You know zero percent interest on a loan. But pay back less money than you borrow from the bank? Sounds incredible – but it is possible.A bitter interest rate war has raged on the German credit market for years. Installment loans are becoming cheaper and cheaper, and direct banks in particular are literally undercutting their fast, cheap online loans in the hunt for new customers. One or the other zero percent financing is no longer a rarity.
Interested parties are happy and they can continue to hope. Because now the first comparison portals even broker small loans from banks for significantly less than zero percent interest. Earning money with negative interest is a new trend in installment loans.
Borrow 1,000 dollars – repay 972 dollars
In the case of a current promotional loan, it is as much as 5 percent that you can earn exclusively as a fast online customer with your loan. If you finance 1,000 dollars for 36 months, you only pay 972 dollars back to the bank – 28 dollars for free. Ok, not the world, but at least.
But how does it work? Very simple: the negative interest rate loan is only available through known credit comparison portals. These exclusively mediate the already very cheap online credit of the direct bank and add a few dollars a month for the bank. The bottom line is that the customer pays back less money with his monthly loan installments than he originally borrowed from the bank. In the end, everyone benefits: the banks, the intermediaries and you as a credit customer.
Anyone who believes that such offers are only intended for a specific purpose is wrong. The current promotional loans with negative interest allow any purpose – from pocket money for the spontaneous vacation trip to the quick replacement of the annoying and significantly more expensive overdraft facility. This is where additional money can be saved.
Fast payouts only with sufficient creditworthiness
Despite the negative interest rate, a loan remains a serious liability that has to be paid in the end. The banks also know this and only grant their negative interest loans to consumers with a corresponding credit check who can also repay the money. This, in turn, usually happens very quickly: thanks to the latest digital processes for application, processing and credit checking, customers often have their bargains on their account the next day. Finance quickly and save at the same time – so that’s possible.
So far only small sums
With such promotional loans, comparison portals and banks, according to their own statements, want above all to raise awareness of consumer interest rates. Unfortunately, as data from the Fine Bank, Credit Bureau and the banking association show, most Germans still do not know that they often pay far too much for their bank loans.
Another reason why loans with negative interest rates have so far only been offered for very small sums of up to USD 1,000. However, given the current interest rate situation and competition on the German credit market, this could change in the near future. A good signal for us consumers.