There are many selection criteria to find the right loan. These include, for example, interest, repayment-free months, free special repayment options and loan fees. The latter may no longer be calculated according to the latest case law, but the practice is still partially maintained. Therefore, it is important for the loan seeker to find a loan with no fees.
The internet has simplified many things
Nowadays, it is no longer recommended to immediately contact your house bank for a loan without fees. That may be convenient because you know each other here. But the Internet offers options that no branch bank can match. The differences start with the effective annual interest. Online banks are clearly ahead here. In addition, the financial institutions also offer a loan without fees on the Internet because many of these banks immediately implemented the new legal situation. But even before the court decision, many banks have already renounced the practice of charging fees for a loan.
The calculation of fees made a loan unnecessarily expensive. These fees were calculated as a percentage of the loan amount. That made a lot of money for a real estate loan, because the higher the loan amount, the higher the fees.
What else should you pay attention to?
If you are looking for a loan without fees, you should also consider other things. Many banks require residual debt insurance from the borrower before the loan is even approved. These are also unnecessary fees, especially since residual debt insurance is only worthwhile under certain conditions. This would be the case with a real estate loan, for example, because if something happens to the borrower, the surviving dependents are covered by residual debt insurance.
In the event of death, the latter pays the installments. It is also worth taking out such loans for other loans with a large loan amount. But not for small loans, even though the banks sometimes require residual debt insurance to be taken out in such cases.
Compare with success
If you are successfully looking for a loan without fees, you cannot avoid a comparison. The internet has simplified the search and many loan calculators provide useful information. A loan can be applied for directly online. All documents relevant to the bank will then be sent by post. Only through a comparison can the borrower find the best deal.