Better than a loan calculator: credit comparison from the professional

Online Loans Bad Credit Instant Tech Digs

Find the best deal with a loan calculator – many credit seekers can easily imagine that. You want to enter the desired loan amount, select a term, and then receive immediate information about the monthly installments and the effective interest rate.

Why loan calculators are pointless

Such credit calculators are actually available on the internet in many places. Unfortunately, their significance is unfortunately very limited. Because such a computer is “fed” with standard conditions for standard customers, and then spits out the results on this basis. But every person looking for a loan is different, and that’s why general credit calculations use only a little.

Because it is by no means said that a concrete offer that takes into account the personal circumstances, just as the first calculation with the loan calculator. There are disappointments preprogrammed, if your own credit rating is not optimal and therefore for a loan slightly higher interest due. For good credit, there is no credit calculator for good credit, but only individual offers – of course, without any pre-payment.

If the loan calculator does not tell the whole truth

When banks promote lending, they often praise very cheap interest rates. But the truth is that very few borrowers can actually borrow at these extremely low rates. Even if the credit check results in a slightly higher credit risk, interest rates rise automatically. If a prospective loaner has a relatively low income and possibly a negative private credit entry, then the bank will offer him different loan conditions than a top earner with a perfect private credit account.

The risk assessment and the corresponding calculation is part of the daily business for the banks, and there is nothing to be said against it. It only becomes problematic when a credit calculator on the website gives the impression that almost everyone could get a loan at the conditions calculated there.

This is how your credit is calculated

For Rank Credit openness and transparency come first. Every interested person should know from the beginning at which interest rate he can take out a loan. That is why Rank Credit always creates individual offers that are tailor-made for each customer. To ensure that interest rates are as low as possible, Rank Credit seeks intensively and for the best credit at a number of banks. On the information in the free offer can rely on the loan seeker: All the facts are on the table, there are no hidden costs and there are also no interest surcharges just before the signature under the loan agreement.

Conclusion: A loan calculator is a nice gimmick. But who wants to have a reliable loan offer, which is much better served with a free request at Rank Credit.