Construction loans and corporate loans could be considerably more expensive
At the moment, there are still very low interest rates, which are particularly noticeable in loans. However, this could change in the near future, especially with mortgage lending or loans for companies. Many banks believe that there may be a significant increase in the interest rate later this year. This could be the case especially with mortgages.
The trend towards more expensive construction loans can mean a significant increase in interest rates, which is expected by more than 40 percent of institutions. Nevertheless, there are also positive developments, as the survey by EY shows. For example, private customers can look forward to lower fees for banks, which also applies, for example, to account management fees. Also transfers could become even cheaper in the future.
Is a comparison still worth it?
A comparison, whether periods of low or high interest rates, should be made in any case. In the third quarter of 2018, a low interest rate phase is still to be expected. This means that anyone who still wants to profit from the cheap borrowed money, should start quickly with the comparison and the application for the loans.
Surveys of various credit portals have shown that too few consumers make a comparison on the Internet. Without credit comparison, it can be easy to find and eventually end an overpriced loan offer. Performing a comparison in advance, can be saved in most cases, up to 2 percentage points. Depending on the credit rating, it can also be that you can save up to 5 percentage points by a comparison.
Credit readiness continues to rise!
Whether in the financing of cars, the construction of a house or for other purchases, the Germans are showing an ever-increasing willingness to make loans. Almost every third household in Germany now has one or two loans.
Of course, the increased willingness to borrow is also linked to low interest rates that could last until the fall or beyond. Very popular this year are loans that only run for a few days, so-called short-term loans. Of course, this is also due to the fact that the loan amount is available within a very short time.
Often, for a loan is no longer your own house bank consulted. Rather, the lending business has shifted more and more to the Internet. In the meantime, consumers are increasingly turning to online retailers to obtain a loan.
And, there are always new credit providers. For example, the English company Funding Circle, which now wants to gain a foothold in Germany. An initial public offering from Funding Circle is in progress, so it will not be long before the first loan offers are made. The English credit intermediary has set itself the task of offering private investor loans to companies. In the UK, Funding Circle is already a leader in peer-to-peer landing. Especially small businesses and businesses can benefit from these credit models in times of rising interest rates.
So if you want to take out a loan for the company or the desired dream house in the near future, should act this year. Finally, the initial public offering of Funding Circle is imminent and one can also exploit the low interest rate phase that has been ongoing so far. So, compare offers and just hit the right loan. So you can benefit from great conditions.