MIL-OSI Translation: Consumer loans: It pays to compare

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MIL OSI translation. Region: Germany/Germany –

Source: Federal Financial Supervisory Authority

The cheapest loan is the one you don’t take out. But sometimes consumers cannot avoid plugging holes in their wallets with loans. Comparing offers can save you money. BaFin now has tips on this on its website site summarized.

Installment, framework or overdraft credits directly from banks and savings banks, various financing offers brokered by retailers or credit cards partial payment function: Consumers who need or want to make a purchase on credit have many options. Often, however, they do not compare the terms of the offer and thus accept higher interest rates than necessary. Admittedly, it is not easy to find the cheapest loan. But the effort is worth it. Because if you compare offers, you can already save on loan amounts that are in the three-digit or low four-digit range. In its new article, BaFin describes the most important dos and don’ts.

It is also important to keep an eye on the loan installments and to ensure that there is always enough money in the checking account when the installments are due. Because if you have to use your overdraft facility because of such installments, you could have saved yourself the time-consuming check of the loan offers.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI