What are Vergleichsportale?
Vergleichsportale are independent online comparison platforms that allow users to compare dozens or even hundreds of financial products (such as loans, insurance policies, savings accounts, and more) in one place, quickly and transparently.
Most popular examples in Germany:
Check24: The largest and most comprehensive platform, offering comparisons across many sectors.
Verivox: Well-known for comparisons in the fields of energy, insurance, and loans.
Smava: Specialised in personal loans.
Finanzcheck: A well-known platform focusing mainly on personal and consumer loans.
How do these platforms work?
Entering basic details:
You provide key information such as the loan amount, repayment term, purpose of the loan, and your monthly income.
Comparing offers:
The platform then displays a list of available offers from different banks, including the effective interest rate (Effektivzins), monthly instalments, and key conditions.
Direct application:
You can submit an initial application directly via the portal, which is then passed on to the bank you have selected.
Advantages of using Vergleichsportale
Speed and convenience:
Instead of visiting the websites of multiple banks one by one, you can compare all relevant offers within minutes.
High transparency:
These platforms usually show the effective interest rate, any fees, and the total amount to be repaid in a clear and understandable way.
Direct online application:
You can often apply without visiting a bank branch, at least for the initial request.
Special deals:
Some comparison portals offer special interest rates or promotional conditions that you may not get when approaching a bank directly.
Points to watch out for
1. Introductory rate vs. effective interest rate
Some offers advertise with a very low “from” interest rate to attract attention. However, the final effective interest rate (Effektivzins) may turn out to be higher, depending on your individual creditworthiness (Bonität).
2. Initial SCHUFA inquiry
When you submit a preliminary application via a comparison portal, the SCHUFA check is usually recorded as a “condition inquiry” (Anfrage Kondition), which typically does not affect your credit score.
Once you actually sign a loan contract, a “credit inquiry” (Anfrage Kredit) is recorded, which does appear in your SCHUFA report.
3. Additional fees
Always check whether the offer includes any processing or set-up fees. Some loans come without such charges, while others add extra costs.
4. Special conditions
Some offers may include conditions such as:
Mandatory credit insurance (Restschuldversicherung), or
Restrictions on early repayment or on making extra repayments.
Are Vergleichsportale completely independent?
In principle, comparison portals operate as independent platforms. However, many of them receive a commission from banks or lenders for every contract concluded via the portal.
This means that:
They may not list every single offer available on the market,
But rather mainly those offers where there is a commercial partnership.
Therefore, it can be useful to treat portal results as a strong starting point, but still consider checking with other banks directly if needed.
Tips for getting the most out of Vergleichsportale
Compare based on the effective interest rate:
Focus on the effective annual interest rate (Effektivzins), not just the low introductory or “from” rate shown in bold.
Read the fine print:
Always check the terms and conditions, including any fees, special clauses, and requirements, before you decide.
Save and document offers:
Keep copies of the most attractive offers. You can sometimes use these as a basis for negotiation with your bank.
Ask about early repayment and rate adjustments:
Clarify whether early repayment or changing the monthly instalment is allowed, and whether such changes would incur additional fees.
Conclusion
Comparison portals like Check24 are powerful and smart tools for comparing loans and other financial products in Germany. They save time and effort and help you identify the offers that best match your needs.
However, it is crucial to read all details carefully and to make sure there are no hidden conditions or fees that might increase the true cost of your loan. Used wisely, these platforms can support you in making well-informed, transparent financial decisions.
The editorial team of this website strives to provide accurate information based on thorough research and the consultation of multiple sources. Nevertheless, errors may occur, or certain details may later turn out to be uncertain or outdated. Therefore, please treat the information in our articles as an initial reference only, and always contact the relevant authorities or qualified professionals for binding and up-to-date advice.
