With a loan calculator, you can purportedly calculate your personal loan in less than a minute. But is that really true?
The answer is unfortunately sobering: In most cases, credit calculator is nothing more than a nice gimmick. You notice this at the latest when your PERSONAL loan offer has nothing to do with the GENERAL calculations from the advertising.
A credit calculation must always be completely individual. Your credit rating, regular income and expenses as well as the private credit information play a role – among other factors. However, a loan calculator only asks for the desired loan amount and the term.
If you enter both, your supposed credit will appear on the screen shortly afterwards. However, it is a completely non-binding calculation. The numbers say nothing about the conditions for which you actually get a loan.
As soon as it becomes concrete, the bank demands documentation and evidence. Then your credit rating, your private credit score and much more will go into the exam. And all at once there is no credit. Or you will be forced to accept much worse terms.
To be clear, credit calculators are not scams or deliberate misleading. There are actually borrowers who receive a loan on the terms indicated. These consumers need to search with a magnifying glass because their share is so small.
Conclusion: For probably 98 percent of all creditors, credit calculators bring nothing at all. Instead, you will need an individual calculation and a tailor-made offer, as you would receive at Crediter.
Also in this case you only need to start one single free request. And yet, the terms of up to 20 banks flow into your offer – and best of all: You will actually receive your preferred loan on the terms that you can read in black and white.
Loan amount, monthly installment, APR: This information is specific to you and will not change. With your offer you receive an absolutely reliable basis for your credit decision. Something comparable can never afford a loan calculator.