Online Credit Inquiry
Loans via the internet are popular today. Corresponding comparison portals as well as direct and online banks allow easy access to credit. But not every internet search for cheap credit offers is an online loan request. We explain the difference.
Usually the way leads to online loans via comparison portals. Such a portal usually lists the cheapest providers for your preferred loan in the order of the effective interest rates. The providers with the lowest effective interest rates are shown at the top. This does not yet constitute an online loan request.
Credit inquiry is the question of a concrete loan offer
It is rather a general conditions overview. The interest rates mentioned here are only valid for “typical” cases. Often a first-class credit rating is required. But that’s not necessarily “your” interest rate. This is determined according to your individual creditworthiness and may well differ significantly from the interest rate in the listing.
To find out what conditions apply in your case, you must make an online loan request. This will trigger you when you have selected specific providers and enter your personal information for the purpose of retrieval. In addition to personal data and your address, this usually includes information about your job and your income situation. This is the information that lenders need to “calculate” your creditworthiness.
The portal then starts a condition query for the providers you have specified that is tailored to your particular case. If you have a good credit rating, you will receive an answer (subject to reservation) or an offer for an online loan. Inquiry means at the same time the request to make an offer that you can accept or reject. The procedure is no different when you place an online loan request directly with a credit provider. Here then only the general market overview is omitted.
Private credit bureau message: as a condition request or as a loan request
It is important to know that the bank will report your online loan request to private credit bureau. There are basically two options for this: the message as a condition request or as a “real” credit request. Entries for condition inquiries can not be viewed by other banks and have no impact on your credit rating. Reported “real” credit requests, on the other hand, are recognizable to other banks for ten days and can worsen your credit rating if many inquiries are reported within a short period of time.
For loan inquiries via comparison portals, almost only one condition query is reported. One speaks then of a “private credit bureauneutral” credit request. This usually also applies to the online loan request from a bank. A “genuine” loan request will only be reported if you have submitted a written loan application and your details have also been verified with documents (bank statements, pay slips).