Ever heard of a couch loan ? No – neither have we to date! And yet there seems to be this credit, because we have read this term several times in relevant media in recent days. The only question is what is actually meant by a couch loan? Well – one thing, at least not, although perhaps it is obvious: it is not a dedicated loan offer for the purchase of a new sofa / couch by means of a loan.
Rather, the financial institution, which has now virtually “invented” the term “couch loan”, aimed here to pack the simplicity of borrowing into a process that is common to most people – the “easy way to stay on the couch.” But so inventive, the financial industry shows itself again and again in the creation of new products and terms, so the legitimate question arises, what is special about such a couch loan? We went into the question once and found something? Unfortunately nothing really new!
The couch loan – old familiar in “new” packaging
Who now expects something new, even revolutionary or at least innovative from the offer of a couch loan, because we have to disappoint at this early point in the article. No, this new loan offer is none of that – neither new, nor innovative, or even revolutionary. It is nothing other than the result of a probably long-lasting meeting of numerous marketing experts from a German financial institution, at the end of which there is precisely that credit title. There is nothing like the imagination of many marketing experts!
Couch loan = online loan from the sofa
The couch loan is nothing more than a classic online loan, which can now be conveniently taken out from the sofa at that bank thanks to technical aids. Wow – how impressive! Or not? No – we are not impressed and for good reason. Because just because a bank has finally decided to use modern technologies as part of the loan request process, this does not necessarily mean that the child takes his usual name, which is known to the general public, and replaces it with a nonsensical one! And yet it happened and to give the whole thing a corresponding presence on the Internet, the right URL and website were put online. So quickly you can establish a supposedly new type of loan in the market.
The characteristics of the “couch loan”
Ok – complained enough: let’s take a closer look at the facts of the couch loan offer. As already mentioned, it is a standard online loan with – admittedly – consistently acceptable credit terms. These are as follows:
- Maturities from 12 to 60 months
- Loan amount of at least $ 1,000 to a maximum of $ 5,000
- Purpose limitation is not a requirement
- Effective interest rate pa 3.49%