Chosen customers at banks are undoubtedly civil servants or civil servants. The reason is not to be found in the person but in the professional status. The official has the safest job, the state. The job is crisis-proof and almost impossible to cancel. Banks offer this professional group a loan for lifetime officials at the best conditions. They know from this professional group that the money they have lent will definitely be returned.
Officials have to pay attention to their reputation, it has a role model, so to speak. Think of teachers or police officers here. The official’s financial situation should also always be presentable. The loan for lifetime officials is almost always approved. However, it is not only lifetime officials who receive the best conditions, but also civil servants.
The loan for lifetime officials – the prospects
Those who are civil servants, what civil servants say for life, do not have to worry about financial resources. The professional life of the lifetime official is also characterized by stability and security. Termination with subsequent unemployment is not an issue for this professional group. Banks also know this, of course, and approve the loan for lifetime officials with the best conditions. If you take a look at a cheap consumer loan and place it next to the loan for lifetime officials, this type of loan is even cheaper.
The advantage of not being dismissed from the hand is that officials have almost no credit limit. The loan term also plays a crucial role in this. Almost no one has as long a loan term as a lifetime official. Civil servant status brings unconditional privileges. They are already apparent with a car insurance company and stop with the loans. Almost all banks compete for the clientele and offer very lucrative offers. The reasons for this are of course the employer. The state cannot go bankrupt or become insolvent.
If the official does not steal “silver spoons”, he cannot be dismissed during his service, so the income is absolutely secure and also acceptable. If you look at the salaries from the private sector and the salaries of civil servants, there is a big difference. Officials receive full wages until they retire. The subsequent pension is still 75% of the previous income.
The civil servant also has advantages in his private life that he can collect. Here, too, he scores with his loyalty and payment ethics. Again, the good reputation cannot be dismissed out of hand. This particular situation actually shows no officials who are in need.
Life officials with bad Credit Bureau
Even if civil servants have a very large selection of donors, a cheap provider should be looked for with a loan comparison. Because civil servants can also increase their favorable conditions when granting loans. Officials typically remain loyal to their house bank for life and, as lenders, also shortlist them for loans for lifetime officials. The official appreciates the personal conversation and comprehensive advice at his house bank.
Not all people are the same and so there are also officials who have a bad Credit Bureau. Then there is the possibility to secure the loan with a second borrower or a guarantor. If an official asks for a loan for lifetime officials, the Credit Bureau is also queried, here he is treated like any other loan seeker. Many banks can query the Credit Bureau within a few minutes using an automated check procedure so that the bank employee receives it immediately.
If there is a negative entry that is not so serious, it could be explained and cleared up on the spot. The bank is then more generous to these people than with a normal lender, always in terms of a secure job and generous wages. However, if the official makes a loan with a bad credit from an online bank, it can happen that bank falls out of the bank grid. With these providers, the computer makes the credit decision in many cases. Thus, an official also has to look around for the Credit Bureau-free loans.
However, the situation described is rather the exception for an official, because civil servants are customers with good credit ratings. The loan for lifetime officials is mostly a combination loan. These loans combine the loan with a life insurance policy. The credit period is granted up to 20 years and the official only pays the interest during this time, but at the same time the contributions to life insurance. The insurance and the loan term usually end together, so that the loan can be repaid with the life insurance.
For this privileged borrowing, of course, the civil servant must have civil servant status for life. The loan for lifetime officials receives a favorable interest rate that is fixed throughout the term. The official does not have to choose this form of credit, a normal installment loan is also possible with the best conditions. If the official chooses the combination loan, he should know that he has to combine all outstanding liabilities with the loan.
Which loan is the right one?
Of course, long-term loans should also be secured accordingly. The official loans are often taken out to buy real estate. As mentioned before, these loans have a long term and follow-up financing comes after the first financing. To ensure that the loan is secured in the event of death, provision should be made accordingly. Just think of the job of a policeman who does a dangerous job.
The official status of the official is usually sufficient to authorize a loan. But bad Credit Bureau, which is also available for civil servants, demands security from the bank. Collateral is required even with large loan amounts of 100,000 or more. A guarantor could offer credit security here. You can usually find them in a family environment, but the partner can also guarantee if they are solvent.
Otherwise, officials cannot expect restrictions from banks and they can choose the best for themselves from the wide range of loans. But who now provides the best loan. This cannot actually be answered. A good and cheap loan has low interest rates and flexible repayment terms. Here the question should arise, what does the official ask the bank to do? If he expects personal support, he is in good hands with his house bank. If you don’t value it so much, you can look around at the many online banks and get really cheap loans there.