Official credit comparison.

A civil service loan can be taken up by teachers, academics and even civil servants. The other persons also include civil servants and professional soldiers.

A civil service loan is an installment loan with a very low interest rate.

Basic requirements as good as fulfilled

Basic requirements as good as fulfilled

The basic requirements that banks demand for installment credit can be met by civil servants. When applying for a civil service loan, applicants can demonstrate that they have a secure job.

You can not be dismissed as a civil servant, so the salary situation is very secure. But officials, like other consumers, can have a bad private credit checker. This has a negative effect on the otherwise very good creditworthiness. Officials should also make sure that the private credit checkerscore is not too low.

negative private credit checker – nevertheless good chances

negative private credit checker - nevertheless good chances

in a civil service loan, the private credit checker is examined. Negative private credit checker entries can be garnishments, the cancellation of the Dispos or even the withdrawal of a credit card.

Anyone who is in default of payment, which can happen quickly, can also get a negative entry. The influence of the private credit will noticeably lose importance in a civil service loan. Even if there is an entry, the safer income and the safer job can ensure that the loan is still granted.

Often the official gets the chance to increase the sum of the loan in order to repay the debts. For some banks, the private credit will not take place when an official makes an application.

Credit without purpose

Credit without purpose

Officials do not have to indicate a purpose when they receive a civil service loan. The loan amount is at your own disposal.

The customer does not have to provide proof of what the money was spent on. That also makes it easy to finance a car. Where banks usually want the vehicle registration as collateral, this will not be the case with a civil service loan. It can be used to pay old debts or make purchases.

With the low interest rates, a favorable debt restructuring can be made. As a result, entries in the private credit checker can be deleted.

Special features of the loan

Special features of the loan

The loan for civil servants has special features. Although this loan is a normal installment loan, there are special features. The term of such a loan can often be much longer than an employee.

The same applies to the loan amount that is taken up. Thus, larger and expensive purchases can be made that a “normal earner” often can not afford. The interest rates are also structured differently. Since the official is not terminable, no unemployment is expected. Banks often give very low interest rates.

As civil servants often borrow a lot, the bank still earns the loan, even if interest rates are kept low.

That’s how the credit works

That

The customer can get a civil service loan as a police officer, judge and civil servant for life. He must pay attention to how high the interest rates are. Some banks allow a fixed rate.

But that is not the case with many credit providers. For a non-binding inquiry, the salary should be stated and the civil servant’s status should be mentioned. Who starts a credit comparison, will find appropriate offers. The APR will be very low for civil servants. Thus, the displayed interest in a comparison can also be that, the officials are obtained. The credit rating is rated high.

Based on the purpose of use, the term and the loan amount, a chronological list is displayed to the customer. Here only the right offer must be selected.

Documents for examination

Documents for examination

The bank will check the creditworthiness of the official. For this purpose, documents must be submitted. Normally the remuneration is expected. The bank statements of the last one to three months must be submitted. The certificate of honor and the certificate of the employer must also be checked.

Old loans often have to be replaced with the new loan. After the replacement, a certificate is expected. After the test, a credit decision will follow in a few days. Sometimes it works even faster.

Civil servant loan – difference to civil service loan

Civil servant loan - difference to civil service loan

In the official loan, it is the loan amounts that have to be paid without taking out insurance. The bank awards favorable terms, so that a high loan amount can be paid in small monthly installments. The interest rates are very low and the term can be up to 20 years.

Often the bank uses the term “civil servant loan” and ” civil servant loan” for one and the same financing. These two are very different from each other.
The official loan is repaid during the term with contributions from an insurance company. In the civil service loan to a pension or life insurance is completed. It is spoken by a term loan. The reason is that at the end of the term, the total debt will be paid in such a way and not in monthly installments.

Should a surplus of contributions accumulate during the term, the borrower will receive it. The biggest advantage of this capital procurement is the hedging, if the borrower should die during the term.

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Credit for self-employed persons without Credit bureau.

It is much more difficult for self-employed people to get a loan than other bank customers. They are often assumed to have an inadequate credit rating without checking their creditworthiness in detail. If a negative entry is then added to Credit bureau, the prospects for a loan for the self-employed from a credit institution deteriorate further. But there are other ways in which those affected can still get a credit for self-employed persons without Credit bureau in this situation.

A loan against collateral

A loan against collateral

In the case of loans that are paid out against the deposit of a security, the borrower’s creditworthiness is generally subject to significantly lower requirements. Because if the debtor falls behind with his payments for repayments and interest, the security can be immediately used by the lender to settle his claims.

For this reason, such loans often do not request information from Credit bureau. In principle, all objects that have a certain value are suitable for such a loan for self-employed persons without Credit bureau information. In a pawnshop, for example, jewelry, consumer electronics or valuable collectibles can be deposited for a short-term loan.

Various banks also offer medium and long-term securities loans, in which shares, bonds and other securitized financial assets serve as security for a loan for self-employed persons without information. These securities will be loaned up to a maximum of 80 percent of their current listing.

A private loan

A private loan

If you want to take out a loan for self-employed persons without Credit bureau information but do not have any collateral, you can try to get a loan from a private person. There are now numerous specialized finance portals that mediate private loans between unknown people. This makes them a good alternative to banks, because not only borrowers and lenders benefit from low interest rates, but disadvantaged customer groups also have the chance to get a loan here.

Self-employed persons who would like to get a loan in this way should formulate a corresponding application with great care and publish it on a portal for personal loans. In addition to the desired loan amount and term, statements on the topic of repayment must also be made. Because only if potential lenders are convinced that they can easily get their money back will they be ready to provide a loan for self-employed persons without Credit bureau information.

In addition, when applying for a loan, you should also describe exactly what the money is used for. Especially start-ups or self-employed people who are planning to expand their business operations or hire new employees should explain these projects in detail. Because many private individuals like to support promising projects with which the self-employed can secure their own economic existence in the long term and create jobs.

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Special repayment: Pay off the loan quickly

 

A special repayment is an unscheduled payment. In this case, unscheduled means that in addition to your monthly installment, you add an additional amount to your loan. This means that the remaining debt is reduced faster and you are free of debt earlier. However, a special repayment is not possible with an installment loan. As a borrower, you are also not legally entitled to a special repayment of your loan.

As a result, not all banks offer repayment in addition to your monthly installment as standard. Rather, it is helpful to ask the banks about special repayment options before taking out the loan. This also tells you what options you have and what conditions you should meet. In general: If additional payments are expected in the future, the option of special repayment is worthwhile.

How much are the costs for a special repayment?

How much are the costs for a special repayment?

Nowadays, you can already get rid of them for free at many banks. As a rule, the bank grants you up to five percent of the loan amount once a year as a special repayment without incurring additional costs. Other banks can also have the special repayment option paid for their loan. There is a reason for that.

The bank does not always provide the money that you borrow from the bank itself. It borrows from the capital market. This in turn creates costs for the bank in the form of interest. Real estate interest is passed on directly to you as a borrower, plus a few tenths of a percent mark-up. If you pay back your loan to the bank earlier than expected, the bank will miss interest, which it has factored into your calculations. The banks want to be compensated for this. The banks request compensation payments in two ways:

  1. If special payments are agreed in the contract, the borrowing rate is usually raised somewhat.
  2. Special repayments that have not been contractually agreed can be paid by the bank in the form of a prepayment penalty.

How does special repayment work?

How does special repayment work?

The amount and amount of the special repayment are usually laid down in the contract. If this is the case, you are bound by the requirements of the contract. This means: You can only transfer the special repayment to the bank on this date. Our tip: Set up a standing order for the annual special repayment or write down the date (s) in the calendar. If you miss one of the agreed appointments, you may have to wait until the next appointment, possibly even until next year, before you can make another additional payment.

Note that this rule only applies if you have agreed free special payments with the bank. You can of course also make a special payment for your loan at any time. Then, however, a prepayment penalty will apply. Amounts paid outside of the agreed deadlines will be remitted by the lender. The same applies to amounts that do not correspond to the agreed amount. So that the bank can also classify your incoming payment in addition to your monthly installments, declare the payments as a special repayment in the “Purpose” field and add the number of your loan account. After each special payment, you can have a new repayment plan issued so that you are always up to date with the remaining term and the remaining debt.

For whom is a special repayment worthwhile?

For whom is a special repayment worthwhile?

Before you include special repayments in your loan contract, a calculation is useful. Take into account how much money is available to you each month, how much you can save and how much money can be expected annually in addition to your monthly income. If you expect regular special income, special repayments are worthwhile. Only if you regularly expect a large amount of money should you consider special repayment options.

For example, money from inheritances or donations can be invested in a special repayment. However, money from holiday and / or Christmas bonuses can also flow into your loan as a special repayment. If such money is not expected, special repayments in the contract are only worthwhile if they are offered by the bank free of charge. If not, you may sign a contract that is only expensive due to the increased borrowing rate. It is rather difficult to include special repayments in a loan afterwards. Therefore, you should take the time in advance to check all options in peace.

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