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Many borrowers appreciate being offered special repayments free of charge on a loan. Unfortunately, this is not the case with every loan. But with this option, borrowers can reduce their debts faster. For this reason, it should be ensured that an instant loan with a special repayment is selected before the conclusion.

It depends on the loan contract

It depends on the loan contract

The right to free special repayment must be included in the loan agreement. Otherwise, the banks charge fees for special repayments, so-called prepayment penalties. Special repayments are a problem for the banks because loans are paid off faster and the banks lose interest. But the banks have recognized that many consumers are specifically looking for this option and have adjusted their conditions accordingly. Unfortunately, not all banks are willing to do so.

An instant loan with a special repayment gives borrowers a certain amount of leeway. Anyone who uses these options often shortens the term of a loan and thus also saves interest. In most cases, however, this is only worthwhile if the banks waive this prepayment penalty.

A comparison creates clarity

A comparison creates clarity

If you compare, you can see at first glance which bank offers an instant loan with a special repayment. However, this does not mean that the banks now have to be visited individually. The internet offers the possibility to find a suitable bank on comparison portals. By the way, such a comparison is free of charge and in many cases a loan can even be applied for directly online at the bank. One should not miss out on the possibility of special repayment as a consumer.

However, it is up to you whether this option is used or not. There is no obligation to make special repayments. It is only important that they have to be contractually agreed. It is a big step for some banks to forego costs entirely. This would have been unthinkable a few years ago, but the competition never sleeps and some banks have had to adjust their offers accordingly in order to attract new customers.

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