Experiences of smart bank customers of our coaching-program

ING-DiBa: Credit line experience

As an alternative to the Volkswagen-Bank (German site), some of our course participants (German) have set up the credit line at the ING-DiBa. Both banks are by far the leading providers for us smart bank customers!

The most important information about the ING-DiBa summarized: Credit line works like an overdraft facility (just at another bank). The application is possible in an amount of Euros 2,500 up to 25,000.
Further information and application ► www.ing-diba.de/rahmenkredit

Recently made experiences

In order to inspire further readers and to learn from the experiences of others, I asked two course participants to report about their experiences. They were pleased to do so and agreed to publish them.

Loan approval within only 5 days

by Markus F.

Hello Gregor,

I am glad to contribute a little to your program.

Markus Fikentscher

I have applied for the credit line on the 21st of April, sent the signed loan application on the 24th of April and received the loan approval on the 26th of April.

I am already customer of the ING-Diba with 2 extra accounts and therefore, I am legitimized there.

I have applied online for a five-digit credit line at the ING-Diba.

The application form itself was very simple to fill. The online verification of the transactions of my DKB current account did not work. Therefore, I have uploaded my last three salary slips.

The approval arrived via mail with an encrypted pdf-attachment and online into the post box.

I want the credit line only as a financial protection and therefore, I have not used it so far. The repayment takes place flexibly, mandatory is the monthly interest payment via direct debit at the end of the month.

Barclaycard rejects, ING-Diba approves € 31,500

by Gabriel D.

Hello Gregor,

It’s my pleasure 🙂 So, clearly structured:

1. Applied for a normal 2nd account at the ING-Diba with an overdraft facility of € 6,500.00 and was approved.

2. About 1.5 weeks later, applied for the credit line of € 25,000 and granted. (At the application, one can grant the permission for a Schufa-query to the ING-Diba online in order to give the approval/rejection immediately, however, one emphazises that this is non-binding. Result: approval. But I assumed to get less. Some days later, I got the approval on paper 🙂

3. Funny result: Diba offers € 50 at the first incoming salary transfer. About one month later, I was at the Reisebank to test the fee-free cash deposit. This deposit probably was regarded as a “salary payment” in the Diba-system. And I got the € 50 as a thank-you.

The process was very easy and clearly structured. I had no webcam-identification, but could make everything through the post. Therefore, I cannot say much about the subject webcam-identification. The steps of the registration are already described on deutscheskonto.org.

Personal comment:

Overall, I am really deeply impressed by the ING-Diba, as it puts at my disposal an overdraft facility of altogether € 31,500 without incoming salary transfer!

I have already thought about changing the salary transfer to the Diba. However, as I am frequently on the road abroad, I do not want to waive on the advantages of the DKB credit card. The DKB is my favourite bank, which “baptized” me to a “smart bank customer” 😀

Funny fact: the Barclaycard has rejected my application already the 2nd time. Really weird.

I am at your service for any questions. I hope to have supported you a little.

Contribute with your experience?

You are welcome to contribute with your experience, setup or use of the credit line of the ING-DiBa through the comments feature. Many thanks!

Important facts about the credit line summarized:

The ING-DiBa offers two interesting loan types to us smart bank customers:

Overdraft facility on the free current account

A maximum credit limit of up to Euros 10,000 is possible. A salary transfer is not necessary; however, having a salary is a requirement. Further information.
Credit line (like an overdraft facility – just without a current account)

A maximum credit limit of up to Euros 25,000 can be approved. A current account at the ING-DiBa is not a requirement.

The smart feature of a credit line:

Free, interest only at usage

The idea that guides us smart bank customers is setting up credit limits in “good times”. Perhaps you know the saying, “A banks loves to lend money to people, who do not need it”.

Therefore, it is an outstanding idea to get a credit limit during a good creditworthiness phase, which one can use from one day to another – but does not have to. This is the major difference to the instalment credit. Herein, I get the full loan amount at once and the repayment of the loan runs parallel monthly to the interest.

At a credit line, I only pay the interest for the term and the amount with which I am “in the credit”. I determine, when I am in the credit. This is simply done by transferring from my credit line account to my current account – and back again.

When I am not in the credit, the credit limit does not cost me any cent. Of course, neither the setup of the credit line.
Euros 2,500 up to 25,000 credit limit

I can apply for a credit limit within this range. Not beyond, because the ING-DiBa only takes a financial security through your creditworthiness check (you cannot submit other security, such as mortgage or shares) and not below, because the expenses for the desired return is not in a good proportion for the bank.

But attention: you decide how “deep” you want to go into the credit. It does not mean that you have to borrow at least Euros 2,500, just because the minimum credit limit states Euros 2,500. You can e.g. only borrow Euros 100 and only pay interest for the Euros 100.

Note: you, being a smart bank customer, decide how high and for how long you want to go into the credit.