If a loan has to be taken, then the bank customer wants at least a loan with little interest. The interest rate is crucial for the borrower, as this will ultimately determine the repayment rate, in addition to the maturity, the credit rating and the amount of the loan and make more or less noticeable in the monthly budget.
Loans under the microscope
As a rule, banks’ interest in fixed-rate loans across maturities is not as great as traditional interest rates, which vary depending on the financial market situation. A low-interest loan is usually granted only to borrowers with sound and appropriate credit ratings. The interest rate is in most cases higher for the low earner, who has only a certain quota per month, than for the large earner.
Fairness and equality are irrelevant in the interest rate – it only counts the credit default risk – which is higher for low income than for well-paid employees. It is possible to observe interest rate differences of almost 10% and more, this is not uncommon. The plight of the citizens is for many banks, so to speak, a good deal, but nevertheless one can not shuffle all of them, so to speak – exceptions often and more often confirm the rule.
The comparison makes sense especially for a loan
An internet comparison of the interest rate conditions is always advisable for the future borrower – on the one hand to find a fair offer and on the other hand, not to strain his financial position any more and to pay unnecessarily more like other high-earning borrowers. A comparison makes it easier and faster to identify actions by banks and credit institutions that the searcher can use for himself. It makes a big difference to pay 5.99% instead of 10.45%.
In most cases, however, good credit offer actions are tied to a fixed and scheduled time, after which the calculation for the same loan under the same conditions is made at the bank’s usual interest rate. With good interest rate offers, the searcher has to react immediately. Conclusion: A low-interest loan not only makes it easier for each borrower to meet his monthly burden, but also keeps his financial position within an optimal framework.