Borrowing money becomes cheaper due to the ever-falling interest rate. If you used to pay an interest of around 6%, now the cheapest interest on a revolving credit has fallen to 4.5%. This may not seem that much, but on a monthly basis, it saves a lot in your wallet. With revolving credit, you always have a cash reserve in hand that you can use when you have an unexpected expense.
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Which amount has a revolving credit
You can take out a revolving credit from 2,500 euros up to a maximum of 150,000 euros, depending on your income and fixed costs you can calculate what the maximum amount can be for you. Taking out a revolving credit for the minimum amount of 2,500 euros does have a much higher interest rate than a revolving credit of 10,000 euros or 20,000 euros.
It may therefore be advisable to take out a higher credit in order to save on the interest that you have to pay. After all, the amounts that you do not withdraw are also not taxed with interest.
Which credit has even lower interest rates
The personal loan also has a low interest rate at the moment, the lowest interest rate for taking out a personal loan is 4.7% at the time of writing. This form of borrowing does have the disadvantage that you get the entire amount deposited into your account in one go and therefore also have to pay interest and repayment on the entire amount from day 1. This form of borrowing money is therefore less flexible than the revolving credit.
Can interest rates also rise again
Because with a revolving credit you have a variable interest rate, it may be that when interest rates rise again you have to repay more each month, this is always a risk and a disadvantage of a revolving credit compared to a personal loan where the interest is fixed for the entire period. So if you would rather have more certainty with regard to interest then it might be more convenient to opt for a personal loan.
The mini loan also has a cheap interest
Borrowing money becomes cheaper, but the mini loan is a small amount that you have to pay back quickly. Unfortunately, the interest on these types of loans is always the maximum of around 15%. However, because you have to repay the borrowed amount quickly, the interest amount in money is of course not that much.
For example, you pay an interest amount of 7 euros for a mini loan of 600 euros. With a mini loan you can quickly and easily borrow an amount up to 800 euros, even if you have a negative bkr registration.