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Some of the consumers who apply to banks for housing and vehicle loans, especially consumer loans, have to bear the cost of various errors in this process. It is useful to mention the most frequent mistakes consumers make in loan applications due to the ever-increasing number of errors in consumer loans and what should be done to return from these errors.

Using More Loans than Need

If the money you need as a result of all the calculations you make turns out to be 10.400 USD, all you need to do is to fulfill the requirements to apply for a loan of 9000 USD, if possible, not 11 thousand USD. Loans used through banks have an interest cost and you have to work to pay the money you do not have to the bank. Since life and work is continuity, you need to request as low a loan as possible to save money in that period.

In addition, while interest rates are gradually increasing in the current period, real income is decreasing. Consumers who have reduced purchasing power use consumer loans up to 2% and demand it for more than they need is indeed one of the biggest mistakes that can be made. For this reason, the use of low limit credit comes whenever possible to return from the most common mistake.

Towards Long-Term Loans

The monthly interest rates of banks and financial institutions decrease as the maturity extends, and some consumers think they have a lighter burden as they will pay with lower interest rates, but this is meaningless because the main thing to pay attention is the annual interest rate, not the monthly interest rate. As the annual interest rate is the most important detail, Good Finance obliged banks to indicate the annual interest rates in the loans they provide and in the sample calculation tables.

For this reason, monthly interest rates should not be observed before using loans, and annual cost rates should be examined. While choosing the most profitable bank, annual cost rates should be taken into consideration. Some banks charge financial allocation fees, etc. Even if it is lending money with higher monthly interest rates than other banks because it does not demand costs, it may offer lower-cost loans for consumers, and there are already dozens of examples of this.

Taking Multiple Credits

Especially consumers who want to buy vehicles and housing demand to use general-purpose loans to finance the down payment they have to pay in addition to the loans they allocate, but this should not be done. Using more than one loan and doing it in large amounts will mean a very serious debt burden, it should definitely be avoided.

Not Accepting That You Can’t Buy

It must be understood that some things cannot be bought in the current situation. If you see that after doing your accounting and examining your income and expense status, you need to apply for a loan to buy a good or service, this is mandatory and there is no alternative, you should consider not buying that good. Because, in the simplest form, you must have the capital to finance it in order to claim any good, of course, in low-volume needs and special circumstances, up to a certain amount of credit can be used, but if a 50% credit is used to purchase a good or service, a there is a problem. If you still need to purchase the good or service, it is a good idea to consider different alternatives and postpone the use of credit.

Doing Little Research

Except for some familiar banks, consumers who do not research the credit possibilities of any bank also make a big mistake because there is always an opportunity to find a more attractive loan than it is, and it is easily accessible.

Consumers should look at the offers of each bank supervised by the Good Finance and choose the most attractive one before using credit. There should be no worries about the reliability of a bank under Good Finance supervision, even if the bank does not have any branch, the loan allocated and the subsequent process is completely safe. Good Finance supervises all banks and the loans allocated by these banks, so one bank should not be avoided because its name is not known too much, and the name of another bank is well known and it should not be preferred because it has branches everywhere.

Verification transfers are increasingly not a mandatory element of applying for an express loan. Sometimes doubts, transfers per penny are replaced by verification through a special application. This is good news for all those who do not want or cannot make a transfer confirming their credibility.

Until recently, making a verification transfer was one of the conditions for considering the request for payday pay. All because of paying a symbolic penny or USD to the loan company’s account, it had the opportunity to confirm the authenticity of the data presented in the application.

Optional transfer already?

Posting a transfer from the applicant’s bank account was a reliable source of information about his basic personal data (name and surname and address of registration). Considering the fact that the funds from the loan are usually transferred to the borrower’s bank account, the verification transfer also allowed to make sure that the account number was correct. After all, nobody would like to be in a situation where the cash obtained under the loan would fall into the wrong hands.

However, the need to perform a verification transfer could sometimes arouse mixed feelings among customers. Hearing every day about fraudulent bank fraud attempts, people are becoming more cautious about ordering any symbolic fees. On the other hand, the applicant for the payday loan also took such measures well because he had no free financial resources. How would it make even the smallest transfer in such a situation?

To meet the expectations of some customers, loan companies began to look for alternative solutions for verifying the data provided by the customer. The solution to the situation turned out to be applications enabling confirmation of basic information about the applicant without having to make any financial transactions.

How does the application work?

The rules of the application are very simple. Depending on its variant, it is necessary (or not) to install it on your computer.

Then logging in to the bank account via it is enough for the loan company to receive all the customer information necessary for verification. Thanks to this solution, tens of seconds are enough for the lender to find out that the application provided true data.

A loan without a penny transfer, but with the Good Credit application

The first of the applications enabling skipping the execution of the verification transfer in the process of applying for the payday loan is Good Credit. It does not require you to install anything on your computer because you can use it from the lender’s website. After submitting the loan application, in which the borrower provides all necessary personal data, he is redirected to the Good Credit application page.

The next step is to choose the bank where you have the account and log in to it. When logging in, the application sends the main customer data to the lender. The application does not interfere in any way with the list of payments made or information about the inflows to the account . The whole process takes several minutes (due to the need to complete the application carefully).

The Good Credit application is currently used by Good Finance. The application supports 23 banks, thanks to which a wide range of loan companies’ clients can use it.

A loan without a transfer for 1 penny secure?

Of course, the use of an additional application when logging into a bank account can also be a matter of concern. However, the developers of the above applications have ensured high security of their clients’ data . First of all, the connection while logging into the account is encrypted.

The application has access only to the basic customer data ( without viewing his account history ), and login details are not stored anywhere. Therefore, customers using them can be confident about the security of their data or funds accumulated on the account.

Creditworthiness is a measure of the ability to repay your loan. The banks, therefore, find out your credit rating before they give notice if you are granted a loan and what interest rate you are allowed to borrow. The information required is obtained by the lender by making a credit report.

When you borrow money, the bank lender wants to know that you will be able to repay the loan and all your usual other expenses such as rent and food. Your credit rating is an estimate of your ability to pay – a way of trying to assess your ability to simply repay the loan in the future.

To find out your credit rating, the banks take help from credit information companies, the largest being the Information Center. The credit reporting companies have large databases filled with up-to-date relevant information about all Swedes over 15 years.

What information are the banks interested in?

The banks want to know everything that affects your finances and your ability to pay. Therefore, when credit information companies such as Good Credit or Good Finance make a credit report, the following information is usually included:

• Marital status – whether you are married or not.
• People accounting – whether you are a resident of Sweden.
• Income information – your declared income in recent years.
• Existing loans and credits – how much you have borrowed at present and how many and large credits you have been granted.
• Possible payment notes and recorded debt balance – if there are payment notes and if you have unpaid debts with E-Money.
• Previous credit information – what requests have been made to you in the past year.

How long will credit information be stored?

There are provisions to regulate how long data will be stored – so that out-of-date information should not put a stalemate on new borrowers. When a task is removed from the databases, the industry term is that it is “removed”. For private individuals, the following storage times apply:

payment Notes

A payment note is usually saved for three years. If you have a payment note, then you have to wait until three years have passed for the note to no longer be visible on a credit report. This applies even if you paid off the debt.

Debt settlement

A debt restructuring statement must be cleared at the latest five years after the debt restructuring decision was made. Should the payment plan extend beyond five years, the debt restructuring information remains until the payment plan is completed.

Previous requests

An indication that previous requests have been made in the register may remain for a maximum of 12 months. The banks can only see requests one year back in time when they let a credit report. If you have any inquiries, you can expect them to disappear from the register to improve your credit rating.

How do I get a high credit rating?

Improve your credit rating

Credit reporting companies, and by extension the banks, take into account hundreds of factors when assessing your credit rating. In order to have a high credit rating, low debt, stable income, low capital deficit and a minimum of credit information are usually required in the last 12 months.

None of these factors individually explain a low or a high credit rating, but together they paint a picture of you as a borrower. It can, for example, there are advantages to doing the opposite in certain situations, such as giving the state tax reduction for capital losses.

Collect loans and improve creditworthiness

Another factor that credit reporting companies take into account is the number and size of your loans and credits. Collecting old small loans and credits with a collateral loan is always a good idea. By cleaning up the private economy you are interpreted as a safer and more responsible, which will be reflected by a higher credit rating. This way the interest rate will probably be lower the next time you compare.

Another positive thing about collecting their loans is that small loans often have a high-interest rate and hidden costs such as fees and invoice fees. By getting rid of them you get a lower monthly cost while improving your credit rating! Good Lender helps you compare over 30 different banks and lenders and since you can borrow up to USD 600,000 you can collect all your unfavorable loans.

The amount you apply for should correspond to the total for all your smaller loans and credits – here it is worth really going through your finances so that you get everything from smaller loans and installment purchases to credit card debt and any SMS loans. You choose a repayment period that suits you.

Within a few days, your new loan will be deposited into your account. Then you spend the money to settle all your expensive loans and credits all at once. Thus, by gathering your loans you get a lower interest rate and a monthly cost you are comfortable with.

Get a better look

Start by making a statement about yourself. This way you can see for yourself what information the banks will see. UC has a service called My Enlightenment. For USD 19 you get access to the information for 48 hours.

You can also post a request by letter to UC with your name, social security number, and signature and you want a register extract on yourself. The letter is sent to Good Credit, Register extract, 117 88 Stockholm. Then you will know free of charge what information is available about you in the register. The excerpt is then sent to your Census Address.

The other credit reporting agencies offer similar services. Often you can get a point on yourself at different levels on the information company’s own scale so that you can quickly see how you are assessed. That you have requested an extract on yourself is not saved in the register, so it does not affect your credit rating.

Review existing credits and loans

Once you get a good picture of how your situation is, you can begin to improve the situation. Since granted credits mean that you can quickly debt yourself by utilizing the credits, the banks see this as a risk increase. If you have credit cards lying around that you do not use, it is therefore smart to cut them and end the credit.

Banks, which provide favorable conditions to respond quickly to our needs, create special campaigns and opportunities for us. The old-fashioned loan processes are now outdated. The transfer of disappearance within documents and documents has closed.

Getting credit in the past was nothing more than torment

There was an intense process to wait in the long queues and complete the documents. But with the developing technology, they made radical changes in banks within their own body. All the main changes made also provide convenience and time savings for us.

You can now use the web loan feature to learn the loan that suits you best and start the loan process. So what is a web loan, how do I and what are the advantages?

Web credit is a short application form that you will make by determining your TR identity number, mobile number and the type of credit you will receive over the internet. Shortly after making the application via the internet, your application will be evaluated and you will be informed as soon as possible if you can receive the loan or not according to your credit score. After your credit is approved, you can simply go to the nearest branch and get your credit by taking your identity card with you.

Web credit is a method that you can learn the interest rates

Evaluate the installment options and learn the procedures of all banks in a short time, in a fast and reliable way. Thanks to this feature, which provides access to information online instead of searching for individual banks or visiting them, taking credit is now easier.

Moreover, if you have any questions that come to your mind from the moment your credit confirmation answer comes, you can reach the consultants that banks provide for you 24/7. You don’t have to be a bank client to ask the consultants any questions you have. Also, you do not need to be a customer of that bank while making web credit transactions. Even if your application is accepted, even if you are not a customer of the bank, if your credit points are positive, you can request the loan you want from banks.

For example, with a web loan, you can use general purpose loans without going to the branches up to 15.000 USD and have your money transferred to your account instantly.

Web loan not only provides applications for personal consumer loans but also serves SMEs and commercial/corporate firms. SMEs or commercial/corporate companies can easily apply for their special interest-rate loans, they can use loans with a credit limit of up to 55,000 USD and installments up to 36 months. Moreover, when going to the Branch to use the loan, it will be sufficient to take only your identity card with you.

After making a web loan transaction

You can quickly calculate the loan as soon as you receive your credit approval. Thus, you will have the opportunity to easily calculate how much you will pay monthly. You don’t need to be a bank client to do all these transactions. Having a high credit score will be an advantage for you in the loan application process. Therefore, you should be careful that your credit score is as high as possible. When it comes to needing, this is of great importance in terms of not having difficulty in obtaining credit.

Web credit and loan calculations are a great innovation apart from the old-fashioned banking rules, and for us, our customers maintain their existence day by day and improve themselves. Remember, you can apply for a loan over the web in less than 2 minutes just by entering your TR ID number and phone number. You do not need to do anything else to get approval in a short time, and this feature is just one of the most important advantages that web credit offers us.

To mention non-bank loans, we usually mean popular payday loans with a repayment period of up to 30 days. However, not everyone knows that by using the services of loan companies you can also take out a long-term loan, repaid in monthly installments.

The amounts of non-bank installment loans start at several dozen dollars but end at several or even several dozen thousand. Although their costs are usually higher than the cost of bank loans, they are not as high as they were a few years ago. All thanks to the amended provisions of the Anti-usury Act, which entered into force in March 2016.

According to them, the cost of borrowing money cannot be more than 25% of the loan amount plus 30% of that amount per annum. The cost limits include all fees except interest. Their amount remained unchanged and is currently four times the Good Finance rate, i.e. 10% per annum. Depending on the company, the repayment period of a long-term loan is from a few to a dozen or even several dozen months.

Long-term loan offers – ranking

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Find the best payday loans Good Finance loans 3.8 (75.56%) 36 ratings Loan amount: USD 1,000 / USD 15,000 possible Number of installments: 3 The amount to be donated: 1217 USD Cost of loan: USD 217 APRC 239% Opinion on Good Finance Take a payday loan Extension of repayment Late payment costs Additional information.

It is possible to postpone the repayment date of the loan installment by one month. In the case of a 24-month loan, this option is available 4 times.

A representative example:

The actual annual interest rate (APRC) is 78.6%; total loan amount (without costs credited) USD 7,500; variable interest rate 10%, total cost of the loan USD 8,712 (including commission USD 7,500, interest USD 1,212); total amount to be paid USD 16,212, payable in 36 monthly installments (35 installments of USD 450.33 and the last 36 installment: USD 450.45). Calculation for December 3, 2018. Granting a loan and postponing the installment repayment date depend on prior assessment of the applicant’s creditworthiness. Registration fee (refundable): 1 gr.

Good Credit 3.6 (71%) 40 ratings Loan amount: USD 1,000 / USD 25,000 possible Number of installments: 3 The amount to be donated: 1013 USD Cost of loan: USD 13 APRC 8% Opinion.

You can extend the repayment:
• from 6 installments to 11 installments – 1 Postponement of the loan installment repayment date,
• from 12 installments to 17 installments – 2 Postponement of loan installment repayment,
• from 18 installments to 23 installments – 3 Postponement of loan installment repayment,
• from 24 installments – 4 Postponement of the loan repayment date.
• The lender has the right to take steps to clarify the reasons for delay and enforce payments, which involve making additional telephone contacts, sending you a letter, sending an SMS or a home visit.
• The lender has the right to terminate the contract and seek a refund of the claim in court or out of court.
• The lender has the right to sell the claim to a third party.
• The borrower may be charged with court and enforcement costs.

There are many non-bank institutions on the market that grant long-term loans. If you want to compare the offers of individual lenders and choose the one that best meets your expectations, analyze the above ranking of long-term loans. All companies included in the ranking are proven, reliable and competent lenders. If you want to quickly compare the above loan offers in terms of the minimum and maximum amount, available repayment dates and installment amounts, visit the installment loan subpage and use the loan comparison site.

The order of the companies in the ranking is not accidental. The highest is the most favorable (in terms of costs, level of granting, a sum that can be borrowed, repayment period and speed of procedures) of the offer. In the last column, next to each company, you’ll also find two hyperlinks – one leads to the given lender’s page, the other – to the description of the company.

By clicking the Additional information button you will learn the details of a given offer – terms of accession, award criteria, and other valuable information.

Choosing a long-term non-bank loan

Contrary to appearances, choosing the best long-term loan is not a simple task. Especially that there are many companies offering installments. Individual offers differ primarily in costs, maximum available funding and the repayment period. Before you reach for a long-term loan, analyze and compare individual offers. It may turn out that random selection will cost you a lot.

What to look for when choosing a long-term offer?

When choosing a long-term loan, pay attention primarily to:

• amount of costs. The costs of taking a long-term loan in the same amount may vary by up to several hundred dollars. When analyzing the offers of individual companies, first of all pay attention to the value of APRC – the actual annual loan interest rate. The lower, the less you will pay for the money you borrow;
• maximum loan amount. Not every company will lend you several thousand dollars. Especially if you have never used her services before. Before you choose a lender, make sure that the amount you need will be available to you the first time;
• withdrawal time. Some companies withdraw money within a dozen or so minutes, without having to sign the contract provided by the courier. Others require a personal signature of the document – delivered by courier or prepared for signature at the company’s headquarters. If you want to receive money as soon as possible, make sure which system “Your” company uses;
• requirements for borrowers. These may be more or less liberal. Although the procedure for obtaining a non-bank loan is definitely more friendly than borrowing money from a bank, some lenders may require additional documents in addition to your ID. If you want to reduce the number of formalities, use the services of the company providing loans as proof.

Loan: longer or shorter?

If you plan to borrow money from a non-bank institution, you will definitely have to choose between a short-term and installment loan.
The most important criterion that you should consider is your repayment capacity. If in 30 or 60 days you can’t collect the whole amount you need, choose a lifeguard instead of a payday loan. It is much easier to deal with repayment of a long-term loan by being able to spread the amount borrowed into several or several installments. Unfortunately, this decision is associated with higher costs than in the case of payday loans. Installment lenders do not offer free financing. You will have to pay for each zloty you borrow.

The next thing to consider is the amount of loan needed. When you reach for a short-term loan, you will not borrow more than a few thousand dollars. Especially if you are a new customer and you have never used a lender before. The maximum amounts of installments range from several to several dozen thousand dollars. Such an injection of cash will allow achieving much bolder goals.

If you are considering getting a short-term loan with a repayment period of 30-61 days, see our comparison of payday loans.

Long-term loans – is it worth it?

A non-bank installment loan is a good solution for people who need more than a few thousand dollars to implement their plans. Installment payments will also work for those borrowers who are unable to pay back the loan within 30 or 60 days. By paying off the commitment in installments you will minimize the risk of delays, the effects of which can be not only stressful, but also very expensive.

Non-bank lenders definitely look at less reliable customers than banks. For example, those with a negative credit history in BIK or entered in the register of debtors.

It is worth knowing, however, that the price for a minimum amount of formalities and a simplified procedure for testing creditworthiness are relatively high costs. Borrowing money from a non-bank institution can be much more expensive than borrowing from a bank.

Bank or loan company?

If we consider costs primarily as the selection criterion, the most favorable conditions will be offered to customers by banks. It is worth remembering, however, that the procedure for obtaining a bank loan is usually longer and more complicated than it is at a non-bank institution.

Banks also apply much more restrictive creditworthiness testing rules. If you have an unfavorable credit history in BIK or your data has been entered into the register of debtors, the chances of getting a bank loan are virtually zero. If you want to know how to check your BIK, read the article: How to check your BIK?

Non-bank lenders definitely look at less reliable customers. Many of them provide funding to people with low scores and to those who have been blacklisted as a result of debt. Loan companies also honor various, often non-standard, sources of income.

An installment loan can be obtained by a person who receives income from an employment contract, civil law contract, business activity, retirement or disability pension. Many companies also accept revenues from the Family 500+ program and even maintenance. And for many borrowers, this is a great asset.

Most of us need to borrow money to buy a condominium or villa. But how big a loan do you actually get? It depends on a number of different factors. Here we find out what the bank weighs into the calculation to determine how much you can borrow for your accommodation.

The mortgage is a loan with collateral in the home. This means that if you do not repay the loan according to the plan that you have agreed with the bank, you may end up for a forced sale of the home to get the bank back its money. The bank’s relatively low risk-taking makes the mortgage rate lower than the interest rate on other loan types.

How much can be borrowed for housing?

Previously, it was possible to borrow up to 90-100% of the value of the home. In cases where the bank lends 100% of the value of the home and the market value would go down, the borrower would risk lacking collateral for part of the loan. In addition, the borrower would have debt remaining even though the home was sold.

To avoid such situations, Good Credit introduced the mortgage ceiling in 2010, which means that you can now only mortgage the housing to a maximum of 85% of the value. The remaining part, 15%, you have to pay yourself with the help of a cash deposit. You can save the investment yourself, but you can also take a private loan to get it together.

What determines how big a loan I get?

The banks mainly look at the points that are listed below. By looking through your personal finances, the bank can calculate your disposable income. This is what remains every month after ongoing fixed expenses, but also food expenses, for example, have been deducted.

Your income – There is often also a limit on how much loan you can take based on your income, eg. six times your annual income. If you were to earn USD 350,000 a year, you would then be able to borrow at most USD 2,100,000. Of course, how much you earn is a very important factor for the bank when they control your personal finances.

Your Expenses – Your recurring living expenses affect how much money you have to move around. Low expenses are, of course, always preferred from the bank’s point of view.

Other loans – Your current loan also plays a role. If you have a loan on the car, student debt or other loans, it is weighed into the calculation.

Price and expenses for the home – How much the home costs is important for how much the cost of the loan is per month. It also matters how much you can only borrow up to 85% of the value of the home.

How to cope with a rate hike – The bank also expects how you would cope with borrowing costs should interest rates rise. It is not enough for your finances to manage a loan with today’s low-interest rates, if interest rates rise, you should not have to sell the property directly and move. The bank, therefore, needs to take some steps in its calculations if interest rates rise.

How can I improve my opportunities?

By taking the help of a loan calculator you can immediately see what has an impact on how much you can borrow. If you have a co-applicant, maybe a partner or spouse, then the opportunities for a higher loan are often improved, you can apply with two-income instead of one.

How many small loans and credits you have also recorded. It is therefore smart to gather all these into a larger private loan. The monthly cost decreases and in the bank’s eyes, it looks better with a loan instead of many different ones. E-Money is happy to help you if you want to collect your existing loans.

Borrow money with E-Money

When you take out a mortgage, it is always smart to compare what you can get for interest rates and terms at the various banks. You should also do this if you are going to take a private loan or a renovation loan. All banks specialize in different types of customers. It is therefore not possible to say that one bank is better than another when it comes to loans. This is why it is important to compare different loan offers to find which bank suits you best!

If you as a private individual go to several different banks to compare the terms, they each take credit information on you. This affects your credit rating and can impair your ability to get a really low-interest rate.

If you choose to compare with E-Money, only one credit report is made. The service is completely free of charge and you do not commit to anything when you make a comparison. Instead, E-Money gets paid directly by the bank or lender when we help them get a new satisfied customer.

As a homeowner, you know that home ownership isn’t just about benefits. Rather, owning a home also means responsibility. Towards the people who live in it and the property. This responsibility begins with maintenance and does not end with the payment of the costs.

So there are always renovation and restoration work that can cost several hundred or even a thousand USD. A good example of this is renovating the heating. If you have to replace the heating in the house or apartment, you can not only look forward to a lot of work, but also to high costs. Fortunately, there are some grant programs that support the measure. A loan for a new heater can also be taken out.

Which way is worthwhile?

The renovation or modernization of a heater is complex and expensive. There is probably no doubt about that. Despite all this, many property owners are always amazed at the cost factor that arises and do not even know how to pay these costs.

Therefore, the desire for a loan for the new heating quickly arises. In principle, this is also quite possible. However, every homeowner should inquire about appropriate support measures before taking out a loan. Because these reduce the loan amount and enable inexpensive repairs to the heating system.

It is important, however, that funding is applied for first and then the loan for a new heating system. We have summarized how this works in the following.

What can the bank do?

The bank in turn provides a modernization loan or a classic installment loan. In the case of a modernization loan, the bank will be registered as security in the land register. This has advantages but also disadvantages. This is advantageous if, as a borrower, you have no other collateral to offer and therefore the bank cannot refuse entry in the land register.

It is a disadvantage if you are not the sole owner of the property. In the event of default, the bank has the right to auction the property to get its money. This can lead not only to financial chaos, but directly to ruin.

We therefore recommend that you only take out a modernization loan if you have sufficient collateral. Otherwise, an installment loan should be used that is not tied to a specific purpose and therefore does not indicate to the bank that the heating in their own property should be renewed. This brings security to the loan and eases the repayment.

What is the grant good for?

But before the installment loan or modernization loan is taken out as a loan for the new heating system, government grants should be looked at. These are always granted if the new heating can achieve a better energy value for the property. So if the modernization ensures that the property uses less energy.

In order to be able to apply for these grants, a cost estimate from an executing craft company must be available. Wage and material costs must be shown separately. The invoice, which must be paid at the end, must be able to be paid by bank transfer. This is how undeclared work is to be avoided.

Is a loan from abroad worthwhile?

If you have problems with private credit checker, it is generally difficult to get a loan in Germany. The idea of ​​taking out the loan for the new heating system abroad is therefore quickly understood. Unfortunately, it’s not as simple as this may sound.

On the one hand, because a loan from abroad is only provided as a small loan up to 5,000 USD. A sum that is sometimes not sufficient to renovate or replace the entire heating system.

On the other hand, it can happen that a loan from abroad cannot be combined with the funding. We therefore recommend that you take out a loan in Germany that is secured with a guarantor or a second co-applicant rather than go abroad for the loan for the new heating system.