Payday Loans Online the end of the expensive dispos smava brings cheaper alternative on the market
According to the German Bundesbank, consumers in Germany overdrawn their accounts last year with a total of over 380 billion euros. On average, they paid an effective interest rate of 8.5 percent. The portal Biallo.de even speaks of up to 12.63 percent. The overdraft is therefore extremely expensive. Even though banks have been able to lend money for as little money as they have never done for years. After credit privatization (Privat-Zu-Privat-Kredit) and Kredit2Go (fully automatic instant loan), the credit portal Smava now goes on the offensive again with the new product Kredit2Day – this time in cooperation with solarisBank. Consumers can now and permanently via smava.de borrow money for an annual percentage rate from 0.69 percent. The money will be paid immediately after the contract.
“Kredit2Day is a real alternative to the credit line. It’s transparent, fair and cheap, “says Alexander Artopé, CEO of Smava.
4 Euro instead of 86 Euro – Kredit2Day is up to 96 percent cheaper than credit
According to the Bundesbank, anyone who pays their own account effectively pays 8.5 percent interest. With a loan amount of 1,000 euros and a term of 12 months, this results in interest costs of 86.18 euros. Who lends the 1,000 euros for the same period on smava.de, pays in the best case 3.73 euros (annual percentage rate: 0.69%), in the most expensive case 30.87 euros (APR: 5.80%) in interest. *
Overview of credit terms
Net loan amount: 1,000 – 35,000 euros
Duration: 24 – 84 months
Annual percentage rate: 0.69 – 5.80 percent
A permanently available alternative to the credit line
Credit2Day is permanently available. It can be used by employees and civil servants with sufficient credit standing for between 24 and 84 months. Special repayments, as well as premature repayment, are possible at any time and free of charge. “Through fully digital and automated loan processing, payment will take place immediately after the electronic signature,” says Marko Wenthin, chief commercial officer and co-founder of solarisBank. This makes the Kredit2Day, at a lower cost, flexible as a credit line.
Consumers benefit from fintechs and the digitization of financial products
The credit portal Smava and solarisBank belong to a new generation of financial service providers, so-called fintechs. Purple Payday Loan offers typical financial products such as loans. However, unlike traditional financial institutions, fintechs primarily use digital processes and technological innovations for their provision and processing. Consumers benefit from this development: with the help of fintechs they usually get faster and cheaper to their desired financial product.
* Repr. Ex. In accordance with § 6 PAngV: 1,000.00 € net loan amount, term 12 months, 0.69% off. The annual interest rate, 0.69% fixed interest pa, 12 mtl. Installments of € 83.64 each, total € 1,003.73. solarisBank AG, Anna-Louisa-Karsch-Strasse 2, 10178 Berlin
* Repr. Ex. In accordance with § 6 PAngV: 1,000.00 € net loan amount, term 12 months, 5.80% eff. Annual interest rate, 5.65% fixed interest pa, 12 mtl. Installments of € 85.91 each, total € 1,030.87. solarisBank AG, Anna-Louisa-Karsch-Strasse 2, 10178 Berlin