Loans without agency fees are not uncommon on the Internet, which is hardly surprising, because these loans are also considered the most reputable loans in the industry. Internet credit calculators never charge a brokerage fee, and certainly not in advance, at least not if the credit calculators are serious. These comparisons and the respective websites are financed by a commission that is provided by the bank and paid out for each customer referred.
Borrower can find the cheapest
Since the commissions are usually valued almost identically, the loan calculator does not lose any of its independence. In addition, the borrower can independently find the cheapest provider from the table that the loan calculator issues after entering the loan amount and term. The majority of the comparisons sort the providers and their respective loans in descending form from the cheapest to the most expensive loan anyway.
In most cases, the first-placed provider is the provider who would provide the cheapest loan for the specific needs of the borrower. Sufficient creditworthiness is, of course, a prerequisite, because even with a loan without an agency fee, the borrower must always have sufficient income or a surety to replace it, and a flawless Schufa entry is always an advantage when borrowing. People with a negative Schufa ranking are rigorously rejected by many German banks, unless they have an above-average income which is obtained from a permanent job.
Online transparency offers a comprehensive overview of costs
The borrower can find out relatively quickly via the respective conditions of the computer whether the loan is without an agency fee. As already mentioned, the large number of all loan calculators are always free of charge and also non-binding for the borrower – the accruing commissions are paid 100% by the lender. This does not have a disadvantage for borrowers, however, because direct bank loans are often still much cheaper than comparable loans from house or major banks.
Nevertheless, the borrower can of course also have a non-binding offer made on a loan, which should not be a problem, especially with the house bank, if the creditworthiness is actually given. Ultimately, borrowers should then choose the loan that has the best terms and the lowest interest burden. A brokerage fee is generally only charged for loans if a person is used as a credit broker.
This is, if at all, only the case with larger loans, i.e. loans that are at least in the millions. This fact is therefore irrelevant for private individuals, which is why they can simply take out a loan without an agency fee. Thanks to the Internet, countless banks can be conveniently compared, while all the computing work is done by the loan calculator and its database. As a result, borrowers can also be sure that all the amounts stated are actually correct.