The level of lending rates is subject to constant fluctuations. Therefore, it may be possible for a loan that you took, for example, four years ago, to pay less interest today, given the same duration and the same loan amount. If you’re still paying off a loan that you borrowed years ago and are annoyed by the high costs, consider rescheduling. A loan for rescheduling is always worthwhile if the interest of your legacy is too high and you would save costs with a debt rescheduling loan.
Save with debt rescheduling
Opt for a loan for debt restructuring if doing you money saving. On the one hand, you can see from the amount of interest rates whether a loan will pay off for debt restructuring. If these are cheaper than with your old loan, rescheduling at first sight is advisable. However, you should first check in your credit agreement whether the bank charges a fee for early repayment of the loan amount. If a loan is terminated, created for the bank interest losses. This can at least partially offset them with a prepayment penalty. The fee may not be higher than 1.0 percent of the remaining loan amount.
Thus, a loan for debt restructuring is worthwhile only if the costs incurred in the loan cancellation, not outweigh the interest savings. Therefore, calculate in advance whether you are financially relieved with a credit for debt restructuring. The prepayment penalty is part of the EU Consumer Credit Directives, which entered into force on 10 June 2010. This rule does not apply to loans that you have previously made.
Cheap loans for debt restructuring
Cheap loans for rescheduling can be found especially on the Internet. Here, banks offer their financing products at more favorable terms. With our free comparison calculator you will find a suitable loan for debt restructuring with favorable interest rates. In the near future, if you plan to make additional purchases that you do not have the small change needed, you should request a higher loan amount for the loan remortgage loan application and benefit from the low interest rate.