how it works

the effective annual interest rate is best for comparing loans. focus on this interest rate, because it indicates the total credit costs per year including all ancillary costs. the lower the effective annual interest rate, the cheaper the loan usually is. banks are legally obliged to show the effective interest rate for every loan offer.

a representative example must also be given in a clearly visible manner. the effective interest rate is also interesting for you here, as it gives you an impression of the interest rate borrowers have received for a loan.

one thing in advance: you don't always have to have a perfect credit score to be able to apply for a small loan. for larger loans, a good credit score can be a requirement. It also leads to low interest rates. the criteria usually consists of the following:

• legal age
• main residence within the country
• bank account within the country
• regular income
• mostly positive payment behaviour

once you have decided on an offer, you will be forwarded to the provider's website. here you enter the required data for your desired loan. you submit the required documents together with the loan application to the lending bank. finally, all you have to do is confirm your identity. video authentication is usually particularly quick and easy.

send the lender all the necessary documents immediately so that they can be processed and checked as quickly as possible. ideally, the loan will be paid out within two to four working days. smaller loan amounts are usually approved even faster.