If you need money immediately, perhaps as a result of a larger unforeseen expense, a consumer loan may be the solution. The problem is only the large price differences and the obscure marketing. What really is the difference between nominal and effective interest rates, what will be the total loan costs and how do you find a cheap consumer loan?
Compare and find a cheap consumer loan
Websites like Polly Bloom help you clarify these issues and take you a step further in finding a cheap consumer loan Here you can compare consumer loans from Norway’s largest providers and choose the consumer loan that suits you best. You simply select the loan amount and down payment and we will fix the rest. It is free to submit an application, does not take all the time of the world and you are not committed to anything. Loan providers who advertise with consumer loans on the day or hour process the application automatically so it will not be long to wait. Most consumer loans are annuity loans and you pay the same every month. As the repayments become larger, the interest rate is adjusted accordingly.
One of the reasons why you should compare prices on independent websites like Polly Bloom is that loan providers are often more eager to present you with the nominal interest rate. This means that the interest rates stated on various calculators do not include establishment or termination fees. Loan providers are required to state all the costs in the form of an effective interest rate, so somewhere on the website you should be able to find it. You often see it listed in three average price classes: low, medium and high, but since this is not included in the calculator you are left with more imprecise examples. If you know how the nominal interest rate is calculated, there are tools on the net that can help you.
Save time and money
WellCompare saves you the trouble of looking and calculating and gives you a clear list so you can compare and build a picture of which loans will cost you the least. Remember that effective interest rates include all fees and fees, so there is nothing hidden here. You get the best interest rates if you have good income and orderly finances. For most people this means an effective interest rate of around 15-20%.