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If you take out an installment loan, you should inform yourself very well beforehand about the free conditions. Special repayments allow the loan to be paid off more quickly because this reduces the term. The savings are made through the interest. Unfortunately, not every bank allows an installment loan with a special repayment. High fees are often charged for this because the banks suffer an interest loss due to the special repayment.
The prepayment penalty
In this context, the term prepayment penalty always comes up. Because the banks suffer an interest loss due to the special repayments, they take these fees as compensation, so to speak. However, due to the competition, many banks are willing to provide an installment loan with a special repayment free of charge. It is therefore too important to take a look at the conditions, because it lists whether and to what extent a prepayment penalty has to be paid. For this reason, it is sometimes not recommended to make special payments on the loan.
There are banks that charge processing fees for an installment loan with a special repayment. In this way, they recover the lost money through the special repayment. Here, too, the conditions must be checked carefully before concluding a contract.
Comparison portals on the Internet
If you want to be on the safe side, you should use the comparison portals on the Internet. After entering the desired loan amount and the term, the comparison calculator shows the best offers. The interested party can quickly take a look at the conditions in order to filter out the best offers even better. A comparison of the loans is basically free of charge. If a prepayment is required for something, you should leave the page quickly
Those who are looking for an installment loan will certainly find what they are looking for, because numerous banks and savings banks today offer an installment loan with low interest rates, simple application and quick availability. Even borrowers who want to claim a long term can access numerous available offers today.
The terms of the individual offers and especially the interest terms are of enormous importance, especially for long-term installment loans. Even small interest rate differences can have a huge impact on the total loan costs for a long-term installment loan, so before the contract is concluded, borrowers should definitely use a loan comparison on the Internet.