More and more banks and savings banks in the market offer private creditors several credit products today, which differ in terms of their maturity, loan amount, repayment and interest rates, but last but not least, credit rating also plays a crucial role. A negative credit rating used to be a direct exclusion criterion when lending.
The online banks in particular have revived the market in recent years, so that borrowers today can benefit not only from attractive interest rates but also from loan offers without credit rating. As in this area of the credit system, the supply has increased significantly in recent years, borrowers today no longer come to a comparison of several offers around.
When comparing multiple loans, borrowers should pay particular attention to the effective interest rate. Today, all credit offers are awarded with target and effective interest rates. The debit interest rate is the adjusted interest rate, which for this reason has little significance. If you want to profit permanently from low interest rates, you should align yourself with the effective interest rate. The effective interest rate for non-credit rating loans and salaries is fundamentally dependent on the creditworthiness of the borrower and the individual conditions of the loan.
In addition to the costs of provision, administration and processing, the effective interest rate also takes into account the loan amount and the term. Loan amount and maturity are difficult to calculate risk factors for the bank. Especially with high loan amounts and long maturities, the credit default risk increases significantly, which of course is taken into account by the banks in a high effective interest rate. The creditworthiness of the borrower is defined in the case of a loan without credit rating on the income, because the credit rating as an examination criterion is eliminated.
In the case of a loan without a credit rating and salary statement, proof of the monthly income is not required when applying for the loan. When applying for online credit, filling out an application form is enough to take the most important step towards credit. In addition to personal data, the application form also requires information about the income and the requested loan. By waiving the salary proof, it is easier for the borrower to apply. The lending bank, on the other hand, can significantly reduce the application costs.
The comparison of loans without credit rating and salary statement is now possible on the Internet with a loan calculator. Credit calculators enable the borrower to include individual details, such as term, loan amount, usage, etc. in the comparison. This makes it possible to achieve particularly accurate comparison results and permanently reduce the cost of borrowing.