Installment loan from bank – loan calculator, experience and test.
April 14, 2020
Description and advantages of bank’s personal loan
The installment loan from Cream Bank is a loan that is concluded in paperless form. The necessary formalities are completed directly online and no documents have to be sent by post. Thanks to this fact, you can apply for the loan at any time, and the decision about a possible promise is usually made within a few minutes. In the Cream Bank loan calculator, first select the individual term (between 6 and 96 months) and the desired loan amount (between USD 1,500 and USD 80,000) and receive a non-binding loan offer.
The provisional amount of the monthly installment and the annual effective interest will be communicated immediately. Whether the installment loan can actually be offered on these terms depends on your personal financial situation and other related factors. The fact that you can earn a sufficient income from a non-self-employed (and in the best case, permanent) job or pension is of particular importance here. If you are self-employed, you cannot apply for this loan.
If you meet the framework conditions, you will immediately receive a preliminary commitment for the terms of your loan. In order for a final loan agreement to come about from this commitment, you must first upload all documents that can confirm your financial situation. This includes, in particular, bank statements for the current month and the past three months and proof of salary or pension notices for the past two months.
Decision of the loan approval
The final decision on the loan approval will only be made after your documents have been checked by the employee of the credit center. This is primarily about a credit check, which is an important prerequisite for the loan approval. If the answer is negative, your application will be rejected. If, on the other hand, the credit check is positive, then your loan application will usually be met. However, the result of this evaluation has a significant influence on the final conditions.
Because with the so-called Credit Bureau Score, which represents an assessment of your creditworthiness, Cream Bank is informed of how your payment history has turned out recently. If you have met your payment obligations from invoices or installments, your assessment should generally be good. If the creditworthiness is sufficient, but very low, Cream Bank will calculate and offer the loan at a significantly higher monthly rate and an adjusted effective annual interest rate.
In addition to quick processing, the installment loan from Cream Bank offers you some other important advantages. The loan amount can be used flexibly because you are not tied to a specific purpose, such as buying a property or buying a car, with this type of financing.