Many people are interested in loans with a term of 72 months. The reasons for this can be very diverse. First and foremost, however, it should play a role that the monthly loan rate can be kept relatively low due to the long term.
This makes borrowing possible for people who would otherwise not be able to afford it. In return, however, it should be borne in mind that the interest rate on most loans with a term of 72 months is higher than with a shorter term. The bank wants to hedge against the risk of a possible default. This risk is significantly greater for a 72 month loan than for a 12, 24 or 36 month loan.
Compare loans with a term of 72 months
There are numerous comparison portals on the Internet where the individual loans with a term of 72 months can be compared with one another in peace. These comparison portals are available around the clock, are updated daily and provide the customer with a precise result at all times. Most comparison portals differentiate between credit-dependent and credit-independent loans with a term of 72 months. Credit-independent loans with a term of 72 months have the great advantage that the interest rate remains the same for all customers and that personal creditworthiness has no influence on it.
The situation is very different with credit-dependent loans. The main beneficiaries here are high-earning employees and civil servants who have impeccable Credit Bureau information. A credit-independent loan is generally better for all other people. A comparison on the Internet could also provide more detailed information about this. A credit calculator should also be used for this, which can significantly simplify this procedure once again.
Application, approval and repayment
Almost all loans with a term of 72 months can be requested online. This applies even if the bank in question has a dense branch network and would also accept the loan applications directly on site. However, an online application is completely independent of the bank’s opening hours and even at night or on public holidays. As soon as the loan application is received by the bank, it checks the creditworthiness of the customer.
In doing so, she will not only request Credit Bureau information, but will also carry out a detailed income check. Only if this income is sufficiently high is there a reasonable chance that she will get her money back properly and on time within the framework provided. Otherwise, they would have to reject the loan application. Loans with a term of 72 months must be repaid in regular and evenly high monthly installments. These installments consist of both the interest and the redemption portion.w