Apply for a loan online & take out a loan – What should you watch out for?

loan application

Loans are cheap and popular. However, there are also dangers. For example, a loan application cannot be granted due to incorrect information or existing debts. Or an excessive loan is applied for and repayment becomes impossible. For these and other cases, you will find information and solutions here.

 

Our tip in the area of ​​borrowing

borrow money

  • Credit comparison of different banks
  • Offers within 24 hours
  • Online, fast and free
  • up to 75,000 dollars

 

So what should you consider before applying?

apply loan

Compare!

Almost every second Austrian does not compare loan offers before applying, but simply applies directly to his bank. So use our loan calculator. Because a comparison is worthwhile: On average, online loans are 1% cheaper than on-site in the branch. Due to the compound interest effect, this quickly turns into some 100 dollars .

Check your credit rating!

Many Austrians do not know their creditworthiness. You can find this out at KSV. Once a year this is even possible free of charge. In addition, incorrect or incomplete information has a bad impact on your credit rating. This either increases interest rates or threatens to be rejected.

Don’t risk too high a monthly rate!

Think about how much credit you really need. Then check how much money is available to you every month after deducting all costs and a buffer. The monthly rate calculated on the basis of term and loan amount should under no circumstances exceed the “freely available” money available for the month. A long term can provide monthly relief here. If the repayment is no longer possible, there is a risk of fines. In extreme cases, these can lead to bankruptcy. Therefore, please be careful and calculate conservatively.

 

What other tips can we give you on the way?

online loan

Use the right type of loan

In the case of earmarked loans – such as for home furnishings or cars – low interest rates are sometimes offered. Reason: There is guaranteed to be a physical value behind the loan that the bank can access in the event of default. The only disadvantage: you cannot freely dispose of your money!

Take out your loan together

If you take out a loan for two, you usually get lower interest. Reason: Your income is offset, which makes the so-called household bill better. This is most worthwhile for people living together. Here, for example, the rent is only credited once. Caution: As soon as a borrower has negative KSV entries, this has a negative effect!

 

Conclusion

Compare, check your creditworthiness regularly, calculate the possible monthly loan rate very precisely, use the right loan type and – if possible – take out a loan together.

You can find more details in our advisory area.

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