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If the marketing is good, the actual product quality often takes a back seat. A realization that has also been finding its value in the financial world for some time now. A large German portal for credit comparisons is now once again bringing the market into “turmoil” with an extraordinary marketing campaign – the always cheapest credit!

Who wants to attract attention, must conquer the market with unusual marketing actions. Particularly in the hotly contested credit market, it is true that anyone who communicates corresponding credit campaigns to the general public can be sure of receiving the appropriate attention. And the resulting battle of the credit portals, which began with the now universally known negative interest rate credit, is obviously taking on increasingly absurd dimensions.

Only the interest rate development of the so-called negative interest rates allows such a titling of the “absurd”. For after the major platforms for loan comparisons have outbid each other in recent months with ever higher negative interest rates, thus courting the favour of customers, one of these portals with a new loan offer now stands out once again. The new offer has a very tempting title – “Cheaper-Goes-Not-Guarantee” – which basically means nothing else than that customers are “guaranteed” to find the cheapest online credit at the same portal for credit comparisons – without any ifs and buts.

“Cheaper goes no guarantee” – actually means what exactly?

The question: What does this “cheapest credit guarantee” look like? If the cheapest credit offer found via the credit comparison portal is not cheaper than a comparable installment credit offer from a bank, customers receive a one-off payment when they conclude a contract via the comparison portal at the same time. This means in plain language: If a credit offer available via the online platform is more expensive than at any other financial institution based in Germany, customers receive a one-off payment as compensation. Sounds like another cash gift? Basically it is.

Anyone who finds himself in such a situation in his search for the cheapest loan must first submit the bank’s cheaper reference offer, together with the contract documents, to the credit comparison platform. The credit portal then checks the financial institution’s reference offer. If the platform comes to the same conclusion as the interested party, the most favourable loan available to the borrower must be concluded on the platform.

How the credit of the credit guarantee is calculated

Once all this has been done and the 14-day cancellation period has expired, the platform will transfer the one-off payment to your bank account. The amount of the one-off payment is calculated as follows:

The difference between the interest cost of the cheapest offer available to the borrower for a loan and the interest cost of the reference offer whose annual percentage rate is undercut by the credit portal by 0.1 percentage points.

What is the purpose of this credit action?

As already mentioned at the beginning, this is mainly a marketing campaign designed to have a certain “effect” on consumers. With which one deals also quite openly with the portal, as a statement of the management clearly expresses:

“We want to reach especially those who traditionally only go to a bank and thus usually pay too much for their credit. They should notice that a loan comparison is worthwhile in any case. […]“,

However, shortly after the publication of the new credit offer with a best price guarantee, the first critical voices are already coming from the ranks of consumer protection, as expected. Thus for Kay Görner, market guard finances with the consumer center Saxonia, is clear: Also the newest offer is a classical marketing action. It is about the acquisition of new customers, who then conclude as many more products as possible. The actual savings from the offer are small. In addition, it remains a loan that must be repaid.”

It remains to be seen whether the new credit offer will be accepted in this way. At least it has already attracted the appropriate attention in numerous online media.