Today, the only solution to the financial crisis is not just bank loans. Even non-banking institutions offer quick and cheap loans to help you overcome difficult times. We will advise you how to navigate the offers and how to know the most advantageous.
How to choose the cheapest loan?
When searching for a cheap loan, do not focus only on the interest rate. It does not actually tell you how much you actually pay for the loan. Do not be tempted to offer a loan with 0% interest. Always focus on the APR to help you decide which loan is the cheapest.
What is the APR?
APR or annual percentage rate of charge affects the cost of the loan. It tells you how much you have to pay each year in respect of installments, interest and other charges. This way you will know how much you will overpay. The APRC includes all fees, such as those for account maintenance, application processing, lending, and the like. This number will then help you reliably evaluate the advantage or disadvantage of the loan offered.
What influences the price of the loan?
Of course, what matters most is how much you want to borrow and for how long. And even if you calculate how much you pay for a loan with the APR, this number may not be final. The loan can cost you high penalties and cheaper various benefits. If you are looking for really the cheapest loan, do not compare only APR. We recommend that you carefully read the terms and conditions of the loan, as well as the penalties and any charges for extending the loan or early repayment.
Banking vs. non-bank loans
A bank loan is far from being reachable for everyone. The rules are stricter and many will not reach a bank loan. An alternative may be non-bank loans , which have milder conditions. Their other pluses are profitability and speed of acquisition . However, whether you choose a loan from a banking or non-banking institution, do not swing the first offer that will pop up on the Internet. Compare more offers. It will take a while with online graders, but in the future it can save you a lot of worry about a disadvantageous loan.
Benefits of non-bank loans
In addition to speed and moderate conditions, non-bank loans also have other benefits. One of them is, for example, the first free loan. You may receive a smaller amount of money for the first time, for example USD 7,000, but you will only pay as much as you ask for. Another indisputable plus is that you set the length of the repayment and the amount of repayments yourself and tailored to your wallet.
Security of non-bank loans
What discourages many from non-banking institutions is the question of security. It is still believed that these are untrustworthy companies that get their clients into debt traps. As of June 1, 2018, however, all non-bank lenders must be licensed by the National Bank . Although this law has considerably cleared the lending market, you should always check that your licensor actually has this license. It is not a pity to spend a little time reading the reviews from other loan applicants.
How to Apply for a Loan Online?
A cheap loan is easy to handle online and in minutes. Just register on our website, fill out a simple application and wait for an evaluation to verify your identity and your ability to pay. Once your application is confirmed, you will receive your money within 15 minutes.