Obtaining a loan during the probationary period in a new employment relationship is often a particular hurdle for many employees. However, during financial bottlenecks three to six months can be a long time, which can hardly be bridged without a loan.
What to consider when lending?
- Compare interest rates
Nevertheless, there are several things to consider in all these forms of lending. First of all, it is important to compare interest rates in each case in advance of borrowing. In particular providers in the online area often advertise with extremely low conditions, but they work with immense interest rates.
- Consult Consumer Center
For this purpose, a consultation with the consumer protection center is suitable. This gives its customers information as to whether and to what extent a potential loan is suitable for the individual customer so as not to degenerate into additional burden. In addition, consumer protection centers use the so-called blacklist, which includes a compilation of potential lenders who work with unfair terms. The transfer of possible behavioral and action strategies in borrowing are also among the competences of the central units.
- Possibilities to explore despite negative Private credit
For many applicants, a negative Private credit entry or a lack of liquidity is often an obstacle to applying for a loan at all. Many clients then find themselves in a state of personal uncertainty and believe that they have no chance of getting a loan. But that does not always have to be right.
- See own Private credit entries
In principle, every consumer has a right to regularly obtain information about his personal Private credit entries. If there are negative entries, the customer can also request that the entries be deleted again. However, this only applies in special cases. Entries for past debts resulting from loans or trade payments can only be canceled three years after the debt has been settled. The same applies to various other payment obligations. Only entries resulting from guarantees can be deleted immediately upon expiry of the guarantee.
What is the current situation?
Nevertheless, no time would be more appropriate than to take out a loan now. The German market economy currently leads to an absolute low interest rate. Although this means that investors receive little interest on their capital, but also borrowers are charged only low interest rates. Accordingly, in addition to the loan taken up, there are only minor additional costs.
Nevertheless, the different interest rates when taking out a loan should always be taken into account and taken into account. Interest rates are charged by the credit institutions to the agreed credit line and can be considered as remuneration. Compensation because the respective institution can pay the rent of money and thus gaining security.
Within these rates, however, there are some distinctions, such as nominal and effective rates. The nominal interest is the fee which the borrower pays for the borrowed money. The amount of these interest rates depends on the current developments in the market economy and thus on supply and demand. It should be noted in particular that the nominal interest rate does not have to be a stipulated percentage value, but can also vary within the repayment period.
The APR is the sum of all the costs of an ongoing loan. It is calculated as a percentage of the sum of the loan and remains a fixed size.
In addition, there are so-called credit-based interest rates. As the term suggests, this is an interest rate that the individual customer is alleged to be, so that even here can not call a basic sum.
Finally, potential borrowers should be careful to always find a local contact who will work with them to develop a suitable loan. Both the credit and possible monthly charges and interest rates should be worked out and recorded. It is important to talk about any interest rate changes during the repayment period and to record these contractually. In addition, the customer should be able to make additional repayments at any time and then adjust the monthly installments at no additional charge.