To get an online loan for you and not she: 5 tips to watch
The internet is littered with loan offers. You may not know which one to choose, but the wide range is playing for your benefit. Competition is pushing prices and interest low and you can get a loan at a really surprising price. But in order not to be unpleasant, it is necessary to follow 5 rules .
How not to find a predator on the Internet
Everyone knows that loan offers posted at bus stops are not credible. Likewise, door-to-door sellers and other people offering loans to anyone passing by are suspicious. But how to uncover a rogue loan on the Internet?
Almost all lenders now have a pleasing and seemingly solid website, no matter how beneficial their products are. Therefore, first of all, you can orient yourself in the online loan market by other indicators:
Look at the comparison
Every year, the Safe Credit Navigator project prepares a study comparing the profitability of loans on the Czech market . If you choose your lender only from the banks and non-banking institutions under consideration, you will narrow your choice and be sure that you will not fly a predator.
Beware of the phrase “interest from”
You may find the real interest somewhere in smaller print. But it certainly pays to look for it – interest from 9% can easily turn out to be 15%. However, the APRC is even more important .
Look for APR
Lenders like to report interest because it is easier than the APRC. However, the annual percentage rate of charge is required by law and is much more meaningful to you. As opposed to interest, it also includes the fees you have to pay for the loan during the year. The lower the APRC is, the better.
Calculate everything on a calculator
Most providers have them on their site, but always use an independent calculator . Click a few times to see how much you actually pay for the loan.
Read the terms and agreement
Many of the sanctions are not readable on the Web except in the loan terms. Do not underestimate them and read them carefully before applying for a loan. If there is any confusion in the contract or if the information contained in it is directly different from what you have learned, this is not a good sign.