Do the monthly installments drain your cash? Does your girlfriend or acquaintance save a lot of money every month through a modern online loan and can afford the same thing? Have you ever considered rescheduling but don’t dare? If you want to know more about debt restructuring, you’ve come to the right place.
Take action in good time: If you are looking for a new personal loan or would like to continue financing existing ones, you should consider alternatives in good time. Banks usually only contact you if you do not pay an installment or if the existing loan – for example with real estate financing – expires in a few weeks.
Better and cheaper offers – mostly none! Why too? Loans are an easy business for any bank with its inactive consumers. Check the current loan, take action yourself and look for favorable and flexible conditions. This can be a condition check at your own bank or a visit to a local competitor.
The quickest and most effective way to get the new cheap loan is to compare the credit on an online loan calculator. Here you will find the modern, flexible and inexpensive online loans from the many direct banks!
Compare online and show savings: A loan repayment usually costs, unless you already have a loan of the newer type with variable repayment, installment break and so on You can save on interest and costs compared to your current loan. However, you will be amazed at how much you can save every month with a modern online loan.
A debt rescheduling loan is all the more worth it
The higher the loan amount and the remaining term of the old loan! A small tip on the side: Use the interest savings for an increased repayment. Firstly, this means you are debt-free faster and secondly, loans with longer terms are usually also expensive.
Use a higher loan amount: This may seem strange to you, but a great advantage of a debt rescheduling is that you can not only save a lot of interest, i.e. money, with the new borrowing but also increase the loan amount at the same time. This can be worthwhile if, for example, you want to co-finance other purchases at low loan interest rates in the long term.
Note the notice period: Anyone who has taken out a consumer loan often has to observe a notice period before they can even get out of the loan agreement. And when it does, it often gets expensive. So be sure to check your current contract terms before taking out a new loan.
Redeem loans: What does a debt rescheduling cost me?
Many consumers want a cheaper loan but are afraid of the work and the costs. In vain there is, of course, nothing and it is not entirely without work. But: Both can be very worthwhile! In principle, the costs for a debt rescheduling loan can vary widely, because these are made up of many individual factors:
Interest and rates for the new loan: You should calculate exactly whether the new monthly loan rate is significantly below or the previous one – and can be paid for you without financial constraints.
Processing fee: Processing fees already paid will not be reimbursed proportionately when the loan (s) are redeemed by rescheduling the bank. On the other hand, payments for residual credit insurance – if you have taken out one – are partially reimbursed.
Prepayment penalty: If you redeem your loan before the originally agreed term, the bank incurs “damage” – because the bank naturally calculates and works with the expected interest income from you. The bank can be compensated for this damage in the form of a so-called prepayment penalty. This is 1 percent of the remaining loan amount. So the earlier you replace an existing loan and the higher the remaining debt, the more expensive it will be.
If the remaining term of the contract is less than one year, the prepayment penalty can amount to a maximum of 0.5% of the early repayment of the loan amount. This prepayment penalty is usually requested for real estate financing and can, of course, be very high here.
- There is no compensation if the repayment falls into a phase with a variable borrowing rate.
- The law provides for an annual allowance for consumers: Only if you want to repay more than 10,000 euros per year will a prepayment penalty be due.
- The bank is not entitled to compensation if the repayment is made after payment of an insurance benefit that has been taken out to secure the repayment.
- If the loan was granted in the form of an overdraft facility, no compensation can be requested from the bank upon repayment.
Info: Loans that you closed before June 11th, 2010 can usually be paid back in full early and free of charge. However, they must comply with the notice period. Check with your bank!
A special case of building society savings: If you have a building society loan that you want to reschedule, there are usually additional costs for a transfer of the so-called land charge. Notary costs will be incurred again if the registered land charge has to be deleted first and subsequently reintroduced.