Where do I take out a loan?
If you want to take out a loan, you have various contact persons from whom you can borrow the money:
- Relatives, friends or work colleagues
- other individuals, to be found on special platforms on the Internet
- Banks and savings banks
- professional credit intermediaries.
The great advantage of a loan among relatives or acquaintances is that in most cases the lender waives interest. Anyone who borrows money from relatives, friends or work colleagues should always remember the well-known saying: “Friendship ends with money.” Even if it is a personal loan among friends, a written loan contract should therefore be concluded. Templates for such contracts can be found online. The sample texts contain all relevant points such as loan amount, amount of installments and collateral for the loan.
Who will finance a loan
There are special platforms on the Internet where private individuals lend money to private borrowers. Borrowing is a bit of a hassle for the applicant. He must describe the project or the purpose for which he needs the money exactly. A photo is very helpful to gain investor confidence. The applicant himself determines which interest rate he pays to the lenders. The higher the interest rate, the greater the likelihood that there will be enough lenders to finance this loan.
Many employers also give low-interest loans to their employees. Therefore, it is often worth asking the HR department whether an employee loan is granted. If so, the employer transfers the desired amount to the employee’s account. The monthly installments are deducted from the salary until the loan is repaid.
Banks and savings banks in Germany also offer loans. Many credit institutions offer both online loans and bank loans that are taken out in a branch. A comparison of interest rates is worthwhile here, since online loans often have a lower interest rate than loans for which an employee has to work in a bank branch.
Not only credit institutions offer loans, but also professional credit brokers on the Internet. However, there are also dubious providers who only collect fees from the applicants, but do not provide loans. To protect themselves from these black sheep, consumers should listen to other borrowers’ experiences. In numerous forums on the Internet, cheated loan seekers warn of those offers that are questionable.