When looking for an instant loan, one should not only pay attention to the interest, but the other conditions can prove to be significant later. This may not be the case at the beginning of the loan term, but a lot can happen in the course of the loan term. If the borrower gets money, he wants to redeem it early. But is there an instant loan with a special repayment?
The conditions and why they are so important
Banks don’t like it when a loan is repaid early because it means they lose interest. They live on this interest. To compensate for this loss, many banks charge a prepayment penalty in the event of a special repayment. It can be so high that early repayment of the loan is no longer worthwhile.
However, in order to attract customers, some banks waive this compensation on an instant loan with a special repayment. That is why it is so important to compare the offers well. Otherwise it could happen that one overlooks interesting offers and ultimately pays more money than would actually be necessary.
Branch banks and online banks – the direct comparison
It is not necessary to apply for an immediate loan with special repayment from the house bank. The online banks also have interesting offers on this topic. Basically, you should allow yourself more time when choosing the appropriate financial institution and not act too hastily. A direct comparison between the branch and online banks brings clarity. The advantage with internet banks is that you don’t have to make an appointment.
At a branch bank, you usually do not come to your advisor without having made an appointment with them beforehand. Not everyone wants to reveal what the money is needed for. Banks on the Internet generally do not question the intended use. This only has to be specified for a loan for a property, because in this case the loan is only intended for the purchase or conversion of a property. The money may not be used for other purposes.