The five biggest mistakes in loans


With a loan you can fulfill your wishes. Thanks to small installments, even large purchases are very easy to finance.

However, there are some hurdles on the road to perfect credit.

So you do not stumble, you should avoid these five most common mistakes.

Mistake 1: You sign a loan agreement without comparing offers

 Mistake 1: You sign a loan agreement without comparing offers

If you need a loan, you can look forward to a quick commitment, for example, from your bank. This joy should not lead you to an immediate signature – because then you may accept far too high interest rates.

The differences between cheap and expensive loans are enormous. Some banks are closing in and are proposing wholly excessive interest rates.

If your credit rating is bad, you may actually have to accept slightly higher interest rates. BUT: In a credit comparison, you often find a cheaper alternative even in more complicated cases. So always get at least one settlement offer before you commit to a bank for several years.

Error 2: You are looking for a loan under time pressure

You can only compare different loan offers if you have enough time. If it burns financially and you need fresh money in a few days on the account, your room for maneuver is severely limited. In such a situation you have to accept almost any offer – however bad it may be.

An important tip therefore: Plan your financial needs in the long term. If you have special expenses or are planning to make a major purchase, then seek a loan in good time. If possible, keep your account in plus. If there are unexpected costs, you can use your credit line.

Error 3: You choose the wrong loan amount

10,000 euros or rather 20,000 euros? On the keyboard of your computer a few millimeters make the difference. However, typing a “1” or a “2” will have a significant impact on your monthly exposure. You should always think carefully: how much money do you actually need? Sometimes a slightly smaller loan amount is the better solution. Do not borrow money on reserve and park it on the account. Calculate your financial needs rather exactly. Then you can realize your planned purchase and still keep your burden as low as possible.

Mistake # 4: You “cheat” on revenue and expenses

Banks and credit intermediaries ask for your income and running costs for the credit check. One or the other interested party is tempted here, the numbers to “beautiful”. Since the income is particularly generous, but individual blocks of costs are “forgotten”. Some loan seekers want to increase their credit rating and improve their chances of getting a loan. However, they achieve the opposite: at the latest when the lender requests concrete evidence, the tricks fly up. There certainly will not be a loan. Particularly bitter in this case: Credit experts such as Crediter can help even in difficult cases. Even with negative Schufa characteristics and other problems you can often find cheap loans. However, this only works if all the facts are open on the table. Therefore: Honesty is the top priority for every loan request.

Mistake 5: Drop in on cost

In the credit sector, unfortunately, many “black sheep” – alleged “mediators” who promise you the blue of the sky. Everyone, it seems, can get virtually unlimited credit. Only a “small hook” is there: A processing fee must first be paid. That’s fast 100 euros or more. Sometimes it is also offered to send the credit documents by cash on delivery. They then pay the money directly to the postman and hope for a loan commitment in the envelope. But there is not much more to it than a loan application – which is often rejected later.

The Tip of Credit Experts: NEVER use pre-cost when searching for credit. Only submit your loan request where it is free of charge and where you also receive your offer for free.