A € 2,000 loan is a common form of financing in Germany. Due to the relatively low loan amount, banks generally do not need any special collateral. At the same time, the monthly burdens due to the credit installments are manageable.
Ideal credit for electrical appliances
When consumers borrow over 2,000 euros, they usually use it for electrical appliances. According to a study by GfK Finanzmarktforschung, which was commissioned by the Bankenfachverband eV in 2015, 12 percent of respondents use installment loans to finance consumer electronics. The € 2,000 loan is therefore used to finance new TVs, computers or sound systems. Usually, this form of credit is not used to pay for jewelry or clothing. Here, consumers usually get a 1,000 Euro loan.
Favorable supplementary loan
The € 2,000 loan is suitable for many citizens to supplement existing loans. For example, it can happen with kitchen financing that the credit line was too tightly calculated. With additional 2,000 euros, this work can then be done. The same applies to renovations at the house or in the apartment.
Good to know: supplementary loan from the Kreditanstalt für Wiederaufbau
The supplementary loan is usually a loan from the Kreditanstalt für Wiederaufbau (KfW). With such a loan, homeowners can cheaply finance the conversion to an environmentally friendly heating technology. However, there are special conditions for this loan. So the purpose is prescribed. Similarly, the term of the loan must be between four and ten years. With this loan further programs of the KfW can be combined.
7 tips for the appropriate 2,000 Euro credit
- First, compare the prices
Especially for electronic items, prices can vary significantly. In the segment of 2,000 euros, price differences of up to 300 euros are possible. Use the internet for price comparison. In this way, you can quickly determine the prices at different dealers.
- Read reviews
Find reviews for the products you want on the web. Read the tests carefully. So you can find out if the purchase or the borrowing for the product is worthwhile at all.
- Use dealer discounts
Many traders can negotiate discounts. This applies to both online shops and stationary retailers. Ask before buying for possible discounts and get an offer if possible.
- Set up a household bill
Subtract your monthly expenses from revenue. This way, you know what the maximum installment is possible without having too much financial constraints on a $ 2,000 loan.
- Calculate the credit volume
How many euros do you actually have to take in the form of a loan? Can you still use a little equity to lower the loan amount and thus the monthly burdens? If you finance a new computer for 2,000 euros and can raise 300 euros, the total credit limit is reduced to 1,700 euros. With a 12-month term that is 25 euros less per month without interest.
- Think of alternatives
Do you really need to apply for a loan from the bank? Maybe there is also the possibility to ask relatives or friends for help. As a rule, you would not have to pay any interest and could repay the loan amount in a very flexible way.
- Consider actual needs
If it’s just the purchase of consumer electronics, you should ask yourself if the purchase is really necessary. If the old TV is not broken or the PC is still working, a purchase can be postponed to a later date. Until then, you can save the money you need to buy new.
Step by step to the 2,000 euro credit
So you can find the cheapest 2,000 euros loan online and apply directly:
- Compare different providers: Even though the interest charge on a € 2,000 loan is usually relatively low and the term is relatively short, a loan comparison can help save a few euros.
- Choose the cheapest provider for you.
- Calculate the loan rate based on the desired loan amount on the homepage of the bank.
- Conduct a credit check online.
- If you get a positive result, you will receive a corresponding offer for your 2,000 euro loan.
- Complete the loan application. Then print the application, sign it, and select a post office for the postident legitimacy process. For some banks, you can submit the application online and legitimize yourself directly by videoident.
- After the application has been reviewed and approved by the bank, the loan amount will be transferred to your account.
Attention: special requirements for self-employed
If you are self-employed, the bank may require additional salary statements. In this case, a loan application may only be possible on location in a branch. Check in advance whether you as a self-employed person can apply for a € 2,000 loan from this financial institution.
Instant loan or cash payment?
Some banks offer their customers a so-called instant loan. This is a variant of the MRP loan. The borrowers, for example, a € 2,000 instant loan granted. This is the maximum amount available to borrowers without additional application.
The repayment of the instant loan is usually flexible or repayment rates are agreed in advance in the establishment of the instant loan. The installments are due when the loan is taken. Instant loans can usually be requested directly from the house bank and are used by consumers as a possible security to be liquid in an emergency.
Interest rate and maturity: You should note that
When applying for the 2,000 euro loan, note the term and the interest rate. For small loans, the interest rate mainly depends on the creditworthiness of the applicant. The better your credit rating, the lower your interest rates will be. For the term: The longer the term, the more interest you have to pay for your 2,000 euro loan.
It is recommended not to use more than 24 months. In this time, electrical appliances are usually outdated, because there are new versions. The product cycles for electrical appliances are usually half a year. For example, if you buy a TV today, there will be at least one newer version in a year. During this time, the value of your financed device decreases. By choosing a maximum maturity of 24 months you will ensure that the debt burden is not significantly above the market value of the product.
Tip: arrange special repayment
Arrange special repayment options. If, for example, you can expect a larger sum soon, the loan can be repaid faster and you save interest costs. If a higher payment is to be expected, you can also significantly reduce the term of the loan and thus save additional costs. Free special repayments are customary up to 80 percent of the current loan balance.
A loan default or residual debt insurance is offered by many banks to a 2,000 euro loan. You should not take advantage of this offer, as it may make the loan disproportionately expensive. So it is possible, for example, that the remaining debt insurance with a 2,000 euro loan already costs more than 150 euros. Not even the annual interest rates are that high.
No security without credit?
For small loans of 2,000 euros, the banks are more accommodating. Amounts of this amount do not represent a very great risk for banks, such as a construction loan. For this reason, the banks require no additional collateral for a 2,000 euro loan.
Nevertheless, borrowers should have a good credit rating and a steady income to ensure timely repayment of the loan debt.
Good to know: SCHUFA query is standard
For almost every loan request for a € 2,000 loan, the bank will conduct a SCHUFA query. It is the fastest way for them to calculate, in combination with other criteria, a score that determines interest rates on the one hand and lending on the other hand. If borrowers have a negative SCHUFA, a 2,000 euro loan will probably not be granted even if there is a sufficient regular income.
For whom is this loan suitable?
A € 2,000 loan is suitable if an acquisition is urgently needed, but no reserves are available and an overdraft facility has already been exhausted. Before applying for credit, however, consumers should check carefully whether financing is needed or alternatives such as a personal loan can be used.
Due to the short duration, the small loan amount and the associated low interest burden, the 2,000 euro loan is also suitable for supplementary loans for renovations or renovations in the home.
Attention: reduce loans
Before concluding the loan, be aware that you are not using too much consumer credit. In the worst case, you lose track of your current liabilities and you can face financial bottlenecks that lead to a debt trap.