1. Financial self-overestimation
Your own budget is often misjudged and no buffers are calculated. The monthly credit load is then too high and it is no longer possible to pay the credit installments. Default interest threatens, which makes the loan more expensive. In addition, an entry is made in the ZEK, which can be a hindrance to future financing projects. The best individual loan amount can be found in collaboration with an independent expert and consultant.
2. Fall for lure offers
Many credit providers want to attract new customers and offer so-called window prices. These seem very interesting at first glance, but then reveal themselves as an illusion. Actual interest rates drop significantly higher than advertised. The conditions will be adjusted accordingly, especially if the business will be rather risky for the bank itself. Not in favor of the borrower! In addition, everyone should be careful when it comes to instant loans. These may not be advertised at all, and lending within a few minutes and without a credit check is not legally permitted.
3. Do not make comparisons
A loan offer often appears tempting and comparisons with other providers are avoided. A mistake that can be dear to those concerned! The house bank does not always offer the best offer, even if you have been a customer there for many years. A loan comparison should not only include the amount of interest, but also the term, the amount of the loan and any additional agreements.
4. Select the wrong loan type
The personal loan is usually the loan of choice. It has the advantage that it can be used for many different types of financing. But if you already know exactly what the money is going to be used for, you can save a lot of money. Purpose-based financing can be much cheaper than a loan that is raised without a specific purpose. When you apply, you should therefore decide on the right type of loan or specify a corresponding purpose.
5. Measure the term too short
First of all, it sounds good: the term of the loan has been chosen to be very short, so debt is no longer an issue. At least theoretically, because in practice the credit installments have to be paid reliably, otherwise there is a risk of default interest and the ZEK entry. It is better to reserve a monthly buffer so that the usual payments and any special expenses are reliably covered. Therefore: It is better to choose a longer term and to be able to pay the loan installments reliably than to bet on a short repayment period!
6. Take out unnecessary insurance
Many advisors make credit loss insurance palatable to applicants. This is always there when the loan can no longer be paid due to an unforeseen event. What is often overlooked: Many default insurance companies set waiting times that prevent a payment default from being discovered in time. It therefore makes sense to check beforehand whether such insurance makes any sense at all.
7. Do not make any written agreements
If a loan is taken out within the family or among friends, the personal conditions often mean that the agreed terms are not written down. A mistake, as it turns out in the event of a dispute. It makes a lot more sense to rely on the written formulation of the most important key data on lending and repayment, even with a personal commitment, so that possible evidence in the event of a dispute becomes easier.
Before you take out a loan, you should check out the offers in View credit comparison.
