What loan is the most popular and most often chosen by consumers? Here, of course, there should be no doubt that it is a cash loan or a cash loan. It allows you to obtain, relatively quickly, the necessary financial resources for the implementation of a specific goal. It may be the purchase of a new washing machine, a holiday trip or such a cash loan may be intended for the renovation of the apartment.
When browsing banking offers, we can use the help of a financial comparison engine. Here we will distinguish the most commonly found on websites: the comparison of cash loans and mortgages. Very often, the comparison engine is also called a calculator or a loan search engine.
Calculate the installment of a cash loan
The loan installment and its amount is very important for our home finances, because it depends on its amount, how much money will be available to us in the home budget. But the installment that we pay the bank depends on many factors.
If we take a cash loan of PLN 10,000, regardless of what the bank will be, the loan installment with the loan period of 8 years will be less than if paid for three years. Because its amount also depends on the cost of the loan, it is therefore necessary to compare cash loans, eg using the comparison engine.
The cost of a cash loan
This cost consists of nominal interest, commission, insurance (if it is obligatory or you want to use it yourself) and perinreditation costs (it may be necessary to set up a paid bank account in order to receive a lower interest rate on the loan).
By checking and comparing loan offers, we can of course check them with a financial comparison. We pay attention to the loan amount, ie the actual annual interest rate. It contains, in addition to the nominal interest rate, all other credit costs, including: commission, insurance costs, etc. Let us note, however, that the loan comparison website is not used to find the cheapest cash loan, but to check the offers. An individual credit offer will be presented by the bank after calculating the creditworthiness and checking our creditworthiness. The better the rating, the more favorable the loan proposal we can count on.
Why loan installment is so important
The amount of the loan you pay each month should be matched to our financial capabilities. You can estimate its height with a shared comparison. It can not encumber our income too much and should allow for the free settlement of the obligation. Too high, even if it results from the bank’s calculations that we have creditworthiness in this case, may cause that, with minor financial turbulence, we may have difficulty regulating it. Perhaps sometimes it is better to pay for a loan a little more, extending the loan period (we pay more interest) than to run the risk of financial problems.
When deciding on a loan, it is worth considering the other aspects, for example, if we want to start the loan quickly (we are looking for banks in which such a procedure will be simplified and the money will be obtained on the same day as the submitted application). Or maybe we are willing to take advantage of the reduced interest rate when opening an account in this bank? The loan comparison engine allows you to find such banks.
The cost of a loan or cash loan
The cost of a loan is a different price for borrowed money. Most people look only at the interest rate on the loan, but interest is not the only cost. In addition, in the financial comparison engine we can see that there is also a commission, insurance, and the actual total cost of the loan is presented to her rrso. In addition, the loan commission may be included in the loan or deducted. Borrowing PLN 10,000, with a commission of PLN 1,000, in the first case we receive PLN 11,000 and interest is calculated on this amount or in the second case the amount is PLN 9,000.
It should also be noted that the cash loan comparison website only presents ESTIMATED loan installments. How much exactly will the loan installment depend on the specific bank offer and the assessment of our ability and credibility by the bank.