But along with this condition, the borrower must also pay attention to other credit features, often referred to as “hidden payments”. That is why loans that seem profitable at first glance can be more expensive later than others. Many lenders place a built-in online calculator on their site to get a realistic picture of their upcoming loan repayment.
On this device, the next borrower enters his parameters (amount needed and repayment period) and obtains a monthly payment. Of course, the figures obtained are approximate and the exact amount of the payment can be obtained only by contacting the bank personally, but thanks to such information it is relatively easy for potential borrowers to compare one lending program with another, etc.
In addition to the online calculators
Which can be found on each creditor’s official website, you can also visit financial portals on the Internet that allow you to analyze all your existing credit programs in one table . This way, it is much easier to compare credit terms than to switch from one bank page to another. Likewise, these sites allow you to compare one program with another or a third and actually determine what credit will be more beneficial.
Getting credit on such sites is much easier and quicker. If you urgently need a certain amount of money, first of all, you find the most optimal program of all available, fill out an application and submit for review. But creditors do not always give affirmative answers to potential borrowers. In this case, the credit offer portal continues to send your data to other banks and as a result, the user receives several credit approvals, of which the most advantageous one is selected.
This method of borrowing raises the client’s chances to the maximum mark. But the next borrower should not forget that the loan has to be handled responsibly, thinking of the methods of debt cancellation.
Where can I get a low interest rate loan?
Given the wide variety of credit offers available, as there are banks and other financial institutions in Latvia that offer the facility to take out a loan, the average consumer may get lost in credit terms, requirements and other nuances.
Often, borrowers trust beautiful advertising slogans and end up with overly expensive and unfavorable loans. By drawing parallels between obtaining cheap and bad loans to get a cheap loan, the bank puts relatively stringent requirements that few can meet.
Loans that are available to almost anyone are very expensive, so it only makes sense to take them for a short repayment period, such as quick loans. This is due to the fact that the bank has almost no risk in providing loans to borrowers with a decent income level and an ideal credit history.
Conversely, if the borrower has serious doubts for the bank, the creditor will give the money, but with a high interest rate, because he will have to buy back his risks.
A good loan is a loan without interest
Why do we consider the annual interest rate when considering the profitability of our loans? Isn’t it possible to get a loan that the borrower would not have to pay at all? Var. Such unprecedented loyalty has emerged very recently. In a highly competitive environment, creditors allow their borrowers to make their first loan in their organization without any overpayment. But this feature is only available when you apply for your first credit, though it does offer some bad savings.
Taking advantage of this opportunity, and considering that many lenders in Latvia offer such a program, you can apply for a loan each time with a new organization, getting the money you need without paying off.
And so, we found that, first of all, a good loan will be a loan that does not oblige you to pay interest. When you take advantage of this offer from every existing creditor, you have to move on to comparing interest rates and finding the lowest ones.
Note that some creditors are paying a monthly, rather than an annual, amount when paying off their consumer credit terms, thus misleading you. Therefore, before signing a credit agreement, you need to familiarize yourself with the loan repayment schedule to see how much you will be paying off.