Borrowing money We come across it a lot in practice. Consumers who have difficulty transferring expensive loans to providers that are much cheaper. This can have various causes. One of these reasons is that the banks have changed the acceptance criteria, making it impossible to transfer the loan. Another reason may be that the current monthly installment is “so nice and low” because only interest has to be paid at the moment.
However, transferring expensive loans usually generates money in the long term. But how do you go about it if you want to make expensive loans possible.
Take a critical look at your expensive loans
If you really want to do something about your financial burden, it is important to take a critical look at your loans. What is the interest rate at the moment? What is your monthly installment? How long have you been paying on the loan ? How much have you actually already paid in interest? Make a clear list of this. It is not always fun to do, but it is certainly educational. You get a clear insight into your financial situation, and you immediately see what you paid a lot for. Take absolutely everything with you. Also your overdraft on the checking account, your credit cards and your loans with Otto, Wehkamp or Neckermann. With all these parties you simply have to pay interest, and so they are also loans. Often with an interest of 14%!
How to transfer your expensive loans afterwards?
After you have insight, you can easily check how you can transfer your loan. The stage of requesting quotes has then arrived. We recommend that you always request several quotes, so that you can make a good comparison to see where you can borrow the most advantageously.
By the way, do not only look at the lowest interest, but also look at the additional conditions, term and total costs.
You can also borrow cheaper with a higher payment per month. Or maybe borrow more cheaply. This is because a higher monthly installment means more and faster repayments, and therefore less interest over the entire term.