When it comes to policeman loans, you have a wide range of options to choose from. Bank credit is a good alternative for consumer wishes. Larger investments, for example in a property, could be credible via the “civil servant loan” from an insurance company. Even the loan for police officers without private credit checker is offered with advantages.
But, the chosen career path, the professional status achieved and, of course, existing liabilities have an impact on the lending to civil servants. Our little guide to the police loan introduces you to the different financing options.
Policeman Loan – Top Credit Loan
As a borrower, civil servants are “first class borrowers”. The credit default risk is minimal. Basically, therefore, when looking for a loan for police officers, the best creditworthiness requirements can be assumed. The state as an employer has a positive effect on the good creditworthiness of all civil servants.
Being employed at the “Employer State of Germany” means receiving secure and punctual payment. – Even if many officials do not want to hear it, the level of income is relatively high compared to the average income of the “normal” citizen.
However, the job of a police officer entails high professional risks. Nobody wants to stand between the fronts like a policeman at demonstrations or soccer games. Accordingly, the fatherland comprehensively protects its civil servants against the financial professional and life risks. In the event of disability, the state pays lifelong pensions that every retiree can only dream of.
Credit differences – personal credit rating depending on the career
It is not only the state that acts as a safe employer on all low-interest loan offers for police officers. Apart from personal pre-indebtedness and the individual payment behavior of the past, creditworthiness differences result from the career.
Police officers can “only” pursue a career in middle duty or advance to higher salary levels (higher and higher duty). The additional income from every promotion, every promotion and seniority ensures the fine differences in creditworthiness. These differences have a noticeable impact on government loans in interest rates.
Long-term financing offers – civil servant loan from an insurance company
The term “civil servant loan” is not protected, but is mainly used for long-term loan offers, secured by capital-building life insurance. In the past, these loan offers were among the cheapest long-term financing for civil servants. The official loan can run for up to 240 months. The actual financing costs melted due to the previously very generous surpluses of the insurers.
Unfortunately, the loan for police officers as a civil servant’s loan from life insurance is only allowed to a limited extent. Insurers pose existential problems for the LCB’s zero interest rate policy. The federal government even had to collect the “guaranteed” interest by law. In a pure comparison of interest rates, without the gains of the past, the loans are hardly competitive in the market of long-term financing offers.
The low-interest, quickly approved loan for police officers can be found today in the normal loan comparison calculator. Credit institutions are literally rolling out the red carpet for civil servants when it comes to interest rates. Automatic special conditions for civil servants (B tariffs) have become rather uncommon in the meantime, but civil servant status is clearly noticeable in the case of credit-dependent loan offers.
This is how the loan comparison works
Various loan comparison calculators offer the service of free loan comparison. Only three entries are required to compare loan offers comprehensively. The loan amount, the desired term of the loan and the purpose.
We recommend civil servants to pay attention to interest rate offers that depend on creditworthiness. Officials from the higher careers are among the borrowers who are to be targeted with the interest offers that have been denounced as “shop window rates”. We advise middle career officials to pay attention to interest rate offers that are independent of creditworthiness. The loan for police officers as a small loan is currently particularly low-interest.
It’s worth comparing – example of a special loan for civil servants
Financing requests of up to 3,000 USD, term between 12 and 36 months, are fulfilled by the loan comparison at the effective annual interest rate of 1.99 percent. With a term of 36 months, the total financing costs amount to 92.08 USD. (Santander Bank financing example, interest rate from the representative example).
To compare the BB desired credit for civil servants (B tariff). Interest rate according to representative example 6.15 percent effective interest. The bank’s loan calculator specifies the financing costs at USD 268 for the same loan amount and term.
The interest rate of the representative example is the rate at which the majority of all applicants receive your loan. In the example comparison, the applicant saves 175.92 USD compared to the provider with the B tariff using the general loan comparison.
Credit for police officers with negative private credit checker
Dealing with your own credit rating depends on many factors. Punctual salary and good social security do not protect against personal shortcomings. Regular lending to police officers may also be impossible if a negative private credit checker limits creditworthiness.
But, with the loan despite private credit checker or the foreign loan without private credit checker, the civil servant status continues to have a positive effect. Despite private credit checker, private donors, as they could be addressed at a serious level via centiloan and trucredit, grant the loan to policemen more easily than to “ordinary people”.
With a loan without private credit checker for police officers, the long-term employment relationship and the good income have a positive effect on the credit opportunities. A private credit checker-free loan for police officers in the amount of 5,000 USD is one of the real loan opportunities that the civil service relationship opens.