What does a Personal Payday Loan cost?
If you would like to see what the price of a possible Personal Payday loan is, go to one of the merchant’s website and select the desired loan amount.
Just below the desired loan amounts, they are obliged to inform you of interest expenses, fees and costs, and the final amount you end up having to pay back.
However, be aware of what they write about the price examples, as it assumes, for example, that you are a new customer and pay off for a certain number of months.
The difference between mortgages and consumer loans
Mortgages and consumer loans both belong to the category of unsecured loans, where the lender does not have security in, for example, a car or a house.
But although both loan types are unsecured loans, there is still an important difference you should be aware of – namely the price of borrowing. For looking at the level of interest rates and APRs on Personal Payday loans, then it is much higher than for consumer loans.
There are no rules as to how high an interest rate may be charged in interest in Denmark. Then you compare the APR from a number of merchant loans, it is not unlikely that you will end up with AOPs of 700-2000%.
Although a consumer loan is also not free, it is after all a completely different interest rate level that is typically the case. OPEN level of a typical consumer loan is typically between 6% and 30%
Pay attention to interest rates
Whether you want a Personal Payday loan or a traditional consumer loan, always be aware that some show off interest rates assuming you are eligible for the lowest interest rate. For example, a lender may “lure” with interest rates in the range of 6% -18%.
However, it is rarely the low interest rate you will be offering. So if you try to compare loans through one of the many comparison portals, be aware that you do not necessarily get the best loan from the loan provider at the top of the list.
The truth is that the final interest rate in many cases depends on the personal credit rating the finance company makes. Therefore, we also recommend that you always obtain offers from several so that you can compare and choose the best loan.
There is an easy and clear solution
At Good Finance we have made it easy and easy to obtain and compare offers for consumer loans from several lenders. So, instead of having to fill out an application with the individual lenders to be able to compare several loan offers, you simply fill out an application.
Do you want to receive tips and tricks to find the cheapest loan?
Sign up and receive our newsletter, as well as marketing financial products and related services