▷ Black Friday: separate credit cheaper than financing from online retailers

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Munich (ots)

• Financing from online retailers is up to 1,000 euros more expensive than a separate bank loan
• More than 300 credit experts provide personal support for consumer questions about installment loans

For Black Friday on the last Friday in November, many retailers lure with discounts. Consumers who opt for financing directly from the retailer when hunting for bargains then pay high interest costs. At the top 1,269 euros for purchases over 4,000 euros.

Two financing examples with a purchase over 2,000 euros and a two-year term and 4,000 euros with a four-year term show the differences in the conditions. In the most expensive case, consumers * pay 15.31 percent for two years or 15.20 percent for the four-year financing, in the cheapest 6.99 percent.

“By financing from the dealer, supposed bargains turn out to be expensive at second glance,” says Dr. Moritz Felde, Managing Director Loans at CHECK24. “An independent consumer loan can save a lot of money, especially with high sums and longer terms.”

Expensive financing from online retailers: Independent bank loan up to 1,000 euros cheaper

For example, if consumers finance a television set worth 2,000 euros from the retailer, they pay between 144 euros and 312 euros in interest costs. For an installment loan of the same amount for free use, CHECK24 customers paid an average of only 81 euros in the current year.1)

With a purchase worth 4,000 euros, the cost of dealer financing is between 703 euros and 1,269 euros. With an installment loan from a retailer-independent bank, CHECK24 customers pay an average of only 309 euros and thus save almost 1,000 euros.

“As a rule of thumb, consumers * with sums over 1,000 euros go cheaper with a separate consumer loan than with financing from the dealer”, says Dr. Moritz Felde. “Many banks also offer fully digital loan closings and next business day payouts.”

A digital loan arrangement saves you going to the post office or bank branch

Since the beginning of 2017, CHECK24 has made it possible to take out a loan completely digitally. The handwritten signature and the sending of the loan agreement to the bank are no longer necessary. The identity check is also carried out from home, using the digital identification process – this is not only convenient, especially in times of Corona, but also secure.

More than 300 credit experts provide personal support for consumer questions about installment loans

If you have any questions about consumer loans, over 300 CHECK24 credit experts advise personally on seven days a week by phone or email.

1) Basis: weighted average effective annual interest rate for all loans concluded in 2021 via CHECK24 with the purpose of “free use”

About CHECK24

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 rates, 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 and car tires, more than 300 car rental companies, over 1,000,000 accommodations, more than 700 airlines and over 75 package 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 a top priority for CHECK24. Therefore, CHECK24 actively participates in the implementation of uniform European quality criteria for comparison portals. The EU Commission’s catalog of principles “Key Principles for Comparison Tools” contains nine recommendations on objectivity and transparency, which CHECK24 fulfills in all points – including rankings, market coverage, current data, customer reviews, user-friendliness and customer service.

Press contact:

Florian Stark, Public Relations Manager, Tel. +49 89 2000 47 1169, [email protected]
Daniel Friedheim, Director Public Relations, Tel. +49 89 2000 47 1170, [email protected]

Original content from: CHECK24 GmbH, transmitted by news aktuell

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