Low-interest phase continues: consumers use loans for debt restructuring

Those who currently secure a loan benefit from continuing record low interest rates. Still – one would like to say, because the ECB interest rate hike has so far not affected the granting of loans. As a result, many consumers are taking advantage of the opportunity to redeem old installment loans , which were completed a few years ago during the high-yield phase, with online bank loan service offerings . Even contaminated sites such as the already expensive Dispo can be cleaned up in one fell swoop.

The current figures of the Bundesbank make it clear that especially disposition loans require radical financial clearing: according to their statements, every sixth consumer has overdrawn his current account . As the consumer center Bremen noted, the German bank customers lost thereby alone between December 2008 and July 2010 to the 1.2 billion euro, which they had to pay too much interest .

For some months now , financial experts and consumer portals have been in great demand for rescheduling via installment credit , which is likely to be boosted by the current low-interest phase as well as by current legal decisions on credit processing fees. Thus, there are mini loans with a loan amount of 2500 euros and a  term   of 36 months, which are among other things, the rescheduling of expensive overdrafts , from just 4.9 percent . Also in the fixed rateThere is an ever-growing range of promotional offers: For example, 10,000-euro loans with a 36-month term are already available for 5.75 percent – irrespective of which Schufa score the borrower has.

No matter whether fixed rate or credit-based interest rate – in the currently fiercely competitive competition for the cheapest credit, consumers are among the profiteers. Under the EU’s new Consumer Credit Directive, a loan agreement can be terminated less than half a year after disbursement with a three-month notice and a more favorable offer accepted. The formerly common processing fee of two to three percent of the loan amount could also be eliminated in a future credit rescheduling – a corresponding judgment must be confirmed only in the highest instance.

Until then, however, a comparison of the most attractive installment loans is worthwhile in every case. With a bit of luck, there are already individual online banks whose loans are not only particularly cheap, but also free from other fees, and are therefore twice as likely to be rescheduled.