“As part of the loan refinancing, we tailor the new personal loan to the needs of the customers.”
If you have too many small loans, can you risk over-indebtedness in the worst case scenario?
Yes! That is why it is important to go to the bank early if you have the feeling that something is going wrong financially. Especially with a lot of private loans and a longer term, you should take into account that your personal situation could change in the next few years. What if you need a break from paying your installments for a while? What happens if you change employers or are ill for a longer period of time? That is why I think it is important that you can go to your local bank in such a situation and say: I have a problem here, what can we do? Because the Sparkasse Bremen can then do something and help.
A loan refinancing can result in a better interest rate. Freepik
What are the other financial benefits of refinancing a loan?
As part of the loan refinancing, we tailor the new personal loan to the needs of the customer. We can look for an attractive interest rate or provide a low rate. In order to keep the rate as low as possible, we allow a maximum term of 120 months for personal loans.
The savings bank grants private loans to customers between the ages of 18 and 75. If someone is older and has a corresponding credit rating, we can rely on a network of credit institutions that also offer options in this case. Of course, we also use the platform for all other customers, so that we can always offer the best conditions.
“We take care of everything for the applicant when it comes to loan refinancing.”
How does loan refinancing work at Sparkasse Bremen?
I recommend a personal consultation on site at a local branch of Sparkasse Bremen. This way, all questions can be clarified in a personal and confidential conversation. The customer should bring three pay slips and – unless they are already a customer of Sparkasse Bremen – three months of complete bank statements.
We then take care of everything for the applicant. When refinancing the loan, we set up the private loan again and in return pay off all other loans digitally. The customer no longer has to fill out anything, write to other banks or have unpleasant conversations with creditors. Ideally, the customer only receives the completion letter from the other bank.
