Interest rates for installment loans are currently higher than they have been for years.
(Photo: imago images / PhotoAlto)
Cologne The car is giving up, or the new apartment is still missing a fitted kitchen: There are many reasons for taking out a loan – especially since in times of high inflation many citizens are short of money at the end of the month.
Annabel Oelmann, financial expert at the consumer advice center in Bremen, reports: “More and more people are currently feeling forced to take out an installment loan because the money is simply not enough.”
However, the interest rates for installment loans are currently higher than they have been for years. The consumer advocate advises that it is all the more important to only borrow money from the bank for essential purchases. If consumers cannot avoid a loan, they should compare offers in order to secure the best annual percentage rate.
The FMH-Finanzberatung has therefore determined for the Handelsblatt which credit providers are currently scoring with particularly favorable conditions. The focus was on installment loans with a long term and without earmarking.
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