Jun
11
Flexible as MRP – but much cheaper
June 11, 2010 | | Comments Off
If the current account is empty, it must serve the common line of credit to plug financial holes. Overdrafts are expensive, however, some banks charge 14 percent interest. If the checking account every two weeks per month with an average of 600 € with a minus, throughout the year to fall about 42 € to interest payments.
Often only half the price is a demand loan. Based on this calculation, the general fund officials only 6.95 percent interest, the ING-Diba 7.22 percent and 7.25 percent Sparda Bank West. The overdraft costs in the example above would be halved in the official cash is more than.
Demand for loans to function adequately Current Account: The Bank at the request of a flexible credit line available, one can take any amount at any time to complete. The credit line is usually 2500-25000 €, some banks also grant a higher sums, such as Commerzbank and 40,000 €.
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Who needs small amounts, will find in the official cash that provides the call credit as early as one euro. The opening of the credit line is free, interest shall accrue only to the amount actually drawn down. In rare cases, processing fees collected, such as the Deutsche Bank with 1.0 percent a respective available.
Flexible Repayment: As a rule, the eradication of free choice. Some banks, it is sufficient if only interest is paid, while others require a low minimum monthly repayment. The repayment amount is usually between one and two percent of the loan amount, minimum € 50. Commerzbank is three percent or 99 € slightly higher reimbursement claims. Positive: Borrowers may at any time without further credit access to their credit. In addition, special repayments are as often as allowed in unlimited amounts.
Some banks use the credit for opening a checking account (compare current accounts ahead here), about the Sparda Bank West Bank or the BB. Many financial institutions is sufficient, however, a reference account at another bank. Caution: Consumer advocates warn against the loan demand in addition to the MRP to claim, for both loans are running without a fixed repayment schedule. Those who regularly covers his checking account to stop borrowing money at the same time and under loan that is in danger of falling into the debt trap. This is especially true if the general level of interest rates rising and climbing the variable interest rates of MRP and call-credit is also up.
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