Do I need a loan or do I need a loan?
Well, that depends and mostly the two terms credit and loan are often used synonymously. For example, it is the case that a loan is usually taken out when buying a house, and usually a loan when buying a car. Even though there is hardly a difference between credit and loan in everyday usage, you should still be careful, because legally it makes a difference whether it is a loan or a loan.
In contrast to a loan, it is possible that a loan can be granted free of charge. In addition, the loan contract only comes about when a thing is handed over, usually this is the money. Up to this point, there is only one between the contractual partners, i.e. the lender and the borrower from a contractual perspective.
- protection obligations
- due diligence
- disclosure obligations
This is different with a loan.
In the case of a loan or a loan contract, it is the case that this is already concluded through the agreement. This means that if the loan opening contract is signed, there is already a permanent debt relationship between the two contracting parties. In this loan agreement, the lender (the bank or savings bank) undertakes to provide the borrower with a certain amount of money for a certain period of time. In return, the borrower undertakes to repay the amount of money including interest.
The next difference between a loan and a loan is the charge. A loan is paid at a flat rate of 0.8%, a loan is also charged with 0.8% credit tax if it does not run for longer than 5 years. For long-term loans, the credit tax is a whopping 1.5%. Resourceful people even have a little trick ready to help them save themselves the 0.8% fee for the tax office.
The whole thing is based on building law and works like this: The contract is concluded without a signed contract. Borrowers or borrowers sign the loan or credit agreement and send it verifiably to the bank or savings bank and they actually pay the amount. This creates the business without the bank or savings bank also signing the contract.