Loans are now advertised and offered cheaply by most banks and credit institutions. If consumers want to take out a loan, thanks to the new media and the Internet, they now have a large selection of providers, so that the local branch office is no longer automatically the first and only address on which credit is sought. More information at saya888.net
Today it is easier to apply for a loan. But lurk also significantly more potential dangers, if consumers do without professional advice at the house bank and inform themselves on the net. There are some important things that need to be considered in order not to end up paying for it. We have editorially compiled some important credit tips that can be of immense importance for making the right decision.
The Internet and the associated anonymity are not an obvious advantage. But this is precisely where dangers lurk, which one should at least know, in order not to fall into the debt trap.
What consumers need to pay attention to
If construction and real estate financing is concerned with the repayment amount, there is an important rule of thumb that is decisive for debt relief. Thus, the repayment amount must always be dependent on the amount of the APR. In a low-interest phase, the highest possible repayment should be arranged with the bank in order to become faster debt-free. At low interest rates and low eradication, it can take an extremely long time to become debt-free again as a borrower.
In the usual annuity loan with a constant loan rate, which is composed of interest and repayments, the monthly repayment, the remaining debt is smaller. This automatically reduces the interest component in the installment. Because of the constant high rate, the repayment share increases accordingly. If the interest rates are very low, as is currently the case, the interest component of the rate decreases correspondingly more slowly. Conversely, this has the consequence that the repayment share increases more slowly. The rule of thumb is therefore: high interest, low repayment and low interest, equal repayment. Those who follow this rule do not do anything wrong in principle.
Arrange optional extra payment option
For mortgage lending but also for classic installment loans, it makes sense if the option of a free special payment is optionally agreed upon conclusion of the contract. Special repayments and / or special payments are additional repayments. This gives borrowers the opportunity to use funds released to become faster debt-free.
Many lenders offer optional extra payments free of charge. Some banks charge an interest charge for this option. Clever is to use an offer in which the optional extra payment costs nothing.
There are several possible variants on the market.
- Five to ten percent of the net loan amount annually as a special payment
- Up to 25 percent of the net loan amount within the scope of the borrowing rate commitment
- Fixed sums between 2,000 to 10,000 euros annually
Often the offered special payment options are not used by the borrowers. If they need to be bought for expensive money, you should check in advance whether you need it or not.
For installment loans, some lenders offer optional payments free of charge.
The processing fee is not allowed
Many banks are ignoring the current case law, which says that fees should not be charged for processing loans. When banks check the creditworthiness of customers before granting loans, they act primarily in their own interest. The resulting costs can not simply be passed on to the customer.
As a customer, you have it in your hands today. Already with the preselection of the offerers one should pay attention to select only one bank, which raises no processing fee. After all, so can save up to three percent credit costs. Many banks advertise that they do not charge processing fees.
Beware of dubious credit intermediaries
Consumers who are not alone in trying to find the best loan offer through a credit comparison, submit their loan application through a credit intermediary and leave that to the part. Unfortunately, there are some credit intermediaries in the market who are primarily concerned with their clients to earn as much money as possible.
So here is some caution not wrong. There are signs that even lay people can conclude that a credit intermediary is not serious. Dubious credit intermediaries often charge upfront costs. They promise loans even in actually hopeless cases, can only be reached under expensive hotlines, send documents against cash on delivery or customers want life insurance or Bauspar contracts turn over to secure the loan.
Caution balloon financing
The balloon financing attracts unsuspecting customers with auto financing with particularly low monthly installments. However, this financing model has disadvantages that you should know before getting involved. Balloon financing is more expensive in interest than conventional car loan. Borrowers almost never succeed in paying the balloon rate at the end of the contract. Then another loan must be concluded, which again entails borrowing costs. In general, it is better to take a cheap classic installment loan and then make the repayment period so that the rate remains affordable. By a corresponding down payment, the financing amount is reduced.