shorter and faster processes.
How to apply for a loan
- Online loan comparison
Use our online comparison calculator to determine the loan offers that are favorable for you. Simply select the required amount, the term and the purpose.
- Apply for credit
If you have determined a cheap offer, you can apply for the loan directly online. All you have to do is enter your personal data and provide information about your income.
- Submit documents
After submitting the application, the bank will request further documents such as proof of salary and the signed original application. You must also carry out an identity test with your identity card.
- Wait for approval
The bank will now check your loan application and will approve it as soon as possible, provided that there are no problems. After approval, you will receive payment to your bank account within a few days.