The interest applied on consumer loans granted in September was, according to the data of the Espani Bank, of 7.98%, which ends four consecutive months of increases, something that has not happened since 2013. The price of These products, however, remain higher than in other European countries, although there are some exceptions. The best personal loans of online banking, for example, are priced almost 40% below average.
As a study by the AskLoan personal loan comparator reveals, the average price of consumer loans can exceed 39.4% of the cheapest online payday loanss, taking as reference a credit of 10,000 euros with a 60 month repayment term. However, from the comparator they point out that the savings can be greater, since the financing products granted by traditional entities usually include more commissions and additional expenses than those sold by virtual banking.
Online credits lead the list of the cheapest
The data obtained through the loan calculator of the comparator AskLoan allow us to conclude that, currently, the loans offered by online banks are among the cheapest in the market. Within the ranking of loans with a lower interest we find, for example, the Viloan Project Credit (from 4.95% TIN), the Loan (from 5.95% TIN) or the Personal Loan of Zaloan (from 5.95% TIN), all of them with a nominal interest rate well below the average and without commissions of any kind.
In addition, one of the advantages offered by many of these products is that, unlike the credits granted by conventional entities, it is not always necessary to open an account in the bank or contract other related products (such as insurance, for example) to be able to Access the loan. This means direct and indirect savings in the medium and long term, since on the one hand it is not necessary to pay any linkage expenses and, on the other hand, there is no need to meet any conditions in order to enjoy the best price throughout the life of the loan.
The importance of comparing offers
However, the financing conditions of the loans (both those of online banking and those of conventional entities) do not always coincide with those announced in advertising campaigns, since the interest rate offered always depends on the criteria of risk of each bank. Therefore, it is very important to carefully read the pre-contractual conditions of each offer and compare them with the credits of other banks to find out which is the entity that offers the cheapest loan.
In that sense, from the AskLoan comparator they recommend filling out the form attached within their free guide “How to request a personal loan to the bank in 25 questions” in order to take into account all the costs of the credit offered and know if it is among the loans cheaper personal market. This tool also shows the basic rights of consumers of consumer loans that must be known before requesting financing.