Done! You have received the requested loan and have thus fulfilled your wish. Now you can relax and enjoy your new achievement. However, you should not lose sight of the newly created liability. Because taking out a loan also creates an obligation to repay.
This requirement must be met on time. By any credit agreement you have to repay the personal loan obligation, according to a repayment term of 12, 24 or even 72 months.
Life is not always straightforward
It is important to remember that the budget review for your application was based on the credit rating information you submitted (monthly income, monthly expenses, etc.). This in accordance with the legal requirements. Naturally, this is just a snapshot of your financial situation. This can also change, for example through an unexpected bonus payment, a promotion and more wages or through unplanned offspring that increases your financial expenditure. Perhaps you will also reduce your employment or move to a less well-paid position.
Life is not always a straight freeway, sometimes it goes overland or up a pass road. In order to continue ensuring a smooth loan repayment, we have put together four tips for you.
These 4 tips lead to successful loan repayment
- Pay your loan installment using the payment slips prepared for you. So your payment can always be clearly assigned and there are no delays or ambiguities.
- Pay your loan installments on time. This way you avoid warnings that could be harmful to your future creditworthiness.
- If possible, pay more than a monthly installment. This saves you interest costs and can speed up the repayment considerably.
- If there is any problem with the payment of the loan or if you are unable to make the payment on time, inform your lender by phone. This way you avoid inconvenience such as a warning or, in the worst case, an enforcement.
Your behavior today will continue to have an impact
It is unmistakable: Your current payment behavior has an impact on your future. Regular payments without significant incidents lead on the one hand to the complete repayment of your debt within the planned loan term . Higher rates not only make you free of debt faster, you can also save interest costs. In addition, reliable payment behavior is rewarded for future loan applications and, depending on your financial situation, also enables you to apply for higher loan amounts.