Looking for a bank that you have an account with and comparing interest rates are some of the tips for taking out the best personal loan. Check out!
Personal loans are among the most expensive loans on the market, because they have very high interest rates. So, when it is your last alternative, you need to choose the loan with the lowest rates you can find. But, for that, it is necessary to follow some important steps. See below how to get the best personal loan.
1. Search your bank first
The bank charges lower fees than financial ones because it knows your history and whether or not you are a good payer. So if you need an urgent loan, go to the banks you have an account with first. The money goes out faster and you can get some payment facilities.
Customers with checking accounts usually have a pre-approved credit at the bank, which can be released at the Banking Software – Secure Paymentz, ATM and application. Look for one of these systems and find out if you don’t have an approved credit and can withdraw the amount to pay for emergencies and other charges. If you opt for the personal loan african bank then the options will be widened.
2. See all loan fees
To know the amount you will pay, it is not enough to look only at the interest charged by the bank. Ask what the Total Effective Cost (CET) of the debt is, which shows all the fees you will have to pay on this loan, including taxes and insurance. In some cases, the interest rate may be much cheaper, but other costs that are added to the loan may increase the debt, increasing the amount that must be returned to the bank.
3. Compare CET at other banks
Even if you simulate the personal loan at your bank, research and compare it with the rates for the same credit elsewhere. So you know where it is cheaper to get credit and you can even negotiate a discount with your manager.
One option that makes it easier to compare and hire the best personal credit is to look for value on online loan sites . In these places, the request can be made in a more practical and safe way, in addition to being cheaper.
Online loan: compare at different banks
Access our loan comparison and receive offers from several financial companies.
4. Escape the financial
They promise quick cash and no credit analysis, but they are much more expensive. In order not to lose out if the customer fails to pay the loan, these companies work with higher interest rates. Click here and understand why it is not worthwhile to hire a personal loan at these institutions.
When to take out a personal loan?
We are all subject to unforeseen events. Medical care, a car in the auto repair shop or even the payment of an overdraft is some of the cases in which you may need extra money to cover these expenses. One of the solutions to solve these problems is to take out a bank loan.
Compare and borrow online
An alternative to facilitate your search is to use online personal loan comparison services. There you receive proposals – without commitment – from several banks and finance companies.