N26 is iterating at an incredible pace these days with a ton of new product features and geographical expansions to build the most modern bank in Europe. But the new features always follow the same motto — your current bank sucks, everything should be simpler. Today, N26 introduces consumer credit done right.
I saw a preview of the feature a couple of weeks ago and it was quite impressive. If you live in Germany, you can now open the app and apply for a credit line. The app will walk you through a form, asking you the usual questions.
You’ll tell how much money you need, if you’re single or married, if you’re a homeowner, etc. At the end of the credit check, you’ll instantly get the effective annual rate and how much the credit line is actually going to cost. You can also customize the length of your loan.
If you ask for €10,000, N26 will give you the interest rate (4.59 percent p.a. for example) and the total amount (€10,475).
