The loan for the commission is rather one of the short-term loans, since the commission for renting an apartment is usually 2 to 3 times the basic rent. Therefore – in contrast to the loan for the deposit – there is no separate loan type for this. In addition, the broker is only a real estate agent, whose invoice is not directly related to the rental property. Pay this invoice only on the due date specified on the invoice and not when you move in. But what should you look for in the loan for commission?
Choose a short term
The loan amount is usually almost at the level of the minimum loan amount that most banks have set internally for lending. Nevertheless, you should take out a loan of $ 1,000 with a short term rather than using the expensive overdraft facility. Since this has a double-digit interest rate, higher interest amounts accrue comparatively quickly.
With a commission of, for example, 700 to 1,000 USD, a term of 12 months is probably the best option. If you suddenly receive a premium from the employer during the term or in some other way additional funds, then you can repay the loan early as part of a special repayment.
Is it really necessary to pay a commission?
With this loan in particular, you should ask yourself whether the borrowing or the performance of the broker would really be justified. Especially young professionals who move to a new city often use this service unprepared. However, there are also many housing companies or cooperatives where rental apartments can be rented free of commission.
In this case, the financing of the deposit would be more appropriate, for example through a guarantee or a joint deposit account. But if you take out a loan for the commission, then it is a normal private customer loan with the favorable conditions thanks to the low interest rate phase.
With the loan for commission, you should also pay attention to the occurrence of the receivable in addition to the interest and the optimal term. So ask yourself more and more open-ended than with any other issue whether credit financing is really necessary.