A better starting point for choosing the best payday loan
The development in the market has meant that today there are many opportunities for borrowing online. This is especially true of consumer loans, where there are a large number of companies on the market.
Here we have created a service that can help you get an overview of what you should notice when you apply for a loan online. So if you are considering making a loan, we can help you here. It might be that you need money for a new car or the journey you have long dreamed of. We hope to provide you with a better starting point for choosing the best payday loan for you.
Find the best payday loan online
When you talk about online loans without collateral, you talk about consumer loans. In short, it is a loan type, where it is not required, that you pledge collateral in personal assets. This is a big plus for many who feel that they do not ‘risk’ as much as other types.
Today, there are a large number of companies on the Internet that offer different amounts, interest rates and terms. But in general you have the opportunity to borrow small to medium amounts, ie from approx. USD 5,000 up to USD 500,000. So you have the opportunity to cover unforeseen expenses as an extra expense, or you may have the opportunity to buy something you have long dreamed of. Most lenders allow you to choose the repayment period yourself, so you can’t set a typical period for this.
As a consumer, of course, you pay a price for not requiring security. That price is paid in the form of a fairly high interest rate compared to other loan types. The effective interest rate is usually around 7% per annum with the cheapest, and can reach as high as 30-40% in some. Of course, this is something to consider, and we will explain more about the effective interest rate later in this article.
How do you apply for the best payday loan in 2019?
As I said, in 2019 there are an incredible number of lenders online. This is of course an advantage, because you have a large selection to choose from. But it is also something that can make it difficult to get an overview, and many do not know where to start. Here we give you 3 good tips, which we believe can help you find the best payday loan online.
Apply at several companies
In Norway, there is a legal requirement that there should be examples of all loan offers. It makes it easier for you as a consumer to find out what is really offered.
But the way to the cheapest and best payday loan is to get more offers from different companies. One can never quite know in advance what offer they can give you, so it is a good idea to bring in many offers. Submitting an application is always free and without obligation and therefore you risk or lose nothing by obtaining offers. Conversely, you get a better basis for comparing different offers and choosing them, which is just right for you.
Compare effective interest rates
Once you bring in your different offers, it’s time to compare them. And how do you do that? A good idea is to look at the effective interest rate and compare it with the different lenders. The effective interest rate shows you the actual cost, because it takes into account all fees. In short, it is the annual interest rate plus all other fees and charges. This is therefore the best way to compare two loans and you can easily see which one is the cheapest for you.
Choose a monthly price you can pay
The last thing you want to risk is that you cannot repay the loan. Therefore, it is important that you never choose a monthly benefit that is greater than what you have available. Sit down and get an overview of how much you have the opportunity to pay. This way you risk not getting into situations where you are suddenly unable to pay the monthly price.
We hope that this has given you a better insight into what to think about when finding a loan online. Now you can compare different offers here on the site and search for exactly the company that can give you the best deals.
Note that you cannot be sure of finding the best payday loan on the site, as there may be other cheaper online loan options.