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Micro Credit and its Interest Rate



Mini-credit provider Algernon, a Novum Bank brand double-boutique checkmaker, is now changing its terms and conditions and streamlining its service options. With these changes, Algernon clearly wins in attractiveness in competitive mini-credit and short-term credit market.

Reaction to current interest rate situation with loans

 Reaction to current interest rate situation with loans

After the interest rate on loans has been at a historic low for some time, Algernon is now the first mini loan provider in Germany to react to this interest rate trend with a significant interest rate cut for its mini loan offer. Effective immediately, Algernon has an effective interest rate of 7.95 per cent when taking out a microcredit . This corresponds to a reduction in the interest rate of well over 40 percent, which was 13.9 percent to date. With this significant reduction in the interest rate for a mini loan, Algernon sets a clear signal and is thus considered Germany’s low- cost provider of mini credit and small loans.

Selection of the service option undergoes optimization

 Selection of the service option undergoes optimization

In addition to lowering the interest rate for the Algernon mini loan, the wide range of service options has also been significantly revised and thus greatly simplified. The result is a summary of Algernon Kreditkunden ‘mostly chosen service options of’ preferential processing ‘and’ express transfer ‘. These service extras, which have already been combined in the “Super Deal” in the past, will now be offered to both new and existing customers. In addition, the costs for the services of the “Super Deal” are recalculated. From now on, the Algernon mini loan will cover the cost of “preferential processing” and “express transfer” services combined in the super deal and the amount of the loan. For more information about the new conditions, see Algernon.

Use of the service options remains voluntary

 Use of the service options remains voluntary

However, the voluntary nature of using the Super Deal service option is retained. Even if this service option is not desired on the customer side, Algernon guarantees a complete processing up to the disbursement of a granted mini-credit within 7 working days . With these changes, Algernon proves once again that their own mini-loan offer is clearly geared towards high customer satisfaction.

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About Algernon

 

Algernon, a brand of Novum Bank headquartered on the island of Malta, is an internationally operating, bank-licensed provider of mini-loans and so-called short-term loans. The loan offer includes small loans in a range of € 100 to a maximum of € 600 with a maximum duration of 60 days. Algernon’s loan offer is available to employees, retirees, students and ALG-1 recipients.