Netbank, like Consorsbank, offers installment loans for existing customers as well as for new customers. In both cases, the loan is not granted directly by the respective direct bank, but in the case of Consorsbank via Sud-West-Kreditbak and in the case of netbank officially via Augsburger Aktienbank ("netbank" is a brand of Augsburger Aktienbank). What both installment loans have in common is that applications can only be submitted online.
The possible loan amount in comparison: Consorsbank offers "less"
The possible loan amount amounts to the Consorsbank installment loan from 2500 to 50.000 Euro, while Netbank offers corresponding loans from 3000 and also up to 50 000 Euro.
The difference is thus small in this area and is only relevant for credit seekers who actually need only 2500 euros as a loan amount.
Both banks do not offer higher loan amounts for installment loans – and are thus also within the "standard", as there are only a few banks that offer installment loans > 50.000 EUR loan amount; offers for this can only be found on a few loan comparison platforms, one of which is the Smava loan comparison service. See also our text 60000 Euro loan.
Netbank / Consorsbank: Who receives an installment loan at the respective bank?
Consorsbank grants the credits exclusively to dependent employees, while freelancers and self-employed persons are excluded from the credit granting with it.
Netbank, on the other hand, expressly points out that it also disburses loans to freelancers and to smaller self-employed persons who are not subject to trade tax liability. Formally, it distinguishes between the product installment loan for employees and a loan for freelancers, but the conditions of both types of loans are similar. Netbank additionally points out that also freelancers and self-employed persons may use the installment loans granted by it only for private purposes. However, it apparently does not request proof of this.
For employees, Netbank does not require the end of the probationary period, but is satisfied with an employment relationship that has existed for two months.
Are differences with the income imputation recognizable?
Specific information on the inclusion of income received in addition to the fixed salary can only be found in the FAQs of Netbank, but not in the explanations on the Consorsbank installment loan. This suggests that the decision on the Consors installment loan is in fact based exclusively on the main income.
Netbank, on the other hand, explicitly includes other income in its household calculation, such as earned income from a side job and, in the case of monthly payments, private pensions. This also applies to child benefit and rental income.
The possible terms and unscheduled repayments
The loan term at Consors ranges from one year to seven years, while Netbank additionally offers a term of six months. The latter is also much more flexible in the exact duration of the contract. While Consorsbank grants installment loans exclusively over full years, Netbank allows the choice of the contract period on a monthly basis.
In addition to full early repayment, unscheduled repayments of parts of the remaining amount are possible at any time with both loan offers.
Netbank charges fees for unscheduled repayments or early repayment in any case. According to the price list at https://www.netbank.en/private-customers/service/legal/price-display/ at 09.01.2017:
Administrative expenses for unscheduled repayments of loan agreements:
Early repayment fee for unscheduled repayment:
Early repayment penalty in the event of early redemption:
"Compensation due by law" means: 1% of the amount repaid early if the remaining term of the loan agreement is > 1 year; if < 1 Jahr, dann 0,5% der Restschuld (bei vorzeitiger Ablosung) bzw. des vorzeitig zuruckgezahlten Betrags.
The interest rate for installment loans in comparison
Consorsbank (via SWK Bank) charges an interest rate of between 3.25 and 5.80 percent effective, depending on your creditworthiness (as at 09.01.2017).
At Netbank, on the other hand, a fixed effective interest rate applies to all borrowers, which only changes due to the term (= term-dependent, creditworthiness-independent installment loan interest rate). This is 3.54 percent for a term of six to twelve months and 3.91 percent for a contract period of seventy-three months or more. For all other periods, the fixed interest rate of Netbank is 3.81 percent.
Expiration of the credit
There are minor differences between the two banks in the lending process. Netbank clearly indicates that the consent given online is initially provisional. We could not find a comparably clear indication at Consorsbank. However, since it, like Netbank, requests the bank statements of the past four weeks and the copies and pay slips of the last two months, the provisional nature of the online approval is also apparent with it.
Customers of both banks print out the loan application themselves and submit it together with the Postident form to a post office. The latter does not apply to existing customers. The FAQs of Netbank contain a passage, after the bank sends in individual cases the application documents for the loan by mail, if the prospective customer definitely can not open the form on his computer. Both banks assure the fast processing of the loan disbursement.
Which of the two loans is more likely to?
For a number of prospective borrowers, the Netbank loan is more likely to be considered than the Consorsbank installment loan, as the lending conditions are simpler. This is especially true for the following groups:
- Smaller self-employed and freelancers
- Employees who have been employed by their current employer for at least two months, but less than six months
- Credit seekers with additional income
- Families who receive child benefits
Of these, smaller self-employed persons and freelancers as well as employees who have only been in current employment for two months receive an installment loan exclusively through Netbank and not through Consors / SWK, while for the other groups the inclusion of the corresponding additional income has a positive effect on the loan decision and on the interest rate to be paid.
For customers who want a loan term other than full years, Netbank is also the better choice, as it allows any number of monthly installments between six and eighty-four.
If you have a good credit rating, the effective interest rate of Consorsbank is lower, while customers with an average credit rating save on the fixed interest rate of Netbank . In some cases, borrowers generally prefer offers with fixed interest rates to those with rates dependent on personal creditworthiness, as these make it easier to compare loans. For the relevant group of people, the installment loan from Netbank is naturally the better offer compared to the loan from Consors Bank.
To whom it is important to make unscheduled repayments free of charge, so that, if necessary. to become debt-free more quickly, however, should check the offer of Consorsbank / SWK-Bank preferentially, because there unscheduled repayments are free of charge.