At least since 2012, credit without a cost in Germany is the rule. At that time, the Dresden Higher Regional Court ruled that processing fees for installment loans were not allowed. Even then, the banks demanded the fee but only if a loan really came about. But there are also cases where actually a non-performance fee has to be paid in advance, namely with some credit intermediaries. But that is unnecessary and sometimes even limited to fraud, because reputable agents offer a loan without any cost.
What is still to be considered for loans without pre-charge, you will find in our guide on loans without cost.
Isobanking, which demanded 2.0 percent of the loan amount as a processing fee. Wrong, the Higher Regional Court found Dresden. The processing of the application was ultimately in the interest of the bank and the markup only served to disguise the costs and advertise at an interest rate that did not reflect the full cost.
Almost all banks have abolished the processing fees, as the credit comparison shows. Anyone who asks them, of which customers can reclaim them.
Whether the verdict has really improved something is controversial. Because of course, the financial institutions have then changed their calculation and added the processing fee on the interest. After all, the borrowing rate is now more transparent, but by the Price Indication Ordinance, the indication of an effective annual interest was already prescribed before, which takes into account the processing fee. Even today, this information is the key parameter for customers in the search for the best credit, even though debit interest and effective interest rates are usually close together since the abolition of processing fees.
low credit ratings
From a Private credit score of D, which is a very bad Private credit value, Neofunding creates a creditworthiness certificate, which accounts for 10 percent of the loan amount. It checks whether the applicant is likely to repay his loan despite bad Private credit. The certificate only has to be paid, even if a credit agreement is concluded, if the customer is still refused, the creation remains free. In addition, it can later be submitted to the landlord or dealer as proof of credit. The surcharge is of course annoying and expensive, but borrowers with a score of D usually get no more loans.
With a very bad Private credit scoring value, Neofunding creates a credit rating certificate that checks the credit worthiness again. However, it only has to be paid if a loan is made, so the microcredit is also a loan without a cost.
Unlike the usual business model, Neofunding also offers a 2-installment payment option. The duration is exactly 60 days, but after 30 days a first installment has to be transferred. There is a flat fee. Unfortunately, this is not shown in the effective annual interest. Neofunding justifies this by referring them to a separate account. In addition, the company calculates interest over 60 days for the full installment, even though half of it was already repaid after 30 days. Credit test winner has therefore asked extra at Neofunding, if this information is correct. After several further connections the answer is: Yes, that is indeed the case.
Under Tipp therefore : Who lends money at Neofunding, that should always do for a maximum of 30 days. The maximum amount is 1,000 euros, so much has after salary almost everyone in the account. After a few days, a new microcredit can be applied for through the second installment. So you have to repay only half a month and saves both the high fee and interest. Anyone who regularly needs money should think about a call-off loan, which is usually cheaper than a micro- loan.
Processing fees are still the norm. Because the interest is paid to the lender, the platform itself is financed by fees. These one-time costs for mediation are the same for all customers at auxmoney, but depend on the credit rating at Lendico. Which platform is cheaper therefore depends on your own financial strength.
In this respect, it is not a loan without additional costs, but a loan without any cost. If no loan is made, nothing has to be paid.
Reputable companies make a non-committal and free offer first.
Credit intermediaries help especially in finding a loan without Private credit. They make contact with mostly foreign banks that do not ask for Private credit information. But a credit check is still taking place. Of course, even banks in Switzerland, the Netherlands or France want to get their money back with interest. Who has no or little income, for example, as an unemployed or low-income earners, who gets even with foreign banks no credit.
A glance at this chart shows why even expensive credit intermediaries can not help unemployed or mini-jobbers. Only from 1,080.00 Euro per month is the income attachable. Anyone who earns less and has no seizable assets, where the bank can not get anything, if he stops the payment. If the borrower has three children, then income pledging is only possible from € 1,930.00.
Dubious credit intermediaries therefore require some high fees, only then to inform the applicant, unfortunately, have not found a lender. Things are different for reputable credit intermediaries such as Pixocredit or Maxcredit. Here, customers can receive a loan without pre-payment and without Private credit, of course, provided sufficient creditworthiness. The application is free, even the loan offer is initially completely non-binding and free of charge. Only when the loan agreement has been concluded, the intermediary also earns money.