Quick Loans and Additional Costs

People who need quick cash have already for a few years a very wide range of sources from where they will borrow cash. Most often, however, they put on banks, as well as non-bank institutions. The latter are more and more popular.

Quick loans in non-bank companies are much easier to access. Not only potential clients are relieved from filing complex applications, but also often all formalities can be done over the Internet. Then, on the same day, and even several minutes after verification, the money is already in the borrower’s account.

If, however, the awareness of all the costs charged would be even greater, then many more bold decisions could be expected regarding the loans granted.

Provisions in the anti usurious law

The anti-usury act was passed for all consumers using loans and credits in Poland. Thanks to this, both banks and non-banking companies can not charge any costs for the financial products offered. As far as the interest rate is concerned, its value under no circumstances can exceed four times the Lombard rate of the National Bank of Poland. Such a limit was set by the Monetary Policy Council. At the moment, the interest rate is quite low. At the beginning of 2015, we were able to talk about an interest rate of around 12%, because the interest rate at the NBP fluctuated around 3%.

szybkie pozyczki

Although most often we talk about interest rates, we are perfectly aware that this is not the only cost associated with taking a loan. That is why it is worth finding out what other costs will affect us. Most often they are included in basic costs, such as margin, commission or insurance. And other costs, depending on the repayment date, can be determined by additional costs.

Payments of non-interest payday loans

If we would like to compare the interest rate of payday loans to other financial products, then we can safely exchange loans granted by the popular Credit Unions, ie by the Cooperative Savings and Credit Unions.

Customers have the option of getting a loan without bik during a consultant’s visit at home, directly at the branch, or even via the Internet. Of course, loans granted online are the best in terms of costs. Namely, no preparation costs are added there. For example, customers are required to pay from 50 to even PLN 200 for a home visit.

Another cost to be counted with is the fee associated with granting the loan. Speech is about the so-called commission. Depending on the non-bank company, a fixed amount or commission is calculated based on the percentage of the sum borrowed.

kredyt online

Some clients try to search for interesting, and at the same time very profitable promotions. Indeed, it is possible to take out free loans. However, such a promotion applies only to customers who use financial products for a given non-banking company for the first time.

The latecomers can set the highest costs so far. Then, non-banking companies have the option of adding penalties, additional interest, as well as fees related to sent prompts. Regardless of whether the customer will receive a message via SMS or a personal visit by a company employee, he will have to cover the costs associated with this procedure.

Therefore, if we have at least minimal hesitation, if we are sure that we will be able to pay off the loan on time, it is better to read the terms and tariffs carefully. Later, it may be unpleasant surprise if we do not stick to the loan repayment date.

Loan for Pensioners: 70 or 80 years too old? – It depends!

 

In addition to apprentices and the unemployed, older borrowers are often overlooked. At a certain age, the loan application will be rejected by many banks. The good news: The credit market is changing and increasingly having loans for retirees. However, the deciding factor is the age of the borrower. Especially in connection with the desired amount of funding, the Seniorenkredit is still partly a difficult project.

Why pensioners are interesting for credit comparison portals

Why pensioners are interesting for credit comparison portals

The first thing that will strike you in the credit comparison: For many banks, there is not the explicit term of the loan for retirees. Instead, it is necessary to know the framework conditions of normal installment loan providers. This is how retirees find out which loan offers are shortlisted. Basically, it can be said that the chances of attractive loans are still good even in old age.

At least three reasons can be cited in this context:

  1. Pensioners have a secure income and are not affected by unemployment (pension)
  2. Seniors are considered risk-conscious; They usually apply for sums that are affordable
  3. Entries in the register of Private credit and other credit bureaus are rather rare

Depending on how high the monthly pension payment is, the amount of the loan and the loan conditions will vary. Only with fixed rate loans, all customers get money at the same pewter rate when it comes to granting the application.

The secure monthly benefits from the statutory pension fund or privately completed pension schemes are popular with lenders. Even though the amount of the pension may be a problem for many former employees in financing the cost of living, who receives an above-average pension or pension is welcome to many banks. However, this finding refers above all to financing in the amount of a typical consumer loan up to 50,000 euros. If you build a house again in your old age and apply for financial or real estate financing, the age may be an obstacle despite the security in the form of the house or apartment.

This is because credit institutions often do not expect people in the 60+ age group to experience the end of the repayment term. The younger the applicants, the sooner the decision of the banks will be positive. However, it is also true that the times are a thing of the past, in which refusals can be expected from the age of 70 years. Just a few years ago, this was precisely a point that consumer advocates in Germany regularly criticized. Some lenders grant a loan to retirees even if they are already 80 years or older.

Sernior loan is often possible

Sernior loan is often possible

It’s a misinformation that seniors can not get loans. Buying a new car through a low- cost car loan, a vacation loan, or a homeownership refinance loan are just three possible situations where a loan can be an option for retirees. Maybe it should also be just a small loan, with which you want to fulfill small wishes in between? Low loan amounts and comparatively short terms are often a guarantee that you will quickly find a suitable financing partner.

The assessment that German seniors often have good to very good purchasing power has moved the banking landscape to rethink. As with all loans, a loan request for retirees is free and non-binding. As a claimant, you can save yourself a lot of time by precisely looking for information on the maximum age of the borrower in product descriptions.

→ Take a look at the age limits of financing

Until what age can I take out a loan?

Until what age can I take out a loan?

Because occasionally, the maximum age is 70 years, while other institutions and intermediaries even at 80 years (possibly even beyond) loans granted. The fact that they sometimes receive different interest rates than those in gainful employment makes the settlement process even more important. Older customers are also in good hands at institutions with branch network. There you have a direct contact and many bank employees have been known for years. Retirees should not rely blindly on the offer of the house bank, but compare it with online loan offers. It is not uncommon that older borrowers often accept the slightly inferior offer of the house bank to have a local contact person.

Pensioner loans on the Internet

Pensioner loans on the Internet

A misconception prevails despite the credit market boom on the Internet. It is said that seniors are the most popular target group for chain stores that have a network of local branches. Right this is only conditionally. Because pensioners and thus automatically loans for retirees arrived years ago in the digital age. Let’s take a look at which products are suitable for seniors at all. The variants are now more extensive than many borrowers think. Where the naming often means the same thing:

  1. Loans for pensioners
  2. pensioner loans
  3. senior finance
  4. ü60 loans
  5. Loans for former civil servants

Borrowers who were previously civil servants are popular with banks because they usually receive higher government benefits. A golden rule can not be derived from it. For there are more than enough former free-lance workers who can keep up with the pension plans of their former employer without any problems with civil service pensions. Basically, the loan for retirees is similar to a normal loan that working people apply for. Ultimately, this refers to the usual requirements and data that a loan application requires from potential borrowers.

Comparison of loans for seniors

As with all loan models, the credit for retirees is that the comparison as such is not binding and free of charge. The loan request on the Internet for possible offers decreases above all the compulsion to appear in a bank personally. This may seem strange to borrowers with a long-standing commitment to the bank; Nevertheless, the online allocation in this area has become the standard over the years. And the idea that seniors do not use the Internet in the search for credit in a similar way as young customers, falls short, according to studies. Because even in old age, the Internet is a good place to compare loans.

The advantages are obvious:

  • You can compare offers beyond the regional branch banks
  • You end up with loans for retirees from banks that you otherwise miss
  • You can carry out faster analyzes of market conditions
  • Borrowers can apply for loans from their own home via PC or mobile device
  • Bank customers in spe can also take advantage of brokerage services

It is the targeted intermediaries such as Creditorm, trucredit, Creditend or Crediter who can be of great help in finding a loan for retirees. On this point, however, a crucial difference between the business models of the portals must be pointed out.

Pensioner loan from private or bank?

Pensioner loan from private or bank?

Some of the platforms mentioned above are only used to compare the financing models of commercial providers in the market. It is primarily about loans for pensioners who come from banks and other financial service providers. You can also apply for loans for seniors on a private basis. More precisely, this is about the so-called P2P portals. P2P stands in this combination for “private-to-private” or the German counterpart “private to private”. If you apply for a loan for retirees in this way, receives the funds from individuals who understand trucredit and Co. as a viable alternative to many classic investments and provide their capital for loan projects of other individuals. In return, yields are waving, some of which are well above normal investment rates. The risk of a funding shortfall is shared by all lenders.

The main difference is that funds only flow when the total amount is made available. The applications are usually published on the platforms for a certain period of time. After the deadline, the “project” will be deleted, in case of emergency without lending. However, in the case of normal bank loan intermediaries, the capital comes from a single credit provider, which is why the provisional non-binding authorization usually takes place within a few hours or days of receipt of the fully completed loan application.

As a retainer borrow money from family?

As a retainer borrow money from family?

Another form of personal credit lives up to its name. This refers to the granting of a loan for pensioners from the family environment. But many older people shy away from the inquiry to siblings or their own offspring. If in doubt, it may be worthwhile, at least in the case of a small loan, to jump over your own shadow. Finally, here attract interest-free financing. Credit agreements should nevertheless be set up, otherwise the tax office might interpret the award as a donation, which may have tax implications for the recipient and the sender. Even if such a loan for pensioners within the family or the circle of friends is waived interest, so should a contract with all the key details on loan size, maturity and repayment terms are set up.

Creditworthiness in loans for retirees

Creditworthiness in loans for retirees

Am I creditworthy as a pensioner at all? The answer is possible through self-assessment, which you can obtain once a year from the Private credit free of charge. This overview provides information about the current “credit score”. Banks and intermediaries offering loans to retirees, in turn, check the creditworthiness of applicants anyway. So it is better, you are well prepared from the beginning. Loans without Private credit do not exist in the German market, because by law the credit check is obligatory.

Alternative offers with names like ” Private creditf ” or ” s ” credits usually come from banks abroad. Foreign credit providers may include additional fees. In particular, this reference means possible pre-costs (for example, for the application review), which are prohibited in this country by the legislature.

To borrow as a retiree two?

To borrow as a retiree two?

If the credit check proves that the odds of a positive credit request are bad, you still do not necessarily have to throw the proverbial shotgun in the towel. There are also ways for the retiree to find ways to improve their prospects. The two possible ways are

1. the application with two applicants (eg partner in pension)

2. the involvement of a guarantor

Both approaches are promising. A joint application will in most cases be made together with the partner. However, another second person may also appear as a co-applicant in the loan for pensioners – for example, children or friends. Of course, this is particularly advisable if the credit sums are requested anyway for a common purpose. Needless to say, guarantors and co-applicants should have sufficient credit standing and earn their own income. This income can also be proven in the form of pension benefits. As regards the distinction between a loan applied for in pairs and a guarantee loan, in the first case the money will be paid to both applicants, usually with a single reference account in the contract. With the loan with guarantor only one borrower receives the means.

Guarantors only play a role when there are problems with the repayment of liabilities. Then, instead of borrowers, guarantors assume liability for any losses. Your chances are particularly good if you can once again offer a loan for retirees appropriate collateral for financing at an advanced age. For a smooth loan repayment speak initially regular income in the form of pension and creditworthiness. If the credit rating does not look good, other collateral can be seen as a door opener at the bank. The conclusion of a residual debt insurance is eg such a security.

→ Borrowers can independently select policies for protection!

Remaining insurance for seniors makes sense?

Remaining insurance for seniors makes sense?

The residual debt or residual credit insurance is often recommended, especially with higher loan amounts. However, banks must not dictate the insurer to their customers, even if this often gives the impression. The recommended policies at several banks are more of a provision for the benefit of the lenders than the security of the customers. If necessary, look for the cheapest possible insurance for the planned loan for pensioners. Furthermore, existing life insurance policies can be offered as an additional safeguard measure.

Too low pensions may cause seniors to generate additional income by continuing to work at retirement age. Whether life or residual debt insurance: The providers of policies should in an emergency, the further payment of the loan installments, if borrowers die, so that further repayment without insurance would be part of the duties of the partner or the heirs.

More collateral for credit for pensioners

More collateral for credit for pensioners

There are a few other options to ensure the necessary financing security for retirees. A mortgage or mortgage on existing home ownership (as well as commercial real estate) is often accepted by banks. Such values ​​can be used by banks to settle the remaining debt by means of a sale – in the case of an emergency, this often happens in the course of a foreclosure sale. Other assets may also be offered as collateral for credit for retirees.

For example, these are:

  • a paid-off vehicle (fully comprehensive insurance)
  • Assets invested in equities and securities
  • Savings deposits (also and currently fixed-rate investments such as fixed deposits)

In the case of the car, it should not be a car financed. If a mortgage on a property with the competent land registry is to be registered for the credit, the bank will insist on a first-ranking entry. One exception is often building society, which are often content with secondary entries.

The conditions must meet pensioners

The conditions must meet pensioners

Special conditions or not – above all, the credit for retirees is about the exact details in the loan agreement, and the requirements must be known before applying. To “classic” terms that are put to borrowers in special are:

  1. a main residence in Germany
  2. Evidence of income situation (notice of pension)
  3. the consent to the credit check
  4. a german bank account

Of course, the need for adulthood can be disregarded here in the case of credit for pensioners. The contract for senior credit includes the following information:

  • the full name of the applicants
  • the complete address
  • the exact pension or pension amount
  • current expenses (from rent to maintenance to insurance expenses)
  • Credit charges (mostly without credit and credit card debt)
  • possible additional income from a sideline
  • Rental and lease income
  • exact information on real estate ownership and the car

In general, you will probably be more successful with the retiree loan, the sooner the loan is applied for. In addition, you should set the maturities as short as possible due to age. But do not overburden yourself financially. The amount of the monthly installment must fit the household budget, and all fixed costs still have to be financed. Therefore, seniors should never give up a household calculator. Some claimants are amazed at how much insurance premiums and other ancillary costs have to be paid with the pension. This insight does not have to lead to a loan waiver. Reason enough to deliberately plan financings and not to go too far into the framework for loans for retirees.

As a retiree roll over

Finally, one point not to forget: Even older bank customers have the opportunity to make a rescheduling. They benefit from the currently low base rates of the European Central Bank, which serve lenders as the basis for the loan interest rates. If you have been paying larger loans for several years and the loan agreement is still in effect for a few more years, a targeted rescheduling can lead to considerable savings. Even if borrowers have to pay a prepayment fee (capped to 1.00% of the remaining debt for consumer credit), such measures are always worthwhile. If you can currently finance higher credit lines, the new credit burden can be significantly reduced and the term can be shortened.

Please also read our guide articles on the following topics:

  • Quick loans
  • Loans for the unemployed
  • Credit for students

Dear and expensive: What German pay for the car

Image result for car

The German favorite child: The car is still of great importance to the citizens of Germany. That’s why motorists also make their car cost a lot – both in terms of purchase and in entertainment. A representative forsa survey commissioned by CostBend shows when car owners willingly open their pockets and where they would rather save. 1

What matters when buying a car
As carefully as the Germans cultivate their car, they are also careful when choosing a model. Which vehicle ultimately manages to get into the garage depends on various factors. First and foremost, the purchase price is undisputed: For 89 percent of the respondents, this plays a major role in the acquisition of wagons. However, car vision is in demand, especially with regard to the long-term use object – as the buyers know. Fuel costs (68 percent) are number two of the most important decision factors, followed by maintenance and repair costs (61 percent). However, the amount of motor insurance contributions for 58 percent of motorists plays a major role in the car purchase.

Special equipment is a man’s business
If the vehicle choice is made, it goes to the equipment: the ride comfort would be the car drivers most often a surcharge when buying a car. More than two-thirds of the respondents (69 percent) would dig deeper into their pockets when buying a car for climate control. Even for a seat heater 55 percent of the drivers would be willing to spend more money. Similarly important to them is the automatic assistance when parking – more than every second would pay for the helper an extra charge (54 percent). Only then are safety extras such as Auffahrwarner or emergency brake assistants (46 percent), driving stability system (41 percent) or distance control (34 percent) selected. In general, when buying optional equipment, men would rather treat something than women. This is especially true for multifunction steering wheel, cruise control and xenon or LED headlights. A special audio system and sports suspension would be men and younger drivers under 30 years above average often worth a surcharge.

After buying a vehicle: That’s how much the maintenance costs
The purchase of a car must be well considered, because this brings along with the purchase price and considerable care and maintenance costs. A majority of car owners (40 percent) said they spent 100 to 500 euros last year for car care and maintenance. One third (34 percent) spent between 500 and 1,000 euros. Almost one in five (18 percent) car drivers even broke the 1,000 euro mark for vehicle maintenance costs. Less than 100 euros last year, only 6 percent of the wagon owners.

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