Online loan - 5 options in comparison

VARIOUS OPTIONS FOR AN ONLINE LOAN

You have various options for taking out an online loan. We explain the differences - so you can find the best option for you.

1. Classic online loan via the bank

2. Overdraft facility via the bank

3. Loan in kind (pawn loan)

4. Credit card installments

5. Crowdlending - loans from private individuals via platforms

ONLINE LOAN VIA THE BANK

The maximum loan amount for freely usable online loans at the bank is in most cases €50,000. (Source: durchblicker.at)

You must meet these requirements in order to take out your loan online:

• Regular salary receipts (or pension receipts)

• Main residence in Germany

• Minimum age of 18 years

• EU citizens

To take out a loan online, you will need the following documents:

• Salary confirmations for the last 3 months (or pension statements)

• Valid identity card or passport

• Current credit account statement (and remaining debt confirmation if applicable)

The following information is required from you in order to receive an online financing proposal:

• Marital status

• Income & expenses

• Living situation & address

• Employer data

acc. Research from July 2022.

DISPO CREDIT VIA THE BANK

To set up an overdraft facility, which you can use to access an overdraft facility, most banks only need a request via the app. The bank usually has all the information it needs to make a decision, so you can get approval (or rejection) straight away online.

TANGIBLE ASSET LOAN - PAWN LOAN

To take out a loan in kind, all you need is collateral in your possession. During the term of the loan, you deposit this item in the pawn shop and collect it again after repaying your loan.

This is how it works:

1. Offer: Check on cashy.de how much money you can borrow for which collateral and take out your pawn loan online right away. The fees are displayed directly to you.

2. Handover: You can bring your item to a store or simply send it by post.

3. Pay out: You will receive your money immediately in cash, via PayPal or as a bank transfer. Please note that a cash payout is possible up to a maximum of € 9,999 due to the Money Laundering Act. For higher amounts, the difference will be transferred.

APPLY FOR INSTALLMENT PAYMENT FOR THE CREDIT CARD

If you have a credit card, you can activate installment payments online with most providers. In this case, you will only ever be charged 10% or a fixed monthly amount of the outstanding total balance.

Contact your credit card provider online by email or via your e-account to use this service.

Important: The fees for paying in installments are comparatively high for credit cards, so it pays out to compare and switch if necessary. Some credit card companies offer lower initial interest rates for the first 6 months and are below the interest rates of other providers thereafter*.

*Alt. Research from July 2022.

CROWDLENDING - LOAN FROM PRIVATE

With crowdlending, you don't get your loan from a specific lender, you get your money from a large number of people. The advantage over a bank loan is flexibility - you can get a loan on some platforms even with a medium to poor credit rating, as the overall picture is assessed.

This is how it works:

1. You choose a platform that arranges loans from private individuals - in our example, Auxmoney.

2. You fill in a few questions online and find out shortly afterwards whether you can get a loan (maximum €50,000).

3. Your loan is available within 24 hours and can be paid out within just a few days.

YOUR OPTIONS IN COMPARISON

Here is an overview of the differences:

All information without guarantee according to research from July 2022. Errors and omissions excepted.