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How to get a loan for bail?

How to get a loan for bail?

Moving is associated with immense costs, which are usually higher than previously calculated. The first big “chunk” is waiting in the form of a deposit. The problem with this: The old deposit is usually not paid out immediately, but within six months. Young people in particular therefore often lack the money and want to pay them for the deposit via a loan.

The special features of a loan for the deposit

The special features of a loan for the deposit

The special thing about a loan for the deposit is the amount. The average deposit is around two to three basic rents. That means it is between 600 and 1500 dollars. This low amount is a problem when trying to get a loan for the deposit. Because most small loans granted by banks start at 2000 or 2500 dollars. So this way is out of the question to be able to pay the deposit, but there are some other options.

The options for a loan for the deposit

The options for a loan for the deposit

With the deposit in particular, it is advisable to think about a loan from one or more private individuals. Parents, other relatives or friends usually help in the form that everyone gives part of the deposit. If this is not an option, you have to contact a bank. In all likelihood, this will propose to increase the planning framework. This means that you can overdraw your own account by the amount of the deposit and withdraw or transfer the money directly. However, this variant has advantages and disadvantages.

The advantages of such a variant are: The money is there within a day, can be used immediately and paid back at your own discretion. The disadvantage of the matter: The interest on the overdraft facility is extremely high and is often in the double-digit percentage range. This makes the loan for the deposit very expensive.

If you want to work around this problem, you still have the option to work with a small loan on the loan for the deposit. The loan amount is higher, but the surplus can be paid back immediately by special repayment. A fee is probably due for this, but this is likely to be lower than the enormous interest burden on the overdraft facility.

Otherwise, it should be borne in mind that moving also has numerous other costs and it should be worth considering simply using the small loan to pay for the entire move. The money already saved for this purpose can be deposited in a call money account, where it pays interest and from which the installments for the repayment are debited. This is how you get the maximum financial return.

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