Since 2003 Biofinance offers the alternative to the loan. They support life insurance lending, allowing them to survive. In addition to their own interests, they offer the opportunities to other companies and investors, which is to the advantage of the customer. This applies to the sale of life insurance, which is no longer absolutely necessary with the Biofinance offers. The choice for improving the financial situation is in the hands of the customer. The Biofinance offers a wide range of different purchase options at an attractive fixed interest rate. The processing fees are omitted here in the course of customer friendliness and special repayments are possible without further fees.
But what else is behind the Biofinance policy loan offer? Our Biofinance policy loan test reveals it!
Guide to policy loans.
Paying attention to the needs of Biofinance, it can be seen that not all types of life and annuity policies are accepted. The insurance must not be linked to any funding and must be written exclusively for a natural person.
Conditions: favorable loan with special repayment
By lending the life insurance, the bank also has the collateral of the customer. This makes it possible for the bank to offer an attractive interest rate. The conditions are clearly described. It can be decided between a variable and a fixed interest rate. Which variant the choice falls, can be decided by yourself. The fixed interest rate is 4.10 percent APR. The variable interest rates can be as low as 3.0 percent.
In addition to the interest rate, the minimum and maximum amounts are also included in the terms of the Biofinance policy loan test. The minimum amount stipulates that the repurchase value of the insurance to be lent is € 1,000. 60 percent of the sum can be borrowed. Depending on the type of insurance, a loan of up to 100 percent is also possible. This can be learned by calculating the policy and Biofinance experience. Basically, the minimum loan amount is 1,000 euros. Without further costs, a special repayment can be made at any time.
The sum of the loan depends on the policy and not least the surrender value. The interest can be decided by yourself whether it is a fixed or variable interest rate. The interest rates are between 3.0 and 4.1 percent APR. Variable is also the repayment of the loan.
Flexibility in Lending / Change: Different models of repayment
The purchase of life insurance can be done in different ways. Here some examples.
Biofinance’s loans are as individual as life insurance and people themselves. The company shows that there are many ways to make money. All variants require a loan application and, in addition, the assignment of the life or pension insurance. Experience with Biofinance is clear when it comes to changing contract details. As long as it concerns the personal data, the changes are possible. Other changes require the approval of the company.
The point of flexibility shows in the design of the loan, such as the interest rate and the repayment of an individual page. So the customer can choose for himself whether it should be a fixed or a variable interest rate. When choosing one should know, however, that this point after conclusion of the contract can not be changed. The Biofinance policy loans have a different experience, allowing for individual repayment. Thus, if the loan is taken out a few years before disbursement, the loan can be repaid with the capital payment. Alternatively, it is possible to pay off the loan in monthly installments. A special repayment is possible at any time.
If not on all points, flexibility is still needed. Whether in the repayment or the choice of the interest rate, flexibility for the benefit of the customer can be recognized in different ways. After conclusion of the contract, changes are no longer possible, the exception is the personal data that can and must be updated.
Requirements for applicants: Schufa information despite low risk
While a non-binding information is still simple and with some preparations takes little time, the application is more extensive. The information or the application requires similar data. These are the current surrender value, the start of the contract and the end of the contract. Also, the monthly or regular rate paid is an indication asked for.
The Applicant’s requirements in the Biofinance Policy Loan Test include sufficient information about the contract in question. This includes knowing what kind of life or pension insurance it is. It should also be noted which company has this contract. After entering all data, including the personal details, the consent must be given to obtain the Schufa information. Another requirement is to be able to prove the age of 18 years. At a younger age, no credit can be taken, even with the signature of the guardian.
The requirements that have to be met are kept within limits. Important is the age of majority, as a Schufa without negative entries. The information of the insurance contract to be lent can be looked up in the documents. Alternatively, they can be requested and requested from the insurance company.
Additional services: Biofinance offers placement
While the life and annuity insurance is always provided on behalf of Biofinance, the purchase of the insurance also takes into account placement with other interested parties. This additional benefit can result in a higher price for the sale of life insurance. This is not always the case, as confirmed by the test. Before the insurance policy is offered for sale to other interested parties, this step must be irrevocably confirmed by the customer.
Further services are not offered to the customer in addition to the main services offered. Thus, the offers are limited to the main services, which consist of the lending, buying and selling of most life and pension insurance policies. The offers around the credit and the repayment possibilities speak for themselves, represent however no additional achievement.
The additional benefits of Biofinance are limited to the mediation of the policies. This service is only available when it comes to the sale of the respective insurance. This is not necessary when lending the contracts, as this is done solely by this financial company.
NOW TO THE PROVIDER: www.Biofinance.de
Website & Credit Calculator: Clear and fast information
The website of Biofinance is kept short. However, it contains all the necessary information and allows both the registration, as well as the calculation of the credit or the proceeds, if the sale of the life or pension insurance is provided. On the page will be given information on the possibilities to lend and sell the policy. The Biofinance review also shows that at one point or another, the page is expandable. If you want to find out about these possibilities, you can find everything you want on the website through the loan calculator. Experiences with Biofinance require more details for newbies, but those who have already dealt with the possibilities can quickly find their way around.
The website alone is expandable. The information is sufficient, but can be extended by the one information. The loan calculator proves to be useful, which reveals more about you possibilities, the sum and the repayment. The duration and amount of the installments are the alpha and omega when it comes to the calculation.
Regulation & Safety: Limited to legal requirements
As with all German financial companies, the regulation will be adopted by BaFin. This provides security, since the transactions, the offers, as well as the protection of the customers are regularly checked. Furthermore, it is necessary for the evaluation in the test report that the further security of the money is guaranteed. However, this does not affect the trade in insurance, as the customers do not go in advance at any time. As a result, no client funds are hedged. This in turn implies that Biofinance does not have to prove deposit insurance. The contract amounts to the trade in policies. Decisive here is the trust that can be brought to the company. After paying off the loan, the contract must be returned to the owner, which means that the assignment is void.
Security is and will not be underestimated by a pure credit company. Since no funds of the customers are kept, it is in particular the trust, which is brought to the enterprise. This is confirmed by the regulation by BaFin. In the test, the staff proves to be competent on the phone and knows about the usual questions and is always happy to help. Time independent are the written ways. The answers are not given immediately, but the customer does not have to wait long for it. The service is appealing. The FAQ can also be helpful on the homepage.
The possibilities are many-sided, how to contact the employees. The answers are competent and often provide guidance. Everyone has the opportunity to get in contact with them the most. Only the telephone times are limited in time.
At Biofinance, you can sell or lend policies at great terms.
Specialist opinions: The Biofinance Test shows more payout than termination
The termination of a life insurance always means a financial loss. This is explained to most people very early. However, the everyday situations make this partly necessary, that the last reserve is given up. The Biofinance review shows that there are two other ways that are worth thinking about. It concerns the sale and the lending of the life or pension insurance. Expert opinions confirm the Biofinance review and show that the proceeds can be up to 15 percent higher on sale than termination. In order to be able to insure the insurance completely, lending is also an option. In this case, a favorable credit can be taken in the amount of the repurchase value. Compared to the competition, the conditions are for the benefit of the customer. Only direct insurance and unit-linked life and annuity insurance can not be lent or sold. This can also be found in other companies. In addition to the customer, Biofinance is also looking for security.
Basically, the opinions of customers, as well as professionals on positive. The conditions, as well as the exceptions are clearly named and can be fulfilled in most cases. The opportunities granted to the customer by the loan can save the pension. On the other hand, the sale is still more profitable than the termination of the insurance concerned.
Other products: Biofinance is limited to a core offer
Looking at the homepage, it is easy to see that the offer, as already seen in the experience with Biofinance, is limited to life and pension insurance. By lending, selling and buying the aforementioned insurance, the company is in a completely new direction. Accordingly, Biofinance policy loans experience is still very rare. The only expansion that the financial company has to offer is in the sale of insurance. The offers regarding the price are made not only by the company Biofinance itself, but also by other interested parties. Thus, the company is not only a lender and buyer, but also on this point as an intermediary.
The list of products that Biofinance has to offer is very short and limited to the minimum. At the same time, it proves to be sufficient, as these services go in a completely new direction.
Mortgage lending or rent deposits can also be conveniently applied for and completed online.