When planning to take out a cash loan or online loan, we often focus only on the offer of the bank in which we have an account. This is a big mistake that we can lose a lot of. There are many credit outlets on the market, the offers of which differ significantly. So in order to have a full picture of the situation before we take out a loan, let’s compare the proposals of at least several different banks. A special loan comparison tool will help us.
How does the loan comparison tool work?
This is a very useful tool that every potential borrower should use before he decides to take out a loan. In one place you will find loan offers from many different banks. The loan terms are described fairly but at the same time in a transparent enough way that they are understandable by everyone.
Credit comparisons are available online for free. It’s worth using the most known and credible ones, such as those on total money, expander, e-broker or banker websites.
First, we determine what amount of online loan we are interested in, and then we provide the preferred loan period in months. The online tool for comparing credit offers will search for us from several to several dozen of the best offers. Parameters such as loan interest rate are compared; APRC, i.e. the annual real interest rate and commission. We can see exactly how much money we will give to the bank – the amount is given as a penny and what the monthly installment will be.
Are loan calculators fair?
Do not be afraid that the information provided by portals offering a comparison of credit conditions may be unreliable. Financial advisors, and usually on their websites we find credit comparators, they care very much about the quality of their services and offer clients only proven offers. The highest level of service is in their interest, because many customers decide to apply for a loan through them. So you can be sure that the information you get in this way will be binding.
You also do not have to worry about the security of your personal data, because to compare offers, you do not have to provide your name, surname, place of residence, any data from your identity document or information on what you want to take a loan for.
In addition, often on websites offering loan calculators, you will find a number of very valuable information that you should read before making a credit decision. These include, for example, the principles of responsible lending, explanation of basic loan-related concepts, information on how to extend a loan, and what consequences you are exposed to when you are late paying installments or stop paying them. It is worth spending one or two evenings to broaden your knowledge of credit rules, and it will definitely pay off in the future.