With a credit to balance the checking account, the statistical average of the dispo users can save several hundred USD in interest per year. Another reason for rescheduling the disposable is that only a few manage to make the numbers in the black again by saving.
Our credit advisor for overdraft facility gives you an exemplary overview of how much interest you could save and which offers suit you. We want you to finance at low interest rates by taking advantage of offers based on your personal credit rating.
Credit to balance the current account – no low interest on the overdraft facility
The development of interest rates in the Eurozone is shaped by the zero interest rate of the Best Bank. The key interest rates for the introduction of the USD were higher than any average consumer loan today. Only with the current account do people who think price-conscious can no longer get out of the traffic jam. Today – May 2016 – the overdraft facility at some providers still costs 14.5 to 16 percent effectively.
If the account is used above the overdraft facility, the house banks’ money earning knows hardly any limit. Credit to balance the current account can therefore be advised to anyone who earns his money not from sleep but from work. The interest claims on the installment loan actually correspond to the central bank’s idea of boosting lending by lowering interest rates.
Overdraft facility – Overdraft statistics
The credit requirements for a normal overdraft can easily be derived from the current statistics. Only about half of all account holders use their overdraft facility at all. But people who regularly use their overdraft facility are deep in the red. Statistically, the “average dispatcher” pushes about 3,000 USD overdraft in front of him.
Only a few debtors managed to win the fight against the dispo trap through controlled buying behavior and iron saving. Card payments and digital buyers on the Internet quickly lead to a loss of overview. Instead of saving, the current account is falling deeper and deeper. The most sensible way out is to apply for a credit to balance your checking account online.
Overdraft facility credit – interest rate comparison
As a numerical example for the comparison of interest rates, we assume 2,900 USD overdraft facility. The effective interest rate is 14.50 percent. This is significantly lower than the 17.5 percent discount rate determined by German Company. Our own research discovered 16.88 percent of a savings bank. Nevertheless, we use the averaged number for the calculation. Even with this “small” overdraft facility, the credit for balancing the current account is impressive.
In the calculation example, 2,900 overdrafts per year cost 420.50 USD in interest. If the sum were paid back in 36 months by savings, 98.58 USD would have to be saved every month. With maximum self-discipline, the financing costs over the entire term in this case amount to 648.88 USD. In the comparison now the installment loan from the loan comparison.
Financed for USD 2,900 over 36 months, the loan comparison calculator shows 1.99 percent effective interest as the cheapest low-interest credit offer. This corresponds to 29.67 USD in financing costs per year or 89.01 USD over the entire term. The comparative calculator issues the monthly installments at USD 83.03.
Overall, the credit comparison shows the following conclusion:
The credit for balancing the current account saves 390.83 USD in the first year compared to postponing the future. The household budget relieves the monthly installment payment, compared to the necessary savings rate, with 15.55 USD per month. Over the entire term, the installment loan for overdraft facility compensation is 559.87 USD cheaper than the savings in the same time window.
Installment credit for debt rescheduling – provider
Which provider should be applied for the individual installment loan to balance the current account depends, of course, on personal creditworthiness. The first point of contact for borrowers with normal and good credit ratings is the online loan comparison. A maximum of three entries are sufficient for good credit comparisons to display the lowest-interest offer on the screen.
In most cases, the interest rate, irrespective of creditworthiness, is the most individually favorable offer. Marginalized groups should look specifically at a loan to balance the current account with interest rates dependent on creditworthiness. People with particularly good credit ratings, for example civil servants, can save money depending on their credit rating. People with somewhat poorer creditworthiness pay a higher interest rate, but they increase the chances of a general approval.
If you are concerned about the basic approval of the installment loan, published customer opinions are interesting sources of information. The free pre-credit check offers additional security without a credit check. Loans applied for from the loan comparison are automatically and non-bindingly checked for both sides. If the subsequent credit check on the score does not get completely out of hand, the desired loan should be approved.
Credit to balance the checking account – difficult cases
Regular bank loans no longer offer all sections of the population access to simple and low-interest loan solutions. The USD crisis, which has been going on for years and the constant widening of the income gap, make lending more difficult. Credit problems affect all lower income brackets, right down to the lower middle class. An alternative for difficult cases would be the classic loan brokerage, which we do not recommend.
If the creditworthiness is difficult, we recommend placing the loan application on Good Finance. The credit portal offers the advantage of addressing commercial credit providers and private investors at the same time on the loan to balance the current account. Untrustworthy working methods that have generally discredited the brokerage industry need not be feared on Good Finance and Cream Bank.