Bank Credit – Cheap loans in the credit comparison


 

 

The Camibank has always stood for cheap installment loans. With the Camibank loan, also known as “Made for me” credit, it provides funding that does not need to shy away from market comparison. Customers do not have to compromise on the conditions, but rather in the area of ​​formal criteria such as digital signing. Futher reading at http://adkoutreach.org

Interest rates

Interest rates

 

As with most products, consumers also look at the price first, that is, the interest rate. Camibank Kredit has a credit-based interest rate. The lower bound for the borrowing rate is 2.91 percent per annum, effectively 2.95 percent. The range extends up to 8.15 percent pa for the fixed borrowing rate and 8.49 percent for the APR.

In paragraph 6 of the Price Indications Regulation (PAngV), the legislator requires the bank to disclose which interest rate applies to at least two-thirds of the borrowers. At the Camibank this is 4.15 percent effective. This means that the two-thirds interest rate is slightly below the average interest rate for Camibank Kredit.
Applicants can significantly lower the interest rate if a second borrower signs with.

Some competitors set quite high entry volumes. The minimum amount for the Camibank credit is 1,500 USD. With this sum, the company also appeals to customers who only plan small financing projects or simply want to replace the expensive credit line. With a cap of 65,000 USD, the Camibank credit is slightly above the broad midfield of 50,000 USD.
The borrower can determine the amount of the loan in increments of 500 USD. At runtime, the customer has the choice in increments of 12 months from one year up to 96 months. Again, the Camibank is again slightly above the broad mass of providers, which usually allow only a duration of 84 months.

As soon as all documents are available, the examination takes place. The payout usually comes within seven days. The Camibank is known as the “Bank of Credit”. It does not reject weaker credit ratings, but looks for solutions that the Camibank credit still comes into play.

The classic Camibank loan is intended for regular income earners. However, the bank offers a special solution for freelancers and tradespeople.
Anyone who wishes to replace or bundle existing loans on more favorable terms can also rely on the Camibank.

The repayment phase

The repayment phase

 

To deal with the repayment phase before concluding the contract may seem unusual at first glance, but makes sense at second glance. Two scenarios can occur during runtime:
– The borrower has the option to prematurely repay the loan.
– The borrower slips into a financial shortage and wants to let installments.

The minimum rate for the Camibank is 50 USD per month. Anyone who has the means to prematurely repay the Camibank loan can pay off up to 80 percent of the residual debt once a year without incurring a prepayment penalty. Under the legislation, this would amount to one percent of the remaining debt for a residual term of more than twelve months, and 0.5 percent for a period of less than one year. The prepayment penalty applies for the amount exceeding the 80 percent.

A special repayment at Camibank Kredit leads to a shortening of the term of the loan.
However, a full early repayment is costly. In this case, the Camibank calculates the legally permitted prepayment penalty. This amounts to 0.5 percent of the remaining debt for a term of up to one year, and one percent for a remaining term of more than twelve months.

On the other side are the borrowers, who might get payment problems. The Camibank Kredit grants a one-month installment break every twelve months. Especially for young families with children, this should be a relief in the run-up to Christmas.

The borrower can apply for additional deferrals. For these, however, a fee in the amount of 40 USD. With regard to the first installment, it is possible to pay them only 90 days after the loan has been paid out.

Despite all contractual bases, it can not be ruled out that there will be disagreements between bank and customer. The legislator therefore stipulates that the institutions name the supervisory authority and a mediator in the imprint so that the customer knows who to contact.
Camibank refers in this context to the Banking Ombudsman, the European Dispute Resolution Platform and the European Central Bank.

The service

The service

 

Camibank uses both the Internet sales channel and the branches. Given the growing importance of online banking, the question arises as to how well customers can get advice from the bank on the phone, how the e-mail contact is maintained or whether there is a chat option.
If you have any questions about the Camibank loan, you can call for advice from Monday to Friday between 8:00 am and 8:00 pm. On Saturdays this is possible from 10:00 to 14:00. For a Düsseldorf office number is available. The general questions hotline is available 24 hours a day, seven days a week. The phone number is permanently displayed. Alternatively to the telephone, an e-mail contact form is also available.

The telephone counseling testifies to a high degree of competence of the employees, who always appear polite and friendly. As an alternative to distance consulting, a conversation can naturally also take place in a branch.

Part of the service today is not just online banking, but also an app. More and more people want to do their banking business when and where they want it. The Camibank app also allows the management mobile administration for the Camibank credit. The app is not only available for the operating systems iOS and Android, but also for Windows.

Some borrowers, especially with larger sums, want a hedge for themselves and their family. The residual debt insurance for the Camibank loan is applicable in case of death of the borrower, incapacity for work and involuntary unemployment.

The application

The application

 

On the positive side of the application process for Camibank Kredit, it is positive that the institute points out that there is a separate loan for the self-employed. Although the Camibank credit is out of the question for them, there are alternatives. The application process is divided into five steps:
1. Entry and exclusion criteria
2. Economic conditions
3. option of residual debt insurance
4. Indication of personal data
5. Control of information and credit bureau clause

Entry and exclusion criteria

Entry and exclusion criteria

 

The applicant calculates his monthly installment using the calculation tool and enters the application routine via the “Apply for loan” button.

This is followed by the query on the employment relationship, whether this is limited in time and the weekly working time is more than 17 hours. Only if the applicant answers in the affirmative will he be forwarded to the next mask. This procedure may save potential time if they do not meet the Camibank credit requirements.

Economic conditions

Economic conditions

 

The first question in this block is the monthly net income, the ownership of a car and the number of persons subject to maintenance. If there are more loans or mortgages, these must also be mentioned.

Payment protection insurance

 

In this part of the application process, the applicant receives three proposals for residual debt insurance with different coverage. However, he can also refuse the degree.

Personal data

Personal data

 

Now Camibank wants to know the personal data, name, address etc. If the input takes a little longer, a pop-up will appear. This lists the contact options in case of questions. The applicant already receives the provisional loan commitment for his Camibank loan.
The application process validates the data for the address information. However, it will be critical if not all roads have been deposited for a new development area. This step is completed by entering the contact details. Positive is the note that the input of the e-mail address is not used for advertising purposes.

It still lacks the bank account and the request train date for the first installment. This completes the personal data.

Control of information and credit bureau clause

Control of information and Schufa clause

 

The applicant can now re-examine his information on the Camibank loan. Then he has to agree to the query of his data at the credit bureau.

He can now decide whether he wants to use the application as a PDF, or rather by post
The previous interest calculation is based only on the two-thirds interest. The applicant will not be informed of the actual interest rate to be paid until Camibank has checked its credit standing on the basis of the documents to be submitted.

In principle, the loan commitment has already been made. It is unfortunate that the company offers the VideoIdent procedure, but neither an electronic signature nor the digital transmission of the documents. This results in a break leading to an unnecessary time delay.
The cancellation period for the Camibank loan is the statutory period of 14 days. Other banks are more lenient with 30 days’ notice.

The application form is easy to read, the questions self-explanatory. It is a little bit elaborate, which opens a separate page for almost every question, here the process could have been a bit more condensed.

Mobile application

Mobile application

 

The application for Camibank Kredit is fortunately adjusted to the changed presentation for mobile devices. Interested parties can therefore apply for the Camibank loan from anywhere. The display does not have to be enlarged, nor is continuous scrolling necessary.

The documents

The documents

The question of the documentation is not just about what documents the applicant must submit to Camibank Kredit, but also how the bank keeps its records. The speech here is the General Terms and Conditions (GTC) and the price list.

Both information can be found in the footer of the homepage under the menu items “General Terms and Conditions” and “Prices and Performance”. The terms and conditions are kept in understandable German and understandable to laymen. Since the terms and conditions and price list are PDFs, the relatively small font size can be increased.

Camibank is based on lean rules regarding the documents customers have to submit. In addition to the identity card, the applicant must only copy the last three salary statements. Here, the company scores against the institutes, which want to see the bank statements of the last three months.

With regard to the documents to be provided by the customer, the Camibank Kredit is not very cautious. The bank only needs the last three pay slips and copies of the front and back of the identity card or a copy of the passport with residence confirmation.

Conclusion of the product test for the Camibank credit
Those who do not value a fully electronic application process should consider the Camibank loan.

advantages

  • The Camibank credit is already available from 1,500 USD.
  • The term can be up to 96 months.
  • The minimum Camibank loan is 50 USD per month.
  • The borrower is contractually once a year for a break.
  • Free special repayments are possible up to 80 percent of the remaining debt once a year.
  • The application process is self-explanatory, legible and understandable.
  • The employees have a high level of expertise.
  • The application section is optimized for mobile devices.
  • The two-thirds interest rate is below the average interest rate of Camibank.
  • The terms and conditions and the price list are placed prominently.
  • A telephone number for queries is permanently visible.
  • The Camibank offers a separate loan for self-employed.

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