What does a credit-independent loan interest rate mean at OLB?
At OLB, the amount of loan interest to be paid depends on the loan amount and the agreed term. On the other hand, the creditworthiness is checked, which also has an influence on the interest rates. Customers with good credit receive better conditions than customers with poor credit.
Special features of the OLB instant loan
Oldenburgische Landesbank AG offers you the opportunity to apply for a loan either completely online or, alternatively, to have a personal conversation by telephone or in one of the numerous branches. If you choose the first option, you can choose loans with amounts between 10,000 and 50,0000 euros and terms between five and ten years.
If you prefer a personal conversation instead, you can be granted a loan of between 1,000 and 75,000 euros and terms of between one and ten years if you have the appropriate creditworthiness.
This is what a 10,000 euro instant loan from OLB will cost you
The costs of a 10,000 euro instant loan from OLB depend largely on the term you choose and your creditworthiness. Below you will find two sample calculations, although individual creditworthiness is excluded:
Source: Own calculation, provider website, as of November 11, 2024
Are there additional costs for early repayment of an OLB instant loan?
At Oldenburgische Landesbank AG you can repay your instant loan before the end of the term. However, there is a separate fee for this, which is called an early repayment penalty. This is legally limited to one percent (0.5 percent if the remaining term is less than 12 months) of the remaining loan amount.
Requirements for the OLB loan
In order for OLB to grant you a loan, you must meet a number of requirements:
- You must be of legal age and use the loan for private purposes.
- Your place of residence must be in Germany.
- Self-employed or freelancers are excluded – all applicants must be in an employment contract that has not been terminated.
- For digital identification you need a smartphone or a computer and a German mobile phone number.
Is it possible to get a loan from OLB with negative Schufa or without a Schufa query?
You cannot avoid a credit check at Oldenburgische Landesbank AG. This does not rely exclusively on your information when making a loan decision. Instead, information from credit agencies such as Schufa is also consulted. If you have a negative Schufa entry, your loan application may be rejected.
There is no lending at OLB without a Schufa query. You can find out how you can get a loan despite a negative Schufa score in a further guide.
This is how you apply for an instant loan from OLB
At OLB, taking out an instant loan is open to both existing customers and new customers. You can choose between the online application process, which is discussed explicitly below, and the application in a personal conversation.
- First go to the OLB website. There you navigate from the “Finance” tab to “For your wishes” and finally click on “Instant loan”.
- After you scroll down a little on the page that opens, you will find a calculator. There you can select the term and the loan amount. You will also be shown a possible monthly rate. If everything meets your expectations, press the “Complete loan application now” button.
- You will now be asked whether you are an existing or new customer. The statements below refer to the second case mentioned.
- A form opens. Fill out the fields truthfully. Also put the necessary checkmarks in the lower area.
- The other pages ask about your financial background, professional situation and regular income and expenses. If questions arise, the information located next to most boxes will help.
- At the end of the process you will receive another overview of all the information. Check this for completeness and correctness before completing the application.
The OLB will then check the submitted data and, above all, assess your creditworthiness. This also influences the loan interest rates. If the check is successful, you will receive the contract to view. This must be signed by you. This now also works digitally at OLB.
If you are already an OLB customer, the application process is even quicker. In this case, it is possible to apply for the instant loan via your online access using a USB stick. By logging in, your data will be transferred to the application form.
How long does it take to pay off the loan?
The OLB does not make any concrete statement on this question. However, the website shows that the instant loan should keep what it promises. It should be paid out “quickly”. The amount of time required for this is probably due to the internal workload of the institute.
How can I manage my loan online?
Thanks to online banking, you can always keep an eye on your loan with OLB. There is also an app that is available for both smartphones and PCs or laptops. This app can be easily set up via online banking. The OLB has also included an explanatory video specifically for this purpose, which explains the necessary steps.
Experience with the OLB instant loan
Testimonials can help you get a first impression of an offer. An important source of experience with financial products is the Trustpilot platform.
With a total of 3.4 out of a possible 5 stars, the experiences are mixed. However, this result refers to OLB’s entire offering. The most recent comments often concern the former Degussa Bank, which is now part of OLB. There are hardly any reports on instant loans. However, the provider’s good service is repeatedly pointed out, as it takes a lot of time to address customer concerns.
Contact options if you have any questions about the OLB instant loan
If you have any problems or general questions regarding your instant loan, Oldenburgische Landesbank AG is available to help you with many different options communication channels available. For example, there is an FAQ section that addresses common concerns and often already has the solution ready.
If that is not enough for you, you can call the telephone hotline (0441 221 2210) from Monday to Friday between 8 a.m. and 7 p.m. There is also the WhatsApp service, which is available at any time, and a so-called digital branch that offers personal advice.
Alternatives to the OLB instant loan
There are some banks that offer better interest rates. Take a look at our installment loan comparison:
