{"id":102496,"date":"2022-05-18T20:53:30","date_gmt":"2022-05-18T18:53:30","guid":{"rendered":"https:\/\/www.hwcooling.net\/?page_id=102496\/"},"modified":"2022-05-18T21:13:03","modified_gmt":"2022-05-18T19:13:03","slug":"loan-comparison","status":"publish","type":"page","link":"https:\/\/www.hwcooling.net\/en\/loan-comparison\/","title":{"rendered":"Loan Comparison"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Whether you want to borrow to buy a mobile phone, renovate your home or go on holiday, you can\u2019t go wrong by comparing the loans available. It\u2019s natural that everyone wants to get the best possible terms, so they look for low interest rates, minimal fees and the easiest possible processing.<\/p>\n

What loans and credits are available ?<\/h2>\n

The word loan or credit can be used to mean all sorts of things. The offer in banks and non-bank institutions is quite comprehensive. As far as non-bank loans are concerned (e.g. Home Credit), these are generally purposeless and are divided up according to amounts. Short-term mini-loans up to EUR 500 are suitable for unexpected expenses and quick processing. They can also be obtained via the internet or SMS. You can then arrange non-bank consumer loans of up to \u20ac 10 000 with a repayment period of up to 8 years.<\/p>\n

Products also offered by banks include:<\/h2>\n

credit cards, these are offered by both banks and non-banks, it\u2019s like an iron reserve, but much more expensive in terms of interest if you don\u2019t pay them back on time.<\/p>\n

purpose loans, for example for housing, for buying a car or for refinancing debts, these loans are of the consumer type and are granted up to \u20ac35,000.<\/p>\n

non-purpose loans, similar in parameters to purpose-built loans in terms of repayment or credit limit, except that you do not have to prove how you will use the money.<\/p>\n

Mortgage for your own property.<\/p>\n

What to look for when comparing loans<\/h2>\n

Let\u2019s now look together at how to find the best loan for exactly what you need the money for. Whether you opt for a loan from a bank or a non-banking company, certain criteria apply in either case. And it\u2019s not just the financial ones.<\/p>\n

Purpose of the loan: the first important criterion is the purpose of the loan funds. If you need a loan for a car, home, renovation, furnishing or refinancing, you can find loans for exactly these situations. They are more advantageous in terms of both interest and credit limit. For those looking for simplicity, there are no-purpose loans.<\/p>\n

Interest rate and APR:<\/strong>\u00a0When comparing loans, don\u2019t forget about the interest rate. This tells you how much you\u2019ll overpay and how much extra you\u2019ll pay.<\/p>\n

Fees:<\/strong>\u00a0When it comes to fees, most lenders today no longer charge a loan processing fee. But it can be different for non-bank loans when you repay. We\u2019re mainly talking about fees for early repayment of the full balance or for an extra repayment. In either case, it is a good idea to compare the amount of these fees.<\/p>\n

Credit limit and maturity:<\/strong>\u00a0Compare loans also in terms of credit limit. This applies if you want to borrow a larger amount of money. The repayment period is also important, especially the maximum number of repayments. The more of them, the lower the monthly repayment will be.<\/p>\n

Which loans are the most advantageous?<\/h2>\n

With every single loan, you have to expect to overpay something. However, there are types of loans that are better to avoid and, conversely, which are worth taking out even in these times. The least profitable loans are those that you can get in a few minutes. There is a price to pay for speed and simplicity. Short-term loans of up to \u20ac200 with a maturity of up to 30 days and those that you arrange via SMS have the highest interest reimbursement.<\/p>\n

However, the best deal is if you don\u2019t need the loan at all and you save the amount through a savings account.<\/p>\n