Are you looking for more information on affordable loans updated to 2019? See http://special-seo.net/refinancing-a-car-loan/
In this guide you will find everything you need to know about financing at a convenient rate and condition for you.
Best affordable loans: what are they? How to find them?
Not all loans have the same convenience features, which is why you should carefully evaluate the budget, but above all the best interest rate .
For example, if you need 30,000 euros to buy a new car and finance a master at the same time, you can apply for a personal payday loan.
If, on the other hand, you want to renovate your home, those 30,000 euros could be given to you more appropriately through a mortgage loan .
personal payday loans: get up to € 60,000
The first question you have to ask is ” what do I need the money for ?” “And what are the specific products for your needs?
Loan calculation: how much do you need?
Calculating your needs in a clear and timely manner will allow you to avoid asking for excess loans, or asking for loans in less than what you actually wanted.
In both cases, the differences will be significant. Asking the bank / financial for more money than you need will lead you to pay more interest.
On the other hand, asking the creditor for less money than what you will then need, will lead you to once again have to go to the bank / finance to get a new loan or a renegotiation of the one already in place.
During the calculation, I advise you to consider the extinction of the loan, so that you can keep the financial situation under control.
Request a quote: how much does the loan cost you?
At this point, after you have clarified how much you need to be able to realize your needs and after you have understood the technical form of the loan that is right for you, you have all the bases to evaluate the budget .
Entrust yourself only to those who make written estimates to you. (do not trust estimates written “by hand” or communicated verbally, perhaps, with the sole calculation of the loan installment ).
Take all your time to be able to examine it calmly, avoiding making choices that could be hasty.
Therefore, read all the lines of the quote well and, if something is not clear to you, explain the nature of the individual items. The main ones you could find are:
- Interest rate (TAN) : is the nominal annual rate, or the rate that will be applied to the loaned capital (which, as we shall see, could be different from the capital you will require!).
- Preliminary charges : these are the expenses that the bank / financial company requires in order to be able to compensate its analysis and preliminary work on your request (creditworthiness assessment with examination in the Central Risks, and so on).
- Practical management fees: these are expenses related to the periodic management of your file. Not all banks apply this cost item, now almost obsolete, but could still be included in your quote.
- Installment collection commission : it is a tax that you will be charged on each installment. It mainly depends on the payment collection method, and is not always present on the quote.
- Annual overall interest rate (APR) : it is not a “new” interest rate that will be applied to the capital in addition to the TAN, but a synthetic cost indicator that indicates how much the loan costs you (in percentage), taking into consideration not only the nominal annual rate, as well as all the cost items that are directly related to the loan (such as preliminary investigation fees).
- Insurance costs: these are the charges you should pay to be able to insure yourself. Insurance costs vary depending on the insurance product purchased (for example, they will be higher in the case of multi-guarantee insurance, which includes not only the Life risk as well as the unemployment risk), and they are never mandatory (keep this in mind!).
Compare the quotes: which one is the best!
Once you’ve got the best quotes in your area, or the ones you could find online, you need to compare them.
To do this it seeks to consider primarily the economic aspect in relation to the quality of the service.
If you are interested in saving alone, compare the APR or the ISC (Synthetic Cost Indicator) to get the cheapest loan, opting for the lower one .
Also pay attention to the expenses that you might face after the disbursement phase: if you already know, for example, that you are going to pay off the loan in advance, it might be useful to assess how much the eventual penalty to pay could impact.
Doubts or questions about affordable personal payday loans? Leave a comment and I’ll reply as soon as I can.