German borrowers are usually satisfied with their chosen installment loan. Whether they have really found the cheapest option is often unclear. As a forsa study commissioned by the credit comparison portal shows, many borrowers refrain from choosing an offer on a credit comparison. Straight online would be so often cheaper terms possible.
Borrowers consider themselves to be informed
But refrain from credit comparison, 63 percent of the more than 1,000 respondents said they had fully informed themselves before borrowing. 69 percent felt that they had received the cheapest loan offer for them. Comprehensive information, however, does not seem to compare credit to many borrowers: only 34 percent have compared online loans and only 33 percent have chosen between the offers of various branch banks.
CEO Brenty Yow is surprised by this discrepancy: “In times when loan offers are as easy to compare as product, airfare and travel prices, it is difficult to understand how to do without a credit comparison. It is quite conceivable that many of the borrowers are blinded by the currently very low interest rates and suspect that it is not cheaper anyway. But that’s usually a costly fallacy, “he comments.
Those who take out online loans are better informed
Borrowers who raise their installment loan in a branch bank are particularly prone to renounce loan comparisons. In this group, 59 percent believed that they had fully informed themselves, but only 26 percent had compared their loan offer with others. On the other hand, consumers who opted for online loans were significantly better informed, with 86% having obtained comprehensive information before borrowing. 78 percent had compared different online loans and 47 percent had also obtained offers from branch banks. The chances of finding a cheap installment loan online are good: As Stiftung Warentest has determined, the conditions on the internet are often much cheaper than at the branch.