How to get out of the overdraft trap with an installment loan

How to get out of the overdraft trap with an installment loan

– Offsetting your current account with an installment loan saves you 45% in interest expenses – In the example, replacing your current account overdraft with an installment loan saves you €210 – More than 300 credit experts provide personal support for consumer inquiries about installment loans

Bank customers who discount their checking accounts pay high overdraft rates. According to a financial test study of 438 current account models, the average interest rate is 9.89%.1) The interest rates for an installment loan are significantly lower. Consumers who used a CHECK24 installment loan to balance their checking account this year paid an average interest rate of 5.43% eff. per year. 2) This is only about half the interest.

“Anyone with a large deficit in their account at the end of the year can save several hundred euros through overdraft compensation,” says Dr. Stefan Eckhardt, Managing Director Loans at CHECK24. “The big added benefit is better organized finances. Borrowers avoid permanent long-term downside and repay the debt at a regular rate.”

Example: Dispo exchange with installment credit saves 210 euros

Bank customers who in recent months have replaced a current account overdraft of 3,000 euros in 36 months with an installment loan have paid an average of 5.36% eff on CHECK24. pa This means a saving of 210 euros compared to the average overdraft. Those who pay less than 1,500 euros save 84 euros.

Taking out the digital loan saves you the journey to the post office or bank counter

CHECK24 allows you to take out a loan completely digitally. You no longer need to sign the loan agreement by hand and mail it to the bank. The identity check is also carried out from home, using a digital identification process: it is comfortable and safe.

More than 300 credit experts provide personal support for consumer loan questions

Over 300 CHECK24 credit experts provide personal advice seven days a week by phone or e-mail on all consumer credit issues.

1)Those: [abgerufen am 14.12.2022]

2)Source: all installment loans concluded between August and October 2022 via CHECK24, weighted by volume, intended for use as “Ausgleich Dispo” or free of charge

Edgar Kirk, public relations manager, tel. +49 89 2000 47 1175, [email protected] Daniel Friedheim, Director of Public Relations, tel. +49 89 2000 47 1170, [email protected]

Original content from: CHECK24 GmbH, transmitted by news aktuell

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