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What is a loan?
Loan calculator: The effective annual interest rate is the decisive cost indicator
Calculating different types of loans
Calculate a loan at maxda.de: Comprehensive service portfolio
Trust, expertise and speed - the hallmarks of MAXDA
MAXDA: Competent and unbureaucratic
Anyone who wants to take out a loan should first calculate the loan using a loan calculator or have it calculated by a professional. If you have the loan calculated in advance, you can effectively save money and take out a favorable loan.
What is a loan?
Before calculating and taking out a loan, the question arises: What is a loan at all? A loan or credit can be described as an obligation-based contract in which a lender provides the borrower with a sum of money or fungible items for a limited period for use. Legally, cash loans are dealt with in the German Civil Code within paragraphs 488 to 498 and loans of things within paragraphs 607 to 609.
In principle, in both everyday language and in the credit industry, a loan is defined as a medium- to long-term credit that is paid out in a lump sum and repaid monthly by means of regular repayments. Although the terms loan and credit are very closely related and often used synonymously when calculating a loan, there are legal distinctions between a loan and a credit in banking practice.
There are various types of credit that also count as loans; by contrast, credit forms such as guarantees or sureties are not loans. These differences should be taken into account when calculating a loan.
Loan calculator: The effective annual interest rate is the decisive cost indicator
Loan agreements play a significant role in today’s economic system for financing purchases; loans are almost indispensable for, for example, buying a car or real estate. Before such an investment, you should have a loan calculated. In principle, banks or other financial or credit institutions grant loans to all types of people and in almost any amount.
Decisive for granting a loan are the requirements regarding solvency and available collateral from the borrower. In this context, the lender can, for example, require an assignment of receivables, a transfer of ownership of items for security, a guarantee from a solvent third party, or the registration of a land charge if the borrower owns land or real estate. These securities are taken into account when calculating a loan.
Since a loan is usually subject to a fee, in addition to the repayment of the principal amount, interest must also be paid. This interest or interest rate is legally crucial when granting loans or credits. This is the so-called effective annual interest rate, with which you can calculate the loan, the total repayment amount and also the monthly repayments.
The effective annual interest rate quantifies the annual costs related to the nominal loan amount. This effective interest rate is primarily determined by the fixed interest period, the discount (disagio / payout rate), the repayment rates and the nominal interest rate. These details are of enormous importance when calculating a loan.
Calculating different types of loans
When calculating a loan, you can distinguish between different types. The most common variants are the installment loan (also: fixed-term interest loan, LAUDA), where you continuously repay the same amount or rate, and the repayment loan, where the interest is calculated on the outstanding loan balance and thus the actual installment decreases over the agreed term.
An annuity loan is also popular with many consumers. The annual payment made up of interest and principal is always the same. During the term, the interest component thus decreases while the corresponding repayment component increases.
Credit institutions also offer the so-called bullet loan (maturity or fixed loan), the rarely granted participating loan (partiarisches Darlehen), the mass loan and the loan resulting from a building society contract. For a drawdown loan, a credit line is made available whose amount can be drawn on demand; systematic repayment is usually carried out via fixed agreed instalments. You can calculate these loans with a loan calculator.
Finally, a so-called rolling money market loan (roll-over credit) is also offered. This is a medium- to long-term loan. The special feature is that it can be repaid flexibly at the end of each fixed interest period. This loan is usually secured by assignment of claims from investment funds, building savings contracts, private pension insurance policies or life insurance policies of the borrower.
With a loan calculator you can create a complete repayment plan including interest, repayment shares and the outstanding balance. Also special repayments or an interest rate fixation l
Calculate a loan at maxda.de: Comprehensive service portfolio
If you want to calculate and take out a loan, you should choose a lender who handles loan processing and administration in a trustworthy and transparent manner. At MAXDA, trust is genuinely important; after all, you should fundamentally have a positive feeling when taking out a loan. MAXDA is known as a competent and consistently reliable partner and specialist for loans with and without a Schufa entry.
High service and advisory quality when calculating a loan, as well as the explicit focus on customers’ individual needs, are among MAXDA’s hallmarks alongside the comprehensive service portfolio and attractive conditions.
We concentrate exclusively on private customers. As an independent service provider, we have an extensive network and cooperate with the leading credit institutions in Germany and Europe. Thanks to this close cooperation, we can offer you general-purpose loans from €3,000 up to a total of €250,000 for personal use. Let us calculate a loan for you!
Our service portfolio includes, for example, installment loans, mortgage loans or civil servant loans. The latter loan, which can have terms of up to 240 monthly instalments and especially favorable conditions, can only be applied for or drawn by civil servants and employees of the public sector, or by employees who have been with a company for at least ten years.
Contact us — we also offer special loans without a corresponding Schufa entry; however, these loans are limited to an amount of €5,000 per person. We are also happy to calculate these Schufa-free loans for you.
Trust, expertise and speed - the hallmarks of MAXDA
The effective annual interest rate offered by MAXDA for loans starts at 3.99 percent for all terms. Once we have determined the interest rate tailored to you when calculating the loan, it remains unchanged for the entire term and is not subject to fluctuations. This gives you the advantage of always having an overview of the monthly costs and being able to plan your budget more precisely and reliably.
Because we always want to help improve your financial situation in an unbureaucratic way, we guarantee prompt disbursement of the loan amount by bank transfer or by cash postal delivery in full. The first monthly instalment for repayment is due only four weeks after receipt of the agreed loan amount. If possible, you can also repay the loan we broker during the contract term by immediate repayment.
MAXDA: Competent and unbureaucratic
In principle, anyone who is at least 18 years old can submit a credit or loan application to MAXDA. Proof of a regular net income of over €850 per month is the basic requirement. However, MAXDA also arranges loans for job seekers if a liquid guarantor is available. We are known for being able to help individually even in seemingly hopeless cases. These aspects are taken into account when calculating a loan.
The actual credit enquiry and your loan calculation are completely non-binding and free of charge; you can conveniently use our straightforward online form. Immediately after you have sent a credit enquiry to MAXDA, we will inform you by post or email which documents we need to examine your loan request.
To ensure competent and fast loan processing after calculating the loan, we need truthful personal data from you and information about your financial status such as pay slips, pension notices, rental income or other proof of income, as well as the signed loan application.
The thorough review is generally carried out on the same day your complete documents arrive with us. Processing a loan without Schufa can, however, take up to a week. If all required conditions are met, we will ultimately find a favorable loan with premium conditions for you. If you have questions, you can contact MAXDA in person, by phone or by email during business hours.