Since the European Central Bank (ECB) announced that it will raise interest rates this Thursday, the conditions for installment loans are also increasing. Anyone who is already planning specific purchases should secure low interest rates now.
The European Central Bank (ECB) will raise the key interest rate on Thursday in view of the high inflation rates in the euro area. For the first time in eleven years! Further steps and adjustments are to follow in September. The markets have already anticipated this change in strategy – to the detriment of borrowers.
“Interest rates for installment loans have risen by 20 percent since the beginning of the year, as practically all banks have adjusted their financing offers in recent months,” says Dr. Stefan Eckhardt, Managing Director Loans at Check24. “The turnaround in interest rates heralds the temporary end of the historically low interest rates on loans.” Many borrowers have already reacted to this and quickly secured low interest rates. “In the first six months of the year we recorded significantly more loan inquiries than in the same period of the previous year. For the rest of the year, we expect average effective interest rates to rise towards the five percent mark.”Installment loan comparison 2022 – Find the cheapest installment loan here
People who have planned a purchase for the coming months and need a loan for it can now still benefit from the comparatively low interest rates on loans. However, it is not advisable to rush into unnecessary financing just out of concern about rising interest rates. The banks will not increase their interest rates sharply immediately, but gradually. However, the ECB could decide on further interest rate increases in the near future. “We can already see today that the interest rate differences between the banks are becoming even larger and that the loan comparison is becoming even more important in order to save costs,” says Check24 Managing Director Eckhardt.
So take advantage of the opportunity here to get a cheap loan with the FOCUS online installment loan comparison
