Archives: Fully digitally lockable installment loan offer with disbursement – who do I get the credit for?
Best loan Credit is a fully digitally lockable installment loan offer with disbursement amounts between 1,000 and 25,000 USD
Annotation: Please note that an installment loan at Best Bank can only be taken out in combination with an in-house checking account!
Conditions of the Best loan
Best Bank is a direct bank with a purely online offer. The financial products offered are managed entirely via an app or in the browser via online banking.
The loan amounts at Best are between 1,000 and 25,000 USD with possible terms of 12 to 84 months. The term is selected in steps of twelve and cannot be selected in other grades. The interest rates depend on the creditworthiness and can effectively be between 1.99% and 19% pa.
An installment loan is either paid out directly by the Best bank or processed through the partner Nice Bank. This is intended to give a larger group of customers access to a loan.
Requirements for an Best loan Credit
You can only receive an installment loan from Best Bank if you meet the following requirements:
- Minimum age of 18 years
- Permanent residence in Germany
- Regular monthly income
- Current account at the Best bank
A key requirement is the Best current account. Without this, an installment loan cannot be applied for. The loan amount will only be transferred to this account, as a customer you have to make further changes yourself. If the Best current account is not used as a salary account, your main account can serve as a reference for your income.
How do I get the Best loan Credit?
If you do not yet have an account with Best Bank, you must first work through the application for a current account. Only then do you have the option of logging into the account overview and applying for a loan. You can do this directly in the browser or via the Best app.
When you apply for an Best loan Credit, you will first be asked for some personal information about yourself and your financial situation. If you have been using an Best checking account for 3 months as a salary account, you do not need to provide any further information. Otherwise you can log in via the online banking of your main account, which can be used to check the details of your financial situation.
Finally, verify yourself using the Videoident procedure. For this purpose, a direct interface to the partner company is integrated in the app. Best does not offer legitimation via Postident.
Repayment & repayment of the Best loan
Based on your personal information, the Best Bank offers you various repayment models from which you can choose the right one. Basically, the loan is repaid in fixed monthly installments.
A rate break is possible once a year. Free special repayments are not granted by the provider. A prepayment penalty applies for each unscheduled repayment.
You can view and manage your payment schedule at any time via the account management in the app.
Protection of the Best loan
Best Bank does not offer any form of protection, such as residual debt insurance. Recently, however, it has become possible for the provider to digitize and manage his insurance using the app. For this, Best works with the partner Clark, who acts as an insurance broker in this case.
You can use the app to manage your existing insurance policies, an overview of their costs and make claims. For this, Clark receives an insurance mandate, which allows the company to contact the insurance companies on your behalf.
Archives: Credit – what is a loan? A certain amount of capital is required to finance a trade or property
Not always available in sufficient amount
People need capital, which is not always available in sufficient amounts for a vacation trip, a property or a kitchen. However, a certain amount of capital is required to finance a trade or property. Companies and businesses also need capital, i.e. money, to set up and expand. Banks, savings banks or private individuals give borrowers a certain price, that is the interest, capital. These are typical transactions for banks.
They lend money, i.e. capital, to others. The loan for a property is called a mortgage loan, while an installment purchase for a kitchen or a trip is called a consumer loan or finance purchase. Every bank checks its credit decision before issuing a loan based on legal regulations. Means she checks the creditworthiness, the creditworthiness, her customers. It is examined whether the eligible creditors, after deducting the amounts necessary for a decent standard of living, such as the regular salary income, are able to pay the ongoing loan costs. In addition, the lender checks whether the future borrower in his previous behavior offers a guarantee that he will meet his commitments on time. It is also often clarified what security the borrower can provide.
Labor income, savings, real estate, assignment of receivables or a warehouse for commercial loans are collateral for the lender. For example, information is obtained from Schufa. After these checks, the interest rate on the loan is often measured. A credit check is always in the interests of both sides, the lender and the borrower.
What must a loan agreement contain?
Loans or cash advances must be in writing to protect borrowers. Every credit agreement must contain certain points, here a distinction is made between mortgage, commercial loan and consumer credit. A mortgage is always a long-term loan over 5 or 10 years, while a consumer or installment loan goes for a year or two. A mortgage is entered to secure the mortgage, which the bank uses to secure the loan. The borrower has the advantage of being protected against short-term interest rate fluctuations. The contracts for consumer credit must include the amount, number and maturity of the individual installments, the APR, the collateral, such as the retention of title and the total amount of all payments to be made by the buyer.
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