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Repaying the loan: What is important?
You did it! You have received the loan you applied for and fulfilled your wish. Now you can relax and enjoy this milestone. However, you should not lose sight of your new financial obligation.
Taking out a loan creates an obligation to repay it, and this must be done on time, depending on the agreement, over 12, 24 or up to 72 months.
Life doesn't always run smoothly
Remember: the budget check for your application is based on the information you have provided about your creditworthiness (e.g. income and expenses) and is carried out in accordance with legal requirements. Of course, this is only a snapshot of your financial situation. Things can change, for example due to an unexpected bonus payment, a promotion and higher salary, or due to a lower budget, e.g. due to a new addition to the family or a change to a part-time position.
Life doesn't always run smoothly; sometimes there are detours and ups and downs. Our four tips will help you keep your loan repayments under control without stress.
4 tips for successful loan repayment
Pay your loan instalments using the payment slips provided for you. This ensures that your payment can always be clearly allocated and there are no delays or ambiguities.
Pay your loan instalments on time. This will help you avoid warnings that could damage your future credit rating.
If possible, pay more than the monthly instalment. This will save you interest costs and allow you to speed up your repayment.
If you have any problems paying your loan instalment or are unable to pay on time, inform your lender by telephone. This will help you avoid inconveniences such as reminders or, in the worst case, debt collection.
Your behaviour today influences your future
It's clear: your current payment behaviour has an impact on your future. Regular repayments without any significant incidents will lead to the complete repayment of your debt within the planned loan term. Higher instalments not only mean you will be debt-free sooner, but you can also save on interest costs. In addition, reliable payment behaviour pays off in future loan agreements and, depending on your financial situation, can even enable you to obtain higher loan amounts.
