When a loan is taken out, various interest and fees apply. As long as the loan was not taken out from a dubious intermediary but directly from a reputable bank, these are all collected in the effective interest rate. This effective interest rate clearly shows the costs associated with the loan and is therefore ideally suited for a comparison when looking for a suitable loan offer.
Many consumers are of the opinion that banks can also take a processing fee when granting loans. To save them, they are specifically looking for a loan without a processing fee. This is not necessary at all. Because banks and savings banks may not charge a processing fee for the provision of consumer credit. Not since 2014, when the Federal Court of Justice issued a corresponding decision.
The search for a loan should therefore be the search for a loan without a processing fee, but always for a loan with low interest rates and good repayment conditions.
Are there still any processing fee credits?
Even if a loan without a processing fee is required by law, there will of course still be some black sheep who charge this fee. These black sheep are less likely to be found at traditional banks. But there are plenty of them among credit intermediaries and so-called financial experts. You earn from the processing fee and are therefore very happy to collect it. Who pays the fee in the end and when always depends on the agent.
If he is serious, he only charges the fee after the loan has been arranged. In the best case, even directly from the bank to which he referred the borrower. If he works less seriously, the fee is often asked in advance. However, there is no guarantee of credit brokerage. As a prospect for a loan, despite the processing fee paid, you can end up without a credit despite everything. We therefore recommend never taking advantage of loan offers that require a processing fee to be paid in advance.
How do you take out a loan without a processing fee?
To take out a loan without a processing fee, you should always first get a precise overview of the various offers. These are so wide-ranging that the selection would be very difficult without a prior comparison.
It is worth using a comparison calculator for an overview or comparison. You can find it here on the Internet. The desired loan amount and the desired term are entered in the comparison calculator. Alternatively, the monthly installment can be used instead of the term to obtain credit proposals.
The loans offered are all without a processing fee as they come exclusively from banks. If a good offer was found, the bank behind it can be contacted and the application for a loan can be made.
Processing usually only takes a few days, so the money is quickly available. If you are in a particular hurry, you should make sure when choosing the right loan that it is an instant loan. Or else, the loan is taken out directly at a bank. There are no long waiting times and the money from the loan can sometimes be received directly after the application.