18.05.2022 – 07:30
- In 2021 alone, consumers saved 357 million euros with a credit comparison
- Interest rates for online loans 37 percent lower than the national average rate
Consumers who have compared consumer loans online in recent years have benefited from significantly lower interest costs compared to the national average. With a loan comparison, customers saved 2.2 billion euros in interest costs within ten years and more than 357 million euros in 2021. This is shown by a current CHECK24 analysis using the study results of the research institute IPRI. The figures from the interest rate statistics of the Deutsche Bundesbank were compared with every loan concluded via CHECK24 since 2011.1)
“Consumers rarely get the cheapest loan offer from their local bank”says Dr. Stefan Eckhardt, Managing Director Loans at CHECK24. “Our study shows that consumers can drastically reduce their own interest costs by making an online comparison.”
Interest rates for online loans 37 percent lower than the national average rate
The reason for the savings is the large difference in interest rates between individual loan offers. In 2021, CHECK24 customers received loans at an average effective interest rate of 3.49 percent.2) That is 37 percent less than borrowers pay on average in Germany (5.53 percent eff. pa).3)
“The interest rate differences are due to the different acceptance guidelines and requirements of the banks and intermediaries”says Dr. Stephen Eckhardt. “If the European Central Bank increases deposit rates in July, installment loan rates will also rise.”
Interest rates on installment loans have fallen significantly in recent years. That could change in the course of 2022.
“We are probably facing a turnaround in interest rates”says Dr. Stephen Eckhardt. “However, not all banks are increasing interest rates at the same pace. Anyone looking for a loan should therefore always obtain several offers and compare conditions.”
Digital loan conclusion saves the trip to the post office or bank branch
Since the beginning of 2017, CHECK24 has made it possible to take out a loan completely digitally. It is no longer necessary to sign the loan agreement by hand and send it to the bank by post. The identity check is also done from home, using a digital identification process – this is not only convenient, especially in Corona times, but also secure.
More than 300 credit experts provide personal support for consumer questions about installment loans
Over 300 CHECK24 credit experts provide personal advice seven days a week by telephone or email on all questions relating to consumer credit.
1)Source: IPRI International Performance Research Institute non-profit GmbH. The data used for the years 2011 to 2020 are based on the study “Customer Savings on Consumer Loans – 2020”, Munich and Stuttgart, February 12, 2021, further information at https://ots.de/wHOJZ1; the savings for 2021 are self-calculated using the same analysis basis
2) Basis: volume-weighted average effective annual interest rate of all loans concluded via CHECK24 in 2021
3)Source: Interest rate statistics of the Deutsche Bundesbank – annual percentage rate including costs for consumer loans to private households, weighting according to new business volume (own calculation)
CHECK24 is Germany’s largest comparison portal. The free online comparison of numerous providers creates consistent transparency and customers often save several hundred euros by switching. You can choose from over 300 car insurance tariffs, over 1,000 electricity and over 850 gas providers, more than 300 banks and credit brokers, over 350 telecommunications providers for DSL and mobile communications, over 10,000 affiliated shops for electronics, household goods and car tires, more than 300 rental car companies , over 1,000,000 accommodation providers, more than 700 airlines and over 75 tour operators. The use of the CHECK24 comparison calculator and personal customer advice seven days a week is free for consumers. CHECK24 receives remuneration from the providers.
CHECK24 supports EU quality criteria for comparison portals
Consumer protection is the top priority for CHECK24. CHECK24 is therefore actively involved in enforcing uniform European quality criteria for comparison portals. The list of principles of the EU Commission “Key Principles for Comparison Tools” contains nine recommendations for objectivity and transparency, which CHECK24 fulfills in all points – including rankings, market coverage, data currency, customer reviews, user-friendliness and customer service.
Original content from: CHECK24 GmbH, transmitted by news aktuell