Author: Renee London

More competition on the mortgage loan market

This is good news for future homeowners. Because there is now much more competition on the mortgage loan market, the interest rates remain low for the time being. Show that the average mortgage loan interest rate for new mortgage loans is currently 2.8 percent and 4.16 percent for existing mortgage loans.

Banks get a smaller market share mortgage loan market

The Vereniging Eigen Huis is also pleased: ‘The extra margin that the banks achieved on mortgage loans has declined from 1 percent to 0.2 percent in the past year,’ says Hans de la Porte of the VEH. ‘Those high margins could reach the banks because there was hardly any competition. The three major banks hold 85 percent of the market. And foreign competitors have all left during the crisis. But now they are returning and the insurers and pension funds are also becoming more active. ‘

Banks are not happy with new developments within the mortgage loan market

Naturally, the banks are less happy with this. In particular, Rabobank is still considering whether they want to continue offering mortgage loans: ‘If this continues, we are considering completely stopping mortgage loans. Then we only mediate for the buyer and they have to take out the mortgage loan with an insurer or pension fund. We will then charge a fee for mediation, ‘says financial CEO Bert Bruggink of Rabobank. Other banks, such as the SNS, are slightly more nuanced about this: ‘That the margin goes down is just that. That is of all times, ” says Maurice Oostendorp, CEO at SNS Bank. ‘But mortgage loans are the cornerstone of our bank.’

New lending standards for mortgage loan set

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Do you want to buy a new house next year? Then you will have to take into account the stricter loan standards that start on 1 January 2018. The maximum mortgage loan will be equal to the property value. Other costs, such as advice and notary fees may no longer be co-financed. This also applies to homebuyers who apply for a mortgage loan in 2017, but only receive a definitive offer in 2018. The Netherlands Authority for the Financial Markets announces this. Not only the borrowing standard must be taken into account, so the key moment of the mortgage loan must also be monitored.

The income standard also changes

Not only do the loan standards change, the income standard also undergoes a change. The government is advised by Nibud on the amount of income that must be available to the maximum to meet mortgage loan payments. The law determines what percentage of the income may be spent on mortgage loan payments. The higher the fixed gross income, the more money can be borrowed.

mortgage loan offer must be tested before 2018

If you still want to come under strict lending standards, your mortgage loan must still be tested in 2017. The final mortgage loan offer must be on the doormat by no later than 15 November 2017, then there is still enough time to check whether this mortgage loan is financially feasible. Testing takes an average of 4 to 6 weeks, which means you are well on time before the new loan standards start.

mortgage loan providers can indicate in advance whether the duration of a mortgage loan application is sufficient enough to receive a binding offer in 2017. If this is not the case, then you must be informed of this in time by your mortgage loan provider. Good to know is that there is no transition period this year, as with the changes from 2016 – 2017.

 

Term life insurance cheaper after repayment mortgage loan

 

Have you paid (extra) on your mortgage loan? And then also adjusted your term life insurance? 99 percent of households who have paid extra for their mortgage loan is over-insured, according to research by the information platform. The survey was conducted among 516 households with a mortgage loan.

You are not legally obliged to take out a term life insurance policy when you take out a mortgage loan. However, many mortgage loan lenders do not grant a mortgage loan if you do not take out term life insurance. When you die, your income falls away. With the term life insurance, surviving relatives can still continue to pay the housing costs. This insurance is only paid if you die before a certain age.

Less debt

When you repay on your mortgage loan and all the more if you pay extra, the insured amount of your term life insurance can also decrease, unless you want to spend money on more than your living expenses alone. This ensures a lower premium. The research shows that the mortgage loan debts are reduced by means of repayments, but that the term life insurance policy is not adjusted accordingly. Adjusting the term life insurance policy can save several thousand euros over a thirty-year term. Check in advance whether this can be done with your bank and what costs it brings you.

Save too

When taking out a mortgage loan, you can also opt for a linear or annuity insurance policy. With a linear insurance policy, the insured amount decreases in equal steps. With an annuity insurance the insured amount decreases in ever larger steps. Although the insured amounts already fall with these insurances, it may also be worthwhile to adjust these term life insurance policies when you have repaid extra. Even though the savings are expected to be less.

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Switching can also pay off

The premiums for term life insurance policies have been halved since 2000. If you have taken out a term life insurance policy for this, you are now probably cheaper when you switch to another insurance company. Please note that you never cancel your old insurance policy before you have been accepted by the new insurer and request permission from the bank in advance.

 

Skip mortgage loan extra popular

Currently, it is top pressure on the mortgage loan market. This is not only due to the number of home sales, but also due to the transfer of existing mortgage loans.

Last January and February more mortgage loan applications were made; in February, the number of applications in the Netherlands was 22 percent higher than in February 2017.

Tight on the housing market

The number of mortgage loan applications is striking. Fewer houses are offered and houses that come onto the market become more expensive. In the last quarter of 2017 broker club NVM registered for the first time in years a decrease in the number of homes sold compared to the previous year.

The increasing number of mortgage loan applications is (also) a consequence of the rise in mortgage loan rates in the past two months (although they are still low, they are expected to rise slightly in 2018).

Two reasons for the crowds

Advisory organization De Hypotheekshop mentions two reasons that make mortgaging extremely popular. The first reason is to benefit from the low interest rates, as long as it is still possible. The second reason is that the penalty interest is less high. Anyone who adjusts mortgage loan interest early due to lower interest rates will be faced with penalties. Banks, after all, lose interest income.

The recent increase in mortgage loan rates can also be a reason, according to De Hypotheekshop. If interest rate increases ensure that the gap between the current market interest rate and the old mortgage loan interest rate of a home owner is reduced, the corresponding penalty interest rate is also lower.

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Too much penalty interest in early repayment mortgage loan

Do you plan to repay your mortgage loan before the term has expired? Please note that you can then claim compensation for a penalty interest or, as it is currently called. Research by the Netherlands Authority for the Financial Markets (AFM) even shows that various mortgage loan lenders still collect too much money from consumers who want to redeem early.

In March last year AFM published principles for the calculation of the financial disadvantage, which affects consumers who want to redeem early. From an AFM survey, to the calculation methods that lenders used at that time, it appeared at the time that there were major differences between providers.

compensation

As a home owner you can consider, due to the low interest rates, to redeem your mortgage loan early or to close it. Because your mortgage loan is calculated at the start on a certain duration and with a certain interest rate, it may be that you have to pay a compensation (formerly called that penalty interest) to your mortgage loan provider. Since 14 July 2016, this compensation may not exceed the financial loss that providers have as a result. Providers must also clearly indicate how the compensation has been calculated. These are consequences of the new European regulations.

More information about the early repayment of your mortgage loan? We are happy to help you find more information by bringing you into contact with an independent mortgage loan advisor in your area.

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Refund starting points

Because of these new rules AFM investigated the calculations of the fees. The basic principles that AFM formulated as a result of the investigation provide tools to be able to comply with the new rules. It also offers consumers a step-by-step plan and a checklist, so that they can see what they can pay attention to when they are faced with a payment with regard to the mortgage loan repaying or transferring early.

Regulation

Nine of the fifteen surveyed providers have charged too high a fee in at least one file, the AFM concluded. Because these new regulations came into effect on July 14, 2016, all consumers who had paid too much penalty interest had to get their overpaid money back. At the beginning of this year it came out that this (partly) happened. Providers must quickly correct their mistakes and demonstrate that they have changed their calculation method. Furthermore, they have to show that the information on the bill is improved.

The banks are willing to look at how the information can be improved with the AFM.

 

 

For the first time in five years less mortgage loans

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In the first quarter of 2018, banks and other financial service providers provided fewer mortgage loans than a year earlier. In the new report on the mortgage loan market, from consultant IG & H Consulting, the consultant writes that it is the first time in five years that there is a decrease in the number of closed mortgage loans.

80,000 mortgage loan agreements were signed in the first three months of this year. The same period last year, this number was 3 percent higher.

Difficulty for starters

The difference is due in part to a sharp decline in loans for starters. The number of credits for that group decreased by 11 percent. That, according to IG & H, shows that starters have a hard time in the housing market. Another difference is in the market share of starters. Four years ago this group formed the largest group of mortgage loan customers. Today they belong to less than a quarter of the market. ‘The position of starters seems to continue to deteriorate. Where in 2014 the number of starters was even higher than the number of people moving on, we now see that people moving through represent more than half of the market and starters a little less than a quarter, “says Joppe Smit, Senior Manager Banking at IG & H.

Higher yields

The number of mortgage loans is decreasing, but the revenues are increasing. The mortgage loan turnover has grown by more than 3 percent. That is mainly due to a higher mortgage loan sum. The average loan amount increased by 7 percent, compared to the first quarter of 2017, to more than 300,000 euros. That is the highest level ever. ‘The rise in the mortgage loan sum is thus the driving force behind the growing mortgage loan turnover in the first quarter’, says Smit. The total mortgage loan turnover in the first quarter of 2018 amounts to more than 24 billion euros.

Do you want independent mortgage loan advice from a consultant in your area? We are happy to help you!

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12-month loans bad credit direct lenders -The benefits of an installment loan

Did you know that the installment loan is one of the safest forms of lending? Not only in Belgium is this kind of lettuce so popular, but also with our northern neighbors that is the case. If you take out an installment loan, you will be rewarded for it. Installment loans also available at GreenDayOnline.

The benefits of an installment loan

Of course, you also want to know what the benefits of an installment loan are. This consumer credit actually has two important advantages that would not exist without each other:

1. You run the little risk as a borrower. The same applies to the borrower. 
2. This results in a low-cost price!

Fixed interest rate

This type of loan has the feature that interest is fixed during the term. A fixed interest rate has the advantage that you know in advance what the total cost of the loan amounts to. This is not the case with revolving credit. After all, it has a variable interest rate. Because of the clarity of the costs, the loan is one of the most secure and transparent forms of lending. Just as the interest rate is unchanging, the term is also fixed. So you pay a fixed amount of interest and repayment on a monthly basis.

Loan on installments is relatively cheap

Many consumers opt for an installment loan because it is a clear, safe and transparent loan form. However, they ignore the fact that this loan is also relatively cheap compared to other types of loans. This is because both the borrower and the borrower run few risks. That is beneficial for the lender. Because they have extra certainty that you will repay the loan, they can also keep the cost price fairly low. In the case of riskier forms of lending (such as through revolving credit), you see the opposite happening. Flexible loans are generally expensive loans.

Building more security is always possible

The question is whether it is necessary to add extra security to this form of a loan. This personal loan on payment is in itself safe enough. Nevertheless, there may be situations where it is advisable to provide extra security. If you do not have a permanent contract, taking out special credit insurance may be a good idea. If your contract is not extended or suddenly become ill, part of the repayment can be taken care of thanks to this insurance.

Term life insurance with higher loan amounts

With small loan amounts, it is, in our opinion, a bit redundant to take out all kinds of additional insurance policies. If, however, you borrow a larger amount, a term life insurance policy would not be a luxury. If only to prevent your family from getting into trouble if you die or become incapacitated for work. Note: It is not always possible to take out this insurance with the same bank or lender. In many cases, that is not wise either. It is best to compare this product with multiple providers so that you do not pay too much. With yet other credit providers you are obliged to take out such insurance for an installment loan.

Loan without income

Special situations often require special measures. Especially for people without a regulated income, there can often be financial bottlenecks that can not be overcome by one’s own means.

requirements

requirements

    • Mind. 18 years old

Basically, in the run-up to lending, the applicant’s personal details are first checked by the institution or provider. Thus, the institutions ensure that the awarding of a loan is also legally binding. Purely legally, a loan can only be granted if the applicant is at least eighteen years old and therefore able to work.

    • Under 65 years old

But also an age limit is often fixed. For example, loans are normally given only to persons who are at least eighteen years old but not yet sixty-five years old. The reason for this is that hedging the repayment can hardly be guaranteed. Furthermore, in the general data of a borrower is recorded whether his regular residence is located within the Federal Republic.

    • credit-worthiness

Just as important as the age of the applicant is his creditworthiness. In terms of creditworthiness, or creditworthiness, the responsible institution checks whether the borrower is later able to repay his installments reliably. Information is regularly obtained from Private credit, the protection association for general credit protection, which provides an overview of current arrears of existing loans and debts as a whole. In addition, such information is used to determine whether the borrower is solvent. Here, the Private credit uses different comparison values ​​to ensure that the applicant can also clear a loan again.

    • Financial collateral

In addition, the bank will investigate whether a potential customer has additional financial collateral. These include, for example, real estate or other property values. However, such reinsurance is normally only used if higher loan amounts are to be granted. With lower sums, such information is not obtained, since even information gathering already entails costs.

Opportunities without income

Opportunities without income

A borrower’s positive credit rating is usually used when he can demonstrate a regular income that is not subject to regular fluctuations. But even for people without regular income, there are different forms of credit.

Even without a regulated income, there are various possibilities that still allow borrowing.

    • guarantee

This includes, for example, the guarantee. This means that the claimant includes a third party in his loan agreement, which pays the outstanding installments in case of insolvency. This is often enough for the credit institutions to lend.

    • Two borrowers

There is also the option of splitting a loan into two separate parties. In the loan agreement then there are two parties that share the monthly installments and deny jointly. If one of the two parties then becomes insolvent, the other party is obliged to pay the monthly installment alone.

    • small loans

Another option for borrowers without regular income is so-called microcredits. These are loans that are significantly limited in their amount. In this case, reputable credit institutions usually only offer loans of up to five thousand euros in order to distribute the installment payment over a reasonable period of time and to ensure repayment. In the case of such a small loan usually also checks, like the protection by regular income or financial reserves, remain untouched.

    • Online direct suppliers

Furthermore, loans are nowadays a welcome alternative with so-called online direct sellers. These are predominantly private providers who, as part of a community, lend their private capital as credit. Although these offers are often associated with low requirements, but it is filled with high interest rates.

Borrowers should therefore exercise caution, especially in the area of ​​online providers. Frequently, although loans are offered to low conditions, but interest in overpriced extent. For borrowers in predicament so often results in a debt spiral Private credit entries and collection companies entails. A precise comparison of interest rates should therefore be sought in advance. Likewise, borrowers should check whether the targeted provider is on the so-called “blacklist”. This is a directory that tracks lenders who use invalid methods.

What to do with negative Private credit

What to do with negative Private credit

Customers with negative entries to Private credit or a lack of creditworthiness, such as in the case of unemployment, are generally denied a loan from German banks.

However, with poor credit ratings or negative Private credit entries, some additional options may be considered.

Deletion of the Private credit entry

For example, customers can obtain regular information on whether and to what extent they have entries about them at Private credit. If negative entries exist, the deletion can be requested in certain cases. For loans that have already been settled, a cancellation can be requested after three years. The same applies to debts in the field of mail order or insurance. Guarantees that have been settled can be deleted immediately after the debt has been settled.

Advice to the consumer center

In addition, customers with poor credit ratings also have the option of obtaining specific advice in a consumer center. Consumer centers in this context often provide suitable financial institutions that can meet the needs of the customer and yet work seriously. Likewise, in such conversations, rules of conduct can be determined, which the customer should take into account in the event of borrowing in order not to get into a debt spiral.

Note:

However, it should be borne in mind in particular by borrowers without regular income that a loan is often denied for significant reasons. The financing of monthly installments can only be limited to a minimum, which must be reliably provided.

What is the current situation?

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However, for people without income, there could hardly be a better time to borrow than it is currently. Since the interest rate factor plays a crucial role in taking out a loan, it should be kept as low as possible. Currently, the German market economy is in a so-called low-interest phase.

This means that while interest rates on invested and secured capital are extremely low, interest rates on loans also move in a low percentage range.

Nevertheless, when taking out a loan, all forms of possible accrued interest should be taken into account. These primarily include the credit-related interest rates. These can not be quantified as a fixed value, since they are individually based on the creditworthiness of the individual customer and therefore vary greatly.

Equally important is the consideration of the nominal and effective interest rates. The nominal interest rate describes the amount that the borrower has to pay to the bank. It can be described as compensation received by the institution because it takes the risk of a loan and provides the money to the client.

The effective interest rate, or APR, on the other hand, describes the costs that result from a loan. It is usually given as a percentage value.

Note: keep ancillary costs in mind!

When looking for a suitable credit institution, a few other factors should be clarified in addition to the interest rates. For example, the customer should assure himself that, as part of his loan agreement, special repayments are possible at no additional cost and that a corresponding adjustment of the monthly installments can be made. In addition, it should be ensured that the respective institute has suitable customer service. It is important to have a local contact who can advise you on important issues.
Also, a detailed examination of the contractual documents should under no circumstances be disregarded. Especially the unpleasant fine print can often contain unpleasant clauses that oblige the customer to special conditions. In particular, for loans without income should therefore be scrutinized.

Rescheduling: Now replace expensive loans and save!

So you owe your installment loan

  • Check the terms of your current loan
    Learn the key metrics of your existing loan. Specifically, these are the annual percentage rate of charge (most important criterion!), The remaining term (in months) and the monthly repayment installment. The necessary information is usually found in your repayment plan. If you do not have the appropriate numbers – ask your bank
  • Calculate the prepayment penalty
    Whether or not there is a prepayment penalty (penalty payment) and how high it is can vary from one loan to another. Check the terms of the contract to see what is going on in your case – or ask the bank. In any case, contracts concluded before 11 June 2010 have a three-month notice period.
  • Calculate your remaining debt
    Now you should calculate if and how much money you save by rescheduling a new loan exactly. For this, you need the key figures of your existing loan – that is, the annual percentage rate of interest, the remaining term in months and the monthly repayment installment. Here is a simple sample calculation.
  • Repay
    If you have a binding loan offer that will save you money compared to your existing installment loan, do not delay, but take the opportunity. One option is to present the offer to your house bank and ask if it offers you similarly favorable terms for a rescheduling. In some cases, the bank will respond. However, if it does not suit you, then change the provider.

With a rescheduling you can replace your old, expensive loan under certain circumstances with a new, low-interest loan. Especially with mortgages, installment loans and credit facilities, this step can be worthwhile. Depending on the amount of your outstanding debts (“residual debt”), savings of a few hundred or, for larger real estate loans, even a few thousand euros are possible.

But note: Not every loan can be rescheduled without any problems. Unfortunately, if a loan is earmarked, such as a car loan, the reorganization will not work. Unless your old loan was for something specific, you can replace it with a new one. Mortgage lending is an exception here.

Why is a debt restructuring worthwhile?

We have already mentioned the first factor, why a loan remission is worthwhile – the lower interest rate level. According to Bundesbank figures, for example, the average interest rate for consumer credit with one to five-year maturity has fallen since 2010 from 5.67 percent to 4.77 percent. This comparison alone shows why debt rescheduling can pay off for you. A credit comparison can be very helpful.

In addition, there are two other effects that will benefit you.

  1. Normally, saving your debt repayment loan on a cheap online bank will save you a lot more than the lower average interest rates suggest.
  2. The shorter the term, the lower the interest. For example, if you completed your old loan six years ago, and that loan has a ten-year term, then a new four-year loan will be enough to reschedule your debt. This further lowers the interest rate.

That’s how much you can save by rescheduling

  • Your old loan has a remaining term of 36 months. The annual percentage rate is 8.5 percent, the monthly repayment 400 euros. This results in a residual debt of 12,729.88 euros.
  • A new provider offers you a loan on the required 12,729.88 euros at an annual percentage rate of only 6.5 percent. The term should also be 36 months.
  • As a result, you save 393.07 euros with the debt restructuring. Even if there is still a maximum prepayment penalty of one percent of the remaining debt (€ 127.30), your savings will still be € 265.77.

Can I cancel my loan so easily and reschedule it?

For you as a borrower, rescheduling is an opportunity – it is a problem for your bank. Finally, the bank has calculated with the interest income for the entire term. If you repay your old loan to make a debt restructuring, the bank must re-invest the money by lending it a new loan. However, as the general interest rate has fallen, as described, the new loan will yield less income than the old one.

Of course, the banks know about this mechanism. In order to complicate the early rescheduling, they usually ask for a kind of penalty for the termination of a loan. The technical term for this is prepayment penalty. There are different prepayment rules for different types of credit.

Mortgage lending, for example, is subject to multi-year fixed interest. Replacing the loan during this phase almost never pays off because the prepayment penalty is too high. But if the interest rate lock expires, you do not need to pay any compensation. Accordingly, you can easily save a high three-digit or even low four-digit amount with a rescheduling.

In the case of installment loans, on the other hand, there is an important deadline to be observed – namely 11 June 2010. On that day, the European consumer credit line came into force, setting out the legal framework for virtually all consumer loans between 200 and 75,000 euros. For installment loans that have been completed after this date, banks may only demand compensation of up to one percent of the outstanding balance. Thus, the rescheduling often pays off despite the “penalty payment”. For contracts concluded prior to June 11, 2010, there are no legal limits. A rescheduling can therefore make sense for installment loans that were completed after 11 June 2010.

The new creditor must also be informed about the following points:

  • What about your credit rating?
  • What do you want to finance with the new loan?

In any case, your bank will check whether you have debts before granting loans. However, if the bank knows about its planned rescheduling, it is clear in advance that in the future a creditor will be eliminated. For this reason, it is important to inform the bank that the new loan will seek to reschedule.

Can I repost my credit line?

The credit line is actually there to compensate for short-term financial bottlenecks – until after a few days or weeks, the next salary transfer comes and noted the checking account again in plus. Sometimes, however, it happens that the debts pile up slowly and from a few hundred euros suddenly 1,000 and 2,000 euros.

It can be really painful for the consumer. Because despite the general low interest rates demand many banks for the “Dispo” between ten and 15 percent interest – with a debt of 2,000 euros are calculated on the year 200 to 300 euros. In these cases, rescheduling at a lower interest rate may make sense.

The good: With a installment loan, you can replace not only an old installment loan, but also easily your credit line. The interest advantage is often enormous. Because even if you are in minus with your checking account, that does not necessarily mean that the bank is rating your creditworthiness negatively.

Depending on your personal credit rating, banks are currently offering you a 2,000-euro installment loan with a two-year term that is less than five percent – in comparison to the credit line, the interest burden on rescheduling therefore drops significantly. In addition, you may replace a credit line at any time. So in no case is a prepayment penalty payable.

A small drawback of installment loans compared to the line of credit is the less flexibility – because the monthly interest rate you need to operate. But this supposed disadvantage also has its good side: Knowing the fixed monthly installments, it is easier for many consumers to pay off their debts than if the repayment in the “dispo” seems to be “voluntary”. In addition, the installment loan has a fixed interest rate, while higher disinvestment rates can possibly continue to rise.

How do I replace my mortgage lending?

With a real estate loan different rules apply than with an installment loan. For example, mortgage lending is not covered by the EU consumer credit line – with the result that there is no one-percent cap on the prepayment penalty. Instead, real estate financing is subject to a so-called fixed interest rate, which de facto ties the borrower to his bank in the first few years. A rescheduling would not count on the interest rates.

This makes it all the more interesting for you as soon as the contractual interest commitment expires. Because then you can sometimes save in the search for a follow-up financing four-digit sums. Firstly, this is due to the high amounts involved in mortgage lending. The second reason is the long maturities, which makes the current low interest rates even more noticeable (according to the Bundesbank, the average interest rate for a five- to ten-year real estate loan since 2004 has fallen from 4.96 percent to 2.31 percent). In this case, they should seek loan offers and determine whether a replacement of the existing loan pays off.

And third, if you pay off the debts for your house for years, then you own a large part of the property now – and no longer the bank. Your credit rating is correspondingly better, which further reduces the interest rate. For example, with follow-up financing over five to ten years, an interest rate of less than two percent is now completely normal. In this case, you can save a lot when rescheduling.

Check notice period for fixed interest

The length of the fixed interest is regulated by contract. However, if you have agreed with your bank, for example, a 15-year fixed interest, you have a one-sided notice period after ten years in accordance with § 489 para 1 no. 2 BGB. Given the current level of interest rates, you should make use of it.

How to find a favorable follow-up financing

  1. Do you have an eye on when your contractually agreed fixed interest period expires or when you can benefit from § 489 for extremely long fixed interest rates?
  2. Begin early to familiarize yourself with the current mortgage loan conditions. Two to four months before the interest rate lock on your existing real estate loan ends, you should start exploring the market. Get a rescheduling offer from your own bank. Compare this with the offers of other providers. Here, our mortgage calculator helps you.
  3. Change the provider, if your house bank offers you not similarly good conditions as the cheapest banks in the comparison. Fees may not be charged for the change. Costs are incurred only for the assignment of the mortgage – they are in the case of a change of banks at 0.1 to 0.2 percent of the mortgage. So much money should the new provider so be cheaper in any case, so that makes the change.

Can I also repost several loans?

Can I also repost several loans?

In addition to the lower interest burden, rescheduling can also fulfill another purpose – to bring order into one’s own finances. It often happens that consumers have not just one, but several consumer loans run side by side. If then the current account slips into the downside, threatening to lose track of their own liabilities. In such cases, rescheduling can not only save interest, but also give orientation. In many cases, you benefit from the rescheduling of an interest savings. If you apply for a new installment loan as part of the rescheduling, you can still save interest by a second borrower. In most cases, however, you must live with the second borrower in the same household.

However, you should always bear in mind that different prepayment rules may apply to different loan agreements. Therefore, you must calculate the possible compensation payment for each of your old loans and include them in the total costing.

What are the benefits of rescheduling my existing loans?

When you replace existing loans, you focus the monthly repayment on one installment. As a result, interest rates often fall. It also gives you a better overview of your monthly expenses.

What is the credit for a debt restructuring?

Determine the amount of existing loans before taking out the new loan. Add all open residual liabilities for this purpose. If you are unsure about this, you can contact the banks directly and ask for them. Also, give all information about any prepayment penalty. You will also find this information in your existing loan agreement.

Mini loan immediately

Unemployment loan - mini loan immediately without income?

Sometimes, when things need to be done quickly, the decision on a loan can not be delayed for long. If you want to get straight to a certain smaller amount of money, a mini-loan is immediately the optimal solution. Here you have to meet certain requirements. How to get a mini loan quickly and easily is described below.

Mini credit immediately – so you get quickly to the desired amount

  • Apply online – fast and easy
  • What advantages does a mini loan bring immediately?
  • Special form – mini loan immediately for under 18 year olds. Is this possible?
  • Mini loan as a private loan – what is it?
  • Mini loan immediately to cover a financial gap
  • Are there any pitfalls?
  • Mini loan with deadline over 30 days – the most popular form
  • Unemployment loan – mini loan immediately without income?
  • Conclusion

Mini credit immediately – so you get quickly to the desired amount

To complete a loan you often have to fulfill many requirements and above all bring a positive Private credit entry. But who does not have this and who does not really play with the credit rating, who can still choose the form mini loan immediately. That’s how it works:

Apply online – fast and easy

You can immediately apply for a mini loan online in just a few steps. The process is as follows:

  • Make application online
  • wait for verification
  • Get paid money

Sounds easy, it is too. You can even compare on the internet to get the best deal on a mini loan. Then you fill in the application and wait for the answer of the lender. Then you get the sum already paid. Of course, you can not get that kind of money anywhere, you certainly have to show a lot for it. For a mini loan immediately you have to:

  • to be of age with residence in Germany
  • Can prove income

Most of the time, the form mini loan immediately sets a minimum income. This is usually 600 euros, which can vary from provider to provider.

What advantages does a mini loan bring immediately?

Above all, the application for a mini loan has a great advantage over the loan from a bank. And the payout. With the right conditions, you can get the mini loan immediately paid on the same working day with many providers. You simply apply for the Internet and until the evening you have the money in the account.

Since these are online applications, each request will be processed within a few hours and you will receive an answer promptly. Even on weekends or public holidays, you can quickly and easily get a processed request. That does not exist with the conventional credit lines.

Special form – mini loan immediately for under 18 year olds. Is this possible?

Special form - mini loan immediately for under 18 year olds. Is this possible?

With the mini loan immediately one has the possibility to take up the loan by the parents. So you can with the help of the parents, who ultimately sign the loan a cash injection for education, study or career start. The parents in this case bear all responsibility for the loan.

Mini loan as a private loan – what is it?

Mini loan as a private loan - what is it?

With a currently higher financial need often remains only the solution of a fast loan. But if you have exhausted all possibilities, you can still choose the mini loan immediately from private. This is a loan from a private individual with no bank or other lenders involved. For this form of mini-credit immediately you have to be of legal age. The rest will be discussed with the lender.

The mediation to mini credit immediately from private through online platforms. There are solvent private individuals who agree to lend money to borrowers under certain conditions. This mini loan immediately from private is advantageous because you can handle the whole bureaucratic part and also no proof of the Private credit needs. For the lender, of course, interest rates are crucial.

Mini loan immediately to cover a financial gap

Mini loan immediately to cover a financial gap

Of course, with acute financial needs, a mini-loan is the optimal solution, simply because it will be paid directly after the application. This means loans between 100 and 600 euros, which can be used to close a sudden financial gap, for example, when the car suddenly does not want more o.
Many providers specialize in exactly this form of credit. The conditions are similar for everyone. Normally, the mini-loan must be paid out on the internet after the application and be repaid within 15 to 30 days.

Are there any pitfalls?

Are there any pitfalls?

Of course, every loan has certain risks. Even the mini-loan immediately has its pitfalls. The mini credit immediately on short term has high interest rates, all because the payment is made directly and you do not need a Private credit application.

In addition, the annual percentage rate is over 12%. As a rule, very high repayment costs and additional payments arise. You have to accept that, if you want to get money immediately through the mini loan.

Other pitfalls are the high cost of processing the application immediately and speeding up placement. This results in costs for the borrower, which can be described as disproportionate.

One should apply for a mini loan immediately, if one can say with great certainty, whether the money in the set period can be repaid.

Mini loan with deadline over 30 days – the most popular form

A quick loan with 30 days to repay the money sounds good. Here is more about the advantages and disadvantages of such a form:

Advantages:

  • fast payout
  • without procedure
  • Service options for even faster processing

Disadvantage:

  • high annual interest
  • short term
  • possible collection costs

Since the above-mentioned advantages in the upper everything was described, still remains to say the biggest disadvantage of the mini-credit immediately something to say – the collection costs. This term refers to the extremely high costs that can arise if you can not repay the borrowed money on the deadline.

Although you take that to yourself, but does not work for many borrowers. As a result, apart from the already high interest rates, there are additional costs that could cause borrowers extreme financial problems.

Although the mini-loan sounds immediately very tempting, considering that you get paid in a single day, the sum, but it is to be enjoyed with caution and you should choose this form of credit only then, and then only if the repayment to 100% can confirm.

Unemployment loan – mini loan immediately without income?

Unemployed and Hartz IV recipients can look forward, because they also have a chance at a mini loan immediately. Since you can not get credit without information from Private credit, such a mini-loan is immediately the perfect solution for anyone who is in a difficult position and urgently needs money.

The mini credit immediately is also versatile for the unemployed. The whole concept is designed so that the creditworthy can afford a loan. On the Internet, you can make an application on your own terms and specify everything as it would be most beneficial for your own household. Within 24 hours you will get a confirmation.

When minicredit immediately for unemployed remains to mention that he is usually slightly cheaper than that for workers and self-employed, as well as for pensioners. This is because lenders want to adapt the mini-loan to the situation of the unemployed, so as to leave open to all persons affected by financial shortfalls the possibility of immediately solving their problems through the mini-credit.

Some providers even offer a free instant loan mini-loan immediately for the unemployed.

Conclusion

Conclusion

Anyone looking for a quick solution to a financial gap is immediately more than well advised with the mini loan. As I said, this form of credit can help quickly, but it should only be used if it is very likely that the required loan can be repaid on time. Otherwise it can be quite expensive.

One should thoroughly inform oneself about the interest and conditions, as well as duration and last deadlines, before one finally says YES to the mini credit immediately. If you choose, you can easily submit an application online.