Rescheduling – why you should replace old loans

After the ECB lowered interest rates again by 0.25 percent to 0.15 percent in June, the situation on the consumer credit market is as favorable as it has ever been. Above all, borrowers can benefit from the favorable interest rate situation and save a lot of money by replacing confusing installment payments from their expensive current loans with a cheaper loan. This effectively reduces expenses and gives you a better overview of your finances. “More and more consumers are realizing the benefits of debt restructuring, yet we find that there is a great deal of knowledge on this issue,” said Alexander Artopé, CEO and co-founder of Old Lending . Therefore, we have collected key facts about rescheduling in this blog post.

The goal of rescheduling is to reduce the interest cost burden. A current loan or several old loans will be replaced by a new, cheaper loan with better conditions. If the rescheduling is carried out at a new bank, a new credit agreement will be set up accordingly. If you deal with the same bank, a new contract is usually not necessary.

When does a rescheduling make sense?


Rescheduling only makes sense if the overall loan interest rate has fallen significantly, as it is now. The effective annual interest rate of the new loan must be well below the old one, so that the interest relief is still worth it despite the costs for the loan repayment and new borrowing. One should therefore face the costs of rescheduling and how much you save on costs – if the savings outweigh the costs, a replacement of current liabilities is recommended.

Especially recommended when using the Dispos

Anyone who covers his Giro account over a longer period of time and thus has to take advantage of the expensive credit line, should now think about a rescheduling on a favorable installment loan. This can be compensated for the overdrawn account on the one hand and on the other hand, the very high overdraft interest be avoided in the future.

Remuneration at 0.99% APR

Remuneration at 0.99% APR

Another reason to think about rescheduling right now is our ongoing special offer. We offer our customers Germany’s cheap online loan at an annual percentage rate of 0.99%. This offer can be used both for rescheduling, as well as for all other uses – this is up to you. More information can be found here.