If you borrow more than 6,000 euros, you can finance quite different things.
At the same time, the intended use also depends significantly on the age and phase of life. Many 20 to 24-year-olds often use 6,000-euro loans to pay off the residual debt of installment loans. Adults use the loan for the purchase of furnishings and furniture. According to a 2014 FinanceScout24 credit study, the average loan size used to finance consumer goods is € 8,004, meaning that an average of € 6,413 will be used to clear the current account. In addition, the € 6,000 loan is an important financing instrument for high dentist costs, for training or for parental leave.
How to find the right 6000 Euro credit
Various factors play a role when it comes to determining the need for credit. First, make sure you have a household bill. All regular income and expenses are offset. You can use part of the total, after deduction of all fixed costs, to repay the installment. A rule of thumb is that the loan rate should not exceed one-third of this amount.
Calculate the disposable income very generously. After all, you are bound to repaying a 6,000-euro loan over several years and must ensure that the monthly installments can be debited on time and on a regular basis.
Check credit volume
Finally, determine what the actual loan volume is. Does it actually have to be 6,000 euros or is it enough to have a smaller loan amount? For purchases, it is essential to compare the prices. This way, you can decide in advance how much the loan will ultimately have to be.
Check requirements exactly
- Consumer goods: If you want to buy new furniture with the 6,000-euro loan, you should pay particular attention to good quality. After all, you want to use the furnishings for a few years without disposing of them after a short time. The loan can, therefore, be used to buy really high-quality products with a long service life. In the long term, this is cheaper than getting new cheap furniture at short intervals.
- Education: Anyone who wants to finance a new education or additional study usually has several options. So, some employers give a grant or you can use cheap loans from the Kreditanstalt für Wiederaufbau. In some cases, no separate bank loan needs to be taken up, as the educational institutions themselves already offer installment payments.
- Health: Especially when it comes to health issues, the saving potential is often less taken into account. For example, if you have dentures, you can ask for a variety of dentists’ offers. In this way, you can also save costs and thus the credit volume can be reduced.
Step by step to the 6000 euro credit
Even though the loan amount equals the multiple monthly incomes of many consumers, the 6,000-euro loan is still among the small loans. As a rule, these loans are therefore offered by all house banks. Similar loans are available from online banks- web page.
So come to your installment loan over 6000 euro
- Determine your monthly margin with a household bill and your borrowing needs.
- Use a free online loan comparison to get different offers from different banks.
- Choose the best deal that convinces with favorable conditions. Make a loan application to the bank online.
- The bank checks your credit rating. If this is sufficient, the loan can be approved immediately. In some cases, the bank may request additional documentation for approval. This is especially true for the self-employed.
- Now sign the loan agreement, legitimize yourself by PostIdent or Video ident procedure and send the contract to the bank.
- After a final review of your records, the loan amount will be transferred to your specified account. This process can take several business days.
Important requirements for lending
Irrespective of sufficient creditworthiness and regular income, loans are usually only granted if you have a checking account in Germany and your permanent residence is in Germany. If both are not the case, it is best to ask the bank beforehand if lending is still possible.
Is there also a 6000 Euro loan without SCHUFA?
The SCHUFA information is standard in lending by banks. But unfavorable developments in life can lead to negative SCHUFA entries being found. These can still exist even if the financial situation has clearly improved in the meantime. Nevertheless, many consumers are denied a loan with SCHUFA. One possible solution is provided by banks abroad. They also grant 6,000-euro loans without SCHUFA. Make sure, however, that the credit institutions are located within the EU. Only then does EU law apply?
Blocking period after rejected loan applications
If you have made a credit application and the bank has declined it, you usually have to wait two months or more to apply again. Be sure to adhere to this period of time, as all other requests in the “lock time” will be automatically rejected by the banks. The lock time then begins again with each rejected request.
Important cost factors: interest and repayment term
Two big factors determine the cost of your loan: the interest rate and the term. Both factors are also directly related. For a longer term, for example, small differences in the interest rate are more noticeable than for a short term.
Generally common are terms of twelve to 48 months. With a 6,000-euro loan, the net rate without interest then between 500 and 125 euros per month. Some banks also offer maturities of 60 to 84 months for installment loans. But usually, the credit costs are only increased unnecessarily, since the interest is correspondingly high. The difference in monthly rates then becomes disproportionate.
As a general rule, you should keep an eye on your maximum possible installment and financial circumstances for the next 48 months when choosing the loan term. Choose accordingly, how long the financing should run. The difference in interest rates makes the more noticeable the more time you choose to repay the loan. Therefore, pay particular attention to long-term interest rates.
No 6,000 euro loan without collateral for the bank
As with any installment loan, regular income is the greatest security for banks. At the same time, your credit rating must be sufficient. As a rule, banks use the SCHUFA score to determine their credit ratings, as well as their own metrics, which ultimately lead to a bank-internal score. It determines how high the interest rates are and whether you are creditworthy at all. Basically, banks are concerned with minimizing credit default risk and ensuring timely repayment.
The self-employed should always be prepared for additional inquiries during the credit check. For example, banks usually require you to do this self-employment for at least one year. For longer periods of independence, the tax returns of the previous years are usually requested.
For whom is a loan of 6000 Euro suitable?
The 6,000-euro loan is only suitable for those who are able to repay the installments over a longer period of time. With a term of 48 months, that’s about 140 euros per month, depending on the interest rate. Such a financing amount is suitable for the settlement of a current account, in order to save expensive discretionary interest. Compared to overdraft rates of more than ten percent, you can save significantly on your installment loan with an interest rate of six percent.
The 6,000-euro loan is also suitable for high-quality purchases with a longer life. For electrical appliances, such a loan is less suitable because its value falls faster than the eradication.
Since this loan amount is still among the small loans, the lending is relatively straightforward. Thus, this loan can also be used for financial distress if there are no appropriate reserves.