It is always a good idea to combine your loans. The first rule is to compare loan offers first before making any decisions. The goal here is to get one of the most affordable loans to pay off your expensive loans.
When you apply for a loan through our service, we will compete for the best possible loan offer. However, since there may be differences in these offers, compare them first so you can immediately eliminate any loan offer that is not suitable for you for any reason.
Through our service, you can apply for a consolidation loan with up to 25 banks and financial services in one application. This ensures that you get the best deals on the market.
First, compare at least this information in your loan offers.
Many loan offers in one application sound good, but then how do you find the cheapest loan.
Read below what you should compare first in your loan offers to make sure you find the most suitable and affordable combination loan.
Loan Amount and Due Date
After receiving the loan offers, you should always check the loan amount for the offers. Sometimes it may happen that the loan service is unable to provide the amount you are applying for, for one reason or another, so they will offer you a smaller offer.
If the loan amount is too small to combine the loans, you should reject the offer.
Second, what may change is the loan repayment period. The payment period you choose may be changed by your bank or other loan service to a different length than what you initially chose. They can do this for a variety of reasons, but in many cases they can calculate it if you have chosen too long a payment period.
So remember to compare the loan amounts first so that you can choose the loans that you can use to combine the loans.
The annual percentage rate
One of the most important things you should compare first is the actual annual interest rate on the loans. Many times you will certainly hear about the nominal interest rate of a loan, but in this case you should not pay attention to it.
The actual APR will tell you what your loan rate will be on an annual basis, taking into account other loan costs and fixed fees as well. For this reason, it is often much higher than the nominal interest rate.
By comparing real annual interest rates, you can already cut some of your loan offers.
Other loan costs
You can also compare the loan costs you receive with other loan costs, which may include billing surcharge, opening fee, and other potential costs.
First, compare the key details of your loan offerings and, if there are any remaining offers, you can find the best deal by comparing just these other costs.
For example, there may be big differences in the cost of opening a loan as well as other costs, so comparing these is not a waste if you want to find the cheapest loan.
If, at this stage, you have not found the cheapest loan offer, but you still have several fairly similar loan offers to choose from, you can compare the loan offer terms.
These terms may include information such as whether you are eligible for a grace period of one month or whether you may change your due date at a later date.
So, first, compare the conditions that may help you in case of any potential payment difficulties.
Want to find a cheaper loan to replace your current one?
Did you know that even if you do not have multiple loans to combine, you can still compete for your current loan?
Banks and other financial services loans and their prices are constantly changing.
By asking for new loan offers, you can find a much cheaper loan to replace your current one. Even if you have carefully compared your previous loan, nowadays another service can offer a much cheaper rate on your new loan.
Request loan quotes absolutely free through our website. Again, you will get more offers for which you can compare the best and the best loans for you.
Bidding on a loan is completely risk-free because when you get loan offers, first compare them to your current loan and if you find a better deal, you will save on the cost of your loan in the future. If, after comparison, you do not find a cheaper loan offer, you will at least make sure that you have the cheapest loan available at the moment and do not pay unnecessarily.
For all these things, the same rule always applies: Compare first – Search only then.