In today’s Internet age, many borrowers in Austria are wondering whether a loan should be selected from their own bank or from the ever-increasing supply of online credit on the Internet.

Many well-known banks convince with a professional internet presence and offer a combination of application in the branch or comfortable online banking.

Benefits of Online Loans

The clear advantages of online loans compared to the own bank are not to be dismissed, because they can be filled out very comfortably by the home PC. The customer is not dependent on store opening hours, waiting times or appointments and can devote himself to his credit search at any time of the day. In addition, online lenders can address a larger number of potential customers and inform them about their offers. Regional restrictions are no longer limiting and customized customer service is provided for quick decision-making. Many online portals offer a customer chat or phone consultation, covering a longer period than the opening hours of one’s own bank. For the customer, this means a time saving, since no paths to the store are necessary and everything can be handled much faster. Likewise, the quick comparability of many loan offers is a great advantage, since the customer can compare comparison providers and credit calculator several providers according to individual criteria. By credit calculator important parameters such as loan amount and duration can be entered and one receives loan offers from various providers. It is advisable to evaluate this pre-selection according to your own criteria, but you get so quickly an overview of many offers. The higher number of comparison offers results in a much higher potential to obtain a more favorable credit than at the own house bank. The competitive pressure of the online providers is quite high and only the cheaper offers have a greater chance to appear in the credit calculators of the comparison portals on a good ranking. The loan calculators provide greater transparency for the relevant information, making it much easier to compare terms and conditions. Cheap loan offerings are possible for online banks by significant savings in personnel and operating costs, as they do not rely on an expensive branch network. These savings can be passed on to the customer in the form of attractive credit terms.

Disadvantages of a loan from the house bank in Austria

The aspect of personal counseling by our own store supervisor has become more and more important in recent years, as the need for counseling has significantly decreased due to the higher transparency of online credit. In addition, the personal advice in the house bank does not necessarily have to be the best option, since conditions due to higher personnel costs on average always more expensive than online loans are offered. At the same time, the processes within a branch with regard to the credit check or credit decision are significantly longer and more cumbersome than the online variant. The direct contact for the promotion of numerous supplementary agreements is gladly used by the own adviser, as for example to conclude additional residual debt insurance.

The growing demand for online credit has certainly changed the banking landscape in Austria. With the increasing competition among providers and the increasing digitization in the field of communication and information technologies, online loans offer a good opportunity to offer the customer a better price-performance ratio.