More and more banks and savings banks are now offering low-interest payday loan products to interested consumers, and the number of online banks in particular has risen sharply in recent years as the internet spreads. Online banks on the Internet offer low interest rates and flexible contract terms, which can not least be attributed to the different access conditions to the market.
In contrast to the large banks and savings banks, online banks have no fixed branch network and offer their credit products exclusively via the Internet. The fact that the online banks operate exclusively via the Internet, they can benefit from both a lower cost in the branches as well as in the field of human resources, the cost savings, the banks can pass in the form of low interest rates to the borrower
In addition to interest rates, the conditions for borrowing have changed in recent years. Those who previously had a negative remark, or were in training, were often excluded from lending in practice.
But also the big banks and savings banks with a fixed branch system offer payday loans for apprentices with remark today.
Apprentices can benefit from a non-terminable employment relationship until the end of their training after the probationary period, which enables them to take out a payday loan. When comparing payday loans for trainees with remark, apprentices should take particular account of the effective interest rate. In contrast to the borrowing rate, the effective interest rate includes all costs associated with borrowing, such as processing and administrative costs, etc.
In addition, however, the payday loan amount and term as well as the creditworthiness of the borrower are also included in the effective interest rate. Trainees should choose a long term and minimum payday loan amount due to limited financial resources to minimize credit risk. However, long maturities also have a major disadvantage, the residual debt is reduced more slowly, so that the credit costs are higher, so trainees should plan exactly the eradication.
When comparing several offers, trainees should use the credit comparison on the Internet with a payday loan calculator. Credit calculators offer the consumer the opportunity to make a comparison with reference to payday loan amount, term, repayment, income, etc. Within a few seconds, the payday loan calculator filters out the best individual offers. The individually best offers can be quickly filtered out and thus a lot of money saved.