Taking out a personal loan requires a little more attention than taking out a revolving credit. Unlike with a revolving credit, a personal loan can by no means always be transferred without penalty. In addition, taking out a personal loan is an annuity loan. This means that you initially pay a lot of interest and little repayment. As the duration progresses, this is reversed. Early redemption therefore almost always costs extra money. Even if the interest rate is much lower. Make sure that you make borrowing money as cheap as possible.
Do you want to know more about this? Then close this briefly with your credit adviser.
Take out a personal loan
Taking out a personal loan is therefore very careful what you do, but what should you actually pay attention to? And where can you take out a cheap personal loan? Two different questions, but crucial for taking out an affordable loan.
Starting with the first question, what should you pay attention to? When taking out a personal loan, you should pay particular attention to the interest rate. You must also look at the term of the loan. A credit with a low interest rate but a long term is more expensive than a credit with a higher interest rate but a much shorter term. Therefore, do not only focus on the interest on the loan. But also look at the total costs for your loan.
Where can you take out a personal loan advantageously?
There are many different loan providers. How do you ensure that you end up with the most economical provider? And a reliable provider of course. Strangely enough, many consumers come to their own bank, they think this is cheaper, and arranged pretty quickly. Unfortunately, the practice is different. Borrowing money from your own bank, OUT, Nevubank or SGB Morti is borrowing money at a high interest rate. The difference between taking out a personal loan with your own home bank or with a credit broker is large. It can go up to a few percent on an annual basis. The cheapest personal loan through a credit intermediary is currently 4.1%. At the house bank, the lowest interest rate is currently high in the 6%. More than 2% difference. And because it is also a fixed interest rate, this difference will continue to exist throughout the entire term.