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The most important thing about a credit

 

With CheckNow, you can go from the first comparison to the personal offer to the loan in three steps. You do not have to ask each bank individually, but find out directly where you get the cheapest interest rates.
CheckNow customers finance a third cheaper than the national average. They can conclude loans conveniently and quickly from home and always receive the best advice. All services of CheckNow are free of charge and without obligation for you: All advantages at a glance.
In order to find the best loan for you personally, you should also choose the right term. In addition, pay attention to the necessary flexibility in repayment and indicate the intended use.

This is how it works in 3 steps:
With the credit comparison to your desired loan

Compare loans quickly & easily

With the CheckNow credit comparison you will find the cheapest financing offer for your personal project in the shortest possible time. After entering the required amount of money, the planned use and the desired term, we list the current offers of numerous credit banks and intermediaries clearly. Using the filter and sorting functions, you can arrange the loan offers, for example, according to the lowest two-thirds interest rate, the best customer reviews or the fastest payout. Offers without free special repayments, installment breaks or with credit-dependent interest can be removed from the selection.

Request credit without obligation & credit bureau-neutral

If you have found the right offer via the credit comparison, you can obtain a credit bureau-neutral loan offer tailored to you. After entering some data about yourself and your financial situation, you will already receive a preliminary financing decision from the institute. Your personal financial expert will then help you optimize your loan request so that you really get your money on the best possible terms. He can also answer all open questions about your loan.

If you have selected an instant loan, the lender decides immediately after entering your data whether and on what terms you will receive your loan. This is made possible by the digital account view: You send your account statements to the bank with just a few clicks directly via your online banking. Your online application is largely filled in automatically with the available information, so that you hardly have to provide any further information.

Submit documents, legitimize & receive credit

In order to conclude the loan bindingly, you will receive the contract digitally and optionally additionally by post. For the proof of your identity, which is necessary for the conclusion of a loan, you can identify yourself conveniently at home using the video identification or account identification procedure – or identify yourself in a post office by means of a Postident procedure. Required documents can be sent either by upload or by post.

For loans with a fully digital conclusion, you always identify yourself online and sign the contract digitally. You can photograph the documents and submit them digitally. Pay attention to good readability.

Once you have completed these steps, the second credit check will be done by the bank. If it is successful, your loan will usually be paid out to your current account within two to five working days. In the case of a loan with immediate payment, the second credit check is omitted and you will receive the money at the latest on the next bank working day.

 

Frequently asked questions about credit & credit comparison

Who can take out a loan?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

How much credit can I afford?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Is the credit comparison free?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

What information is required for the credit comparison?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

What documents do I need to complete my loan?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

When do I have the money in the account?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Your advantages at a glance: That’s why you should compare loans via CheckNow

Best market overview, cheaper interest rates

Via CheckNow you can compare the bank loans of numerous banks and credit intermediaries. Whether free use, car loan or rescheduling of existing loans: Only those who compare the conditions of different banks via CheckNow can be sure to get the best possible market overview. Those who conclude their loan via CheckNow therefore pay 38 percent less interest than the federal average.

Quick & easy

CheckNow makes it as easy as possible for you to conclude a loan. That’s why we offer you digital services with which you can conclude your loan in a time-saving and convenient way from home: From the identification procedure, with which you can prove your identity online, to the CheckNow document upload, with which you can submit all the documents required by the bank online, to the possibility of signing your loan agreement digitally.

Especially time-saving, you can apply for an instant loan. You do not have to upload your account statements or send them by post, but retrieve them online. The bank can thus decide accordingly quickly on the granting of loans. In the case of a commitment, you will have the money in your account according to the identification procedure and digital signature by the following working day at the latest.

Credit bureau-neutral & non-binding

If you are looking for a suitable loan offer for your project via the credit comparison of CheckNow, you can safely obtain an individual offer from the CheckNow partner of your choice. This is not only uncomplicated, but also credit bureau-neutral: Your condition request via CheckNow is always reported as such to the credit bureau. This has no influence on your score at the credit bureau. Also, all offers that you obtain via CheckNow are always non-binding – whether you actually use the loan, you always decide for yourself.

Exclusive conditions

We always like to prove our negotiating skills for our customers: We regularly negotiate exclusive special conditions with our partner banks, through which our credit customers can save money when concluding a contract via the CheckNow credit comparison. These exclusive special conditions can only be found with us – not with the providers themselves or other comparison portals.

Automatic offer optimization

Although credit institutions always judge creditworthiness according to similar criteria, they can make very different decisions in individual cases. It can happen that you receive a loan offer for a certain financing request from one bank and not from another. In the case of credit-dependent interest rates, the interest rates offered often differ significantly. Therefore, it makes sense to always make the non-binding loan request at several banks. In the credit comparison of CheckNow, this happens automatically via the free offer optimization. All you have to do is agree to the procedure in the online application.

If you make a request to a specific institution from the credit comparison at CheckNow, other providers will be determined on the basis of your information, who may offer you even better conditions.

Best advice included

After the non-binding inquiry about the CheckNow credit comparison, one of over 300 credit experts will be at your side personally. Your credit advisor can draw on a sound education and several years of professional experience. With detailed financial knowledge, he answers all your questions about borrowing and ensures that you always get the best deal for you.

Our consultants can be reached seven days a week between 8:00am and 6:00pm by phone at 079 – 78 78 300 18 or by e-mail at info@checknow.rw.

Compare loans correctly – 6 tips:
How to make your loan particularly cheap

Tip 1: Pay attention to the APR

When comparing credits, you should primarily pay attention to the APR. Banks include in this interest rate all costs associated with the conclusion of the financing. This is not the case with the borrowing rate. The effective interest rate is therefore the key figure that shows all the borrowing costs that the customer will incur when taking out a loan. The only exception to this is the voluntary residual debt insurance. In the CheckNow credit comparison, you can compare different loan offers based on their effective interest rates and thus easily and quickly find a cheap loan.

Some loans are granted at uniform interest rates,others at credit-related interest rates. If an interest margin is displayed in the credit comparison, then it is credit-dependent interest. The effective interest rate that you as a borrower pay for such a loan varies within the specified range of minimum and maximum interest rates. At what interest rate you personally receive your loan, the bank decides only after an initial credit check. Before you have requested your personal credit conditions, you can orient yourself on the so-called two-thirds interest rate for such offers. This is the interest rate that at least two-thirds of all customers pay for this loan at most.

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Tip 2: Stay flexible with special repayments

When comparing loans, don’t just pay attention to interest rates. The necessary flexibility in repayment can also be worth a lot. Free special repayments, for example, offer an excellent opportunity to save on loan interest. After all, you always pay the interest only on the outstanding loan amount. The sooner you repay it, the less interest will be charged.Free special repayments are often only offered within a certain framework. They are often limited to maximum amounts within specified periods. Some banks, on the other hand, offer free special repayments without any restrictions. Although they can repay a loan at any time in any amount. However, if no free special repayments are provided for in the loan taken out, then the bank can demand a so-called prepayment penalty for this. This can amount to up to one percent of the prematurely repaid amount.

In addition to the special repayments, installment breaks also offer more flexibility in repayment. If, for example, an unforeseen expense is pending, it can be very useful to suspend a loan installment. Some banks also charge a fee for this, while others allow the installment break free of charge. In the credit comparison of CheckNow you will find loans with the desired properties quickly and reliably via the “Filter” function.

Tip 3: Choose the right rate and duration

Via CheckNow you can request any loan amount – for example, a small loan of 1,000 euros or a 10,000 euro loan for slightly larger purchases. Before you take out a loan, you should consider how much money you can spend each month on the installment. It helps to create a budget account that compares the regular income with the expenses. Only the amount that remains after all expenses at the end of the month can be used to repay the loan. At this point, you should also plan a small buffer for unexpected expenses.

The rate is calculated correctly if you can easily transfer to the bank every month – but do not need longer than necessary for the repayment. By choosing the right loan rate, borrowers can even save money. Because if you set your rate too low, you pay back your loan over an unnecessarily long period of time. Due to the longer term, more interest is charged on the loan – the loan becomes more expensive. At the same time, however, your loan rate should not be too high, so that you always remain financially flexible in the future and do not have to worry about unforeseen expenses.

 

A calculation example: How term and interest rate influence your loan rate

As the following overview shows, a shorter term helps to reduce the monthly expenses for the loan installment. However, even with a two-year longer term, the total expenditure on interest increases noticeably: Anyone who borrows about RwFr 100,000 over 48 instead of 72 months spends over RwFr 80,000 less on interest at an annual percentage rate of 5.00 percent. With an effective interest rate of 3.00 percent, the savings of a term of 48 compared to 72 months are still over RwFr 50,000.

72 months term;
4.00 % eff. P.

84 months term;
4.00 % eff. P.

96 months term;
4.00 % eff. P.

72 months term;
2.00 % eff. P.

84 months term;
2.00 % eff. P.

96 months term;
2.00 % eff. P.

Net loan amount

€20,000

€20,000

€20,000

€20,000

€20,000

€20,000

monthly rate

€312.25

€272.72

€243.12

€294.85

€255.19

€225.46

Expenditure on interest

€2,482.17

€2,908.33

€3,339.59

€1,229.19

€1,435.88

€1,643.88

Total

€22,482.17

€22,908.33

€23,339.59

€21,229.19

€21,435.88

€21,643.88

Tip 4: Take out the loan in pairs

loan does not have to be applied for by one person alone. Often it is even recommended to include another borrower in the loan application. A second borrower can increase the likelihood that the bank will approve the loan.

Many banks grant loans at so-called credit-dependent interest rates. In this case, the creditworthiness, i.e. the creditworthiness of the borrower, decides on the amount of the loan interest due. Since both borrowers have higher income together, this can have a positive effect on the creditworthiness and thus lead to the bank awarding the loan on better terms. However, these advantages usually only arise if the second applicant receives a regular income.

If a loan is taken out jointly by two people, both borrowers are equally liable for the loan in the event of a default with the attachable part of their income.

Tip 5: Check whether you really need residual debt insurance

For some loans in the CheckNow credit comparison, a so-called residual debt insurance is also offered, also called installment protection insurance (RSV) or residual credit insurance (RKV). This is a voluntary insurance that can take over the repayment installments for the loan in the event of unemployment, incapacity for work or sudden death. However, this also incurs additional costs.

In advance, you should therefore consider whether this protection is really necessary. An existing capital life or pension insurance, for example, can also be used for this purpose. As a rule, civil servants do not need residual debt insurance because they are already sufficiently protected due to their employment relationship. If you opt for residual debt insurance, it is important to check exactly which cases are covered by the insurance cover.

Tip 6: Specify the purpose of use

Anyone who specifies the purpose of use in the credit comparison can often secure particularly favorable conditions. For this, the loan is usually earmarked. The money can therefore only be spent on the agreed measures. How you can benefit from a dedicated loan and what else needs to be considered is revealed in our overview:

A rescheduling of existing loans can be worthwhile for many reasons. Often, for example, the loan costs can be reduced or the amount of the installments adapted to changed living conditions. Consumers who service several loans can combine them into a single loan and thus gain a better overview of their financial situation.

Anyone who reschedules usually has to sign a transfer power of attorney with which he allows the new bank to replace the old loan.

Car financing is suitable for the purchase of a new or used car as well as for a motorhome or motorcycle. Borrowers benefit from more favorable conditions because the vehicle serves the bank as collateral. You can use the vehicle – but it remains the property of the bank until the loan is paid off. Therefore, they sign a transfer by way of security, which grants the bank ownership of the vehicle. The bank therefore often also keeps the vehicle letter. Compared to dealer financing, consumers can often secure a cash discount with the car loan and thus get the vehicle even cheaper.

A modernization loan can be used, among other things, for smaller conversions or a new kitchen. Solar systems and measures that save energy or water can also be financed with it. The loan is often earmarked and available on particularly favorable terms. In many cases, borrowers can also receive KfW funding with a modernization loan and thus save additional money.

The modernization loan can only be taken out by the owner of the respective property.

Conversion of debts

Car financing

Modernization

Use

Replacement of existing installment loans

Car, motorcycle, motorhome
Used or new cars

Measures that increase the utility value of your own property

Potential Benefits

Interest savings
Better financial overview
Adjusted rates
Improved creditworthiness

Favorable interest rates (vehicle serves as security)
Additional savings through cash discount

Favorable interest rates
KfW grants

Additional documents

Transfer power of attorney

Assignment by way of security
If applicable, vehicle registration document (registration certificate part II)

If applicable, copy of the land register extract

David Manzi
Teamlead Finance

As a trained bank clerk, business economist and consumer journalist, David has been writing about financial topics as an expert for many years. Since 2022, he has been using her knowledge at CheckNow to support readers in their search for the best offers.

CheckNow – Rwanda’s New Comparison Portal

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CheckNow – Rwanda’s New Comparison Portal

Transparent: We offer you an overview
of prices and services from thousands of providers. And all

Free: Our service is free of charge for customers. We finance ourselves through commissions

Trustworthy: With us customers can only submit a review after a conclusion. As a

Experienced: Since 2016, our experts have helped over 1 million customers