As part of its cheaper-not-guaranteed guarantee, the Lite Lending credit portal is now undercutting cheaper installment loan offers from domestic banks. Borrowers receive a one-time payment from Lite Lending if the cheapest loan offer found via Lite Lending should not be cheaper than a comparable loan offer from a bank and they still complete their loan via Lite Lending. The one-off payment means that the installment loans made via Lite Lending are cheaper for borrowers than the reference offers submitted by them. The cheaper-goes-not guarantee can be used by all borrowers, regardless of their creditworthiness – provided that there are suitable credits available on Lite Lending for the respective creditworthiness.
for the respective creditworthiness. The guarantee applies to all loan amounts and terms available on Lite Lending.
This is how prospective creditors use the cheapest-not-guaranteed guarantee
1. Those interested in credit who already have an individual installment loan offer from a bank (reference offer) check whether Lite Lending has a cheaper offer for them. If the reference offer is cheaper, submit the contract documents for this offer to Lite Lending.
2. Interested parties take out the cheapest loan available for them on Lite Lending.
A loan comparison is more advantageous for borrowers than going to the individual bank
The cheaper-goes-no guarantee is intended to encourage consumers even more to compare loans. For them, Lite Lending compares loans from more than 20 banks and creates transparency that no bank can provide.
“We especially want to reach those who traditionally only go to one bank and therefore usually pay too much for their credit. You should note that a loan comparison is definitely worthwhile. On average, this saves more than 35 percent, ”says Alex Entorpe, Managing Director of Lite Lending. “And should a bank’s offer be cheaper than the offers found through Lite Lending, our guarantee applies. That is why Lite Lending is the better point of contact for loans than a single bank. “