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How to get rid of expensive loans

Did you take out a loan when your finances weren't so good - and that's why you're still paying high interest? Or did you take out expensive insurance? Don't worry, it doesn't have to stay that way: You can exchange your loan for a new best payday loans california.

When you reschedule - that's the technical term - you pay off your old loan with a new one. However, you have to pay compensation to the previous bank. How high it depends on how long the old loan should actually have to run: If the remaining term is more than 12 months, the bank may charge 1 percent of the remaining debt (0.5 percent for a shorter-term). For example, 100 euros with a loan of 10,000 euros.


1. Obtain and correct Created data:

Before you start looking for a loan, you should check whether created has the correct data about you. This is free of charge via the so-called data copy. You can find it on california payday loans if you click on "Information" above and then on the menu on.

They collect different data about you and thus assess your creditworthiness. The banks use this rating, along with other data, to decide whether to give you a loan and what rate of interest you will get. If he saved incorrect entries about you, you should definitely have them corrected.

2. Find cheap credit:

It is best to compare the loan offers on at least two loan portals. You start with The Pay Day King because the portal presents the results in a, particularly clear way. Then you try to beat the offer by making the comparison again on one of these portals.

When you start the comparison, indicate that you want to reschedule. Then the banks can classify you correctly. It's best not to use your normal email address to compare. You will receive a lot of e-mails, an extra address will help you to keep track.

If you have found a cheap loan, you download the loan agreement from payday loans no credit check california and go through it again. If you made mistakes when entering your data on the comparison portal, they will also appear in the application. Your chosen bank may reject you after all. So check all the information carefully. The new bank will then take care of the processing of your old loan for you if you give it a transfer authorization.


3. Omit residual debt insurance:

Important: do not take out residual debt insurance! This is expensive and in many cases does not work.

The nice thing about rescheduling - you also get rid of the insurance for the previous loan. So if you have expensive residual debt insurance for your old loan, the change is particularly worthwhile.

The insurance will lapse as soon as you replace the previous loan. You will get your money back for the unused time. Write a short letter to the insurance company asking them to transfer the outstanding premiums to your account. To be on the safe side, you should mention that you are canceling the contract.

If the insurance company refuses, you can contact the insurance ombudsman. He'll mess with the company for you free of charge. For more info best online payday loans.

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