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Understanding and calculating credit interest rates

Banks charge interest for the provision of credit. There is a distinction between two interest rates, namely the debit or. Nominal interest rate and the effective interest rate, distinguished. The interest rate corresponds to the cost of the money borrowed.

The nominal interest rate describes the pure cost of borrowing the money. The effective interest rate takes into account all additional costs and thus indicates the total cost of the loan.

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Apply for a building loan

In this article, we would like to give you the most important tips and tricks to apply for the construction loan correctly and to successfully receive the construction financing in the end.

1. Check your credit rating

To find out ahead of time whether your application for a construction loan has a chance of success, you should first obtain a self-report from SCHUFA (here). This information provides information about your personal creditworthiness. In the SCHUFA file, for example, burst loans, difficulties with mobile phone contracts, canceled insurance policies and bank accounts, etc., are recorded. Registered.

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What is an instant loan?

An instant loan is a loan that is disbursed to the applicant on the same business day without taking into account other deadlines. This credit variant is offered both by established house banks as well as credit institutions on the internet, even if there are differences in the application and credit granting. In order to be able to profit from an immediate loan on the spot, all documents for the proof of the individual securities and a positive creditworthiness should already be brought along with the request, in order to convince the credit institute without delay of the granting of the loan. It can be helpful to have been a customer of a bank for a long time, which has an insight into the individual financial circumstances and securities. On the internet, the whole thing is a bit easier to do. Here, too, you should have all the necessary documents ready, but you no longer have to leave the house with modern credit inistutes. You can easily submit your paperwork online and identify yourself via video process. Thanks to digitization, not only will you have your money in your account faster, but all that tedious paperwork will be eliminated as well.

Even if low repayment conditions with sofortkredites are aimed at and are to be determined by a credit comparison, for many applicants the emphasis lies on a as fast as possible disbursement of the money. Here, many of the online banks help with options such as instant withdrawal or express payment, so you get your money the same day.

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Financing – cheap to extend

Financing your own four walls takes staying power. Builders should expect 20 to 30 years – depending on the cost of the property and the available equity capital. However, many have the interest rate fixed for only ten or 15 years at the beginning of financing. Therefore, at the end of the fixed interest rate, a residual debt remains, a follow-up financing is due. Schwabisch hall expert karsten eib explains how to successfully manage the upcoming follow-up financing without getting out of breath financially.

With a follow-up financing cheap into the verlangerun (image: anaken2012 / clipdealer.En)

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Pension provision

For decades many austrians did not worry about their old-age provision. If you wanted to secure some wealth in old age, all you had to do was take a job with obb or a similar public sector company. Unfortunately, this train has now literally left the station. Nowadays, no job decision can guarantee a sufficient living in old age. The state pillar is in fact becoming increasingly weaker.

Because of the inversion of the age pyramid, less and less is paid into the state pension account of each individual. Conversely, the other two pillars are gaining in importance. Legislation increasingly favors workplace pensions, but as the labor market also changes and more and more people earn their own money, retirement planning for many people almost just means private involvement.

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5 Lesser-known reasons why your credit score is falling

Lauren H. Says "I subscribed to your podcast after it was recommended to me by a friend a few months ago, and have really enjoyed it. I discuss money problems with my friends more and more often and these honest conversations really help us all get a better handle on our finances.

Here's my question: every month I get my FICO credit score on one of my credit card statements and last month my credit score dropped 16 points. I checked my experian credit report and found nothing wrong. I don't have late payments, closed cards or new accounts. What could be the reason for this decline?"

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The housing subsidy – what you should know about it

Construction financing: you are planning to build a house? Then you should pay special attention to the subject of housing subsidy. This is a state subsidy that can be applied for when concluding a bauspar contract – every citizen over the age of 16 who is a resident of germany is entitled to do so. The earlier the housing subsidy is claimed, the better: the most important questions are answered here.

How to submit an application for a housing subsidy?

The application for a housing subsidy must be requested from the building society with which a building savings contract has already been concluded in advance. This can usually be filled out and sent by mail to the building society or handed in personally there – in this case, the consultant responsible there can also answer any unanswered questions about the building savings contract, a building savings loan or building savings sums. If bauspar contracts were concluded as capital-forming benefits, they are excluded from the housing construction premium, as they are already subsidized with the employee savings allowance of nine percent.

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Refinancing

Corporate refinancing is a financing product for companies with one or more existing business loans that want to have new financing with more favorable conditions. In such a situation, companies will settle their current outstanding debt by issuing new debt with more favorable conditions. With a refinance loan, businesses have the opportunity to borrow more cash to support their needs.

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