Credit Check

Low-interest rates and good conditions – that seems almost suspicious. And indeed, many credit offers are only for the showcase. Individual premiums increase the interest rate.

The German banks no longer advertise now with platitudes about the trust of its customers ( “When it comes to money …”), but also attract more and more with seemingly attractive interest rates. But many of these offers are intended only as bait for the shop window. In fact, the interest rate that the customer has to pay for a loan, significantly differ from SuperZins from advertising, as a survey of the FMH financial advice Max autumn shows.

So a mortgage is often particularly advantageous if the borrowers themselves moving into the property. For rented properties, many banks and insurers often charge up to 0.10 percentage points. Freelancers have worse cards as permanent employees. With the same risk, they pay up to 0.15 percentage points. Even worse self-employed are found that need ever to cope with a premium of 0.25 percentage points. Not only freelancers and self-employed often get a negative response, even seniors are remarkably often there. And so the list goes on: It is not set fixed annual rate (annuity)? Then there is an interest premium of 0.30 percentage points often. Right to unscheduled? Interest premium. Is an appraisal required? Interest premium. There is no commitment interest? Interest permit

Conditions may become more expensive

“Thus, it may happen that a supplier’s condition, which he usually praises, by up to 0.6 percentage points more expensive,” says Max Herbst, whose agency regularly raises the terms of German banks and insurers. “With a loan of 100,000 euros, this leads to a higher outstanding debt of nearly 7,000 euros after ten years.”

A common practice in mortgage lending, it is also to limit the seemingly favorable interest rate to a low loan to value ratio. This may be tax sense to finance a property for 90 percent. Then the borrower must take half a percentage point more under certain circumstances compared to a lending limit of 60 percent in buying. Also, lean autumn observation from some providers to handle a KfW loan or finance a condo that is less than 50 square meters.

Main problem individual credit check

“These offers are just advertising,” says Hartmut Strube, a lawyer at the center for North Rhine-Westphalia. Crucial was the individual credit check of the banks, and there be after Strube view the main problems. Because the banks call today at all so-called scoring models. In this case, the customer’s individual data – criteria such as occupation, income, age, gender, place of residence, marital status – a statistical probability of default assigned. As a young lawyer gets particularly common a rejection, even if he should earn well – just because the bank may classify the entire profession as little creditworthy because of the number of lawyers. Even those who live in the wrong neighborhood, often can not get a contract because the neighbors of the borrower are not as cash joyfully. In contrast, bank customers can do little. “The bank employees naturally not say why they reject a loan application,” said Strube.

Against the loss leaders of the banks and the consumer advocates are largely powerless. Often the attractive terms are marked with an asterisk. In the small print of amazing activities are – quite legally – then restricted. “Apparently, the Court approves this asterisk notes,” said Strube. Yet it these deals are an eyesore. He could only recommend studying the terms carefully. Lending based on impersonal scoring models will increase, according to Strube: “In Japan, the credit is already out of the machine.”

However, the deviations from the storefront conditions can also be in favor of the customer when it negotiates skillfully fall observed. Like who repays a mortgage with a ten-year fixed interest rate and within ten years, can bring out a discount of up to 0.15 percentage points. An interest income, the bank should also be awarded if the loan amount exceeds 100,000 euros if the initial repayment of over one percent is a year or when the loan is paid out in one fell swoop.

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