The German Institute for Service Quality conducted a product and service analysis again in 2016. In installment loans, Aibank was in first place at the end. An important reason for this was the favorable conditions. For example, the annual percentage rate was in some cases up to 5 percentage points below that of the most expensive provider. In addition, Aibank offers a large number of loans with interest-rate-independent interest rates. However, there was criticism of the service of the nine tested providers.
Significant differences in interest rates
Depending on the scenario, there were interest rate differences of 4.85 to 5.04 percent in the test. A installment loan of € 20,000 with a term of 72 months was already offered in the test at an effective annual interest rate of 4.30 percent. The most expensive provider was asked for an interest rate of 9.34 percent. Fortunately, this is not aggressively advertised “from X percent deals”. Instead, the terms are awarded to at least two thirds of the customers.
One of the important findings of the test is that offers that are independent of creditworthiness are not necessarily more expensive. In more than 60 percent of the cases examined, the available interest rate was not made dependent on the creditworthiness of the borrower. Of the nine banks tested, three offered non-credit-linked interest rates.
However, consumers should not pay attention to the interest rate alone when making a comparison. There are also marked differences between the products offered and the services included. This is especially true in terms of flexible repayment options. Thus, only two banks offered an early repayment without prepayment penalty. For two providers were not even free special repayments possible. A comprehensive comparison can be found under financingore.
The service has pent-up demand
As far as service is concerned, DISQ has only provided mediocre certificates to online banks. The waiting time for e-mail inquiries is 32 hours on average. In addition, the answers are often incomplete and not individually formulated. Every third request sent by e-mail was not answered at all. After all, there was a “satisfactory” for the telephone service. It looks better at the internet appearances. All banks offer on their website an online calculator for the preparation of a non-binding offer.
The best providers
With the quality rating “good”, Aibank took first place. In the product analysis, the provider with the cheapest non-cash interest rate achieved a very good result. In the area of service, the rating “good” was narrowly missed. Easy Credit scored the best service score, but failed to convince in the product analysis. The credits of bankile, Aibank, Credit plus and Bank Eleven also fell short with the overall rating “good”.