In the pursuit of any commodity, people instinctively seek discounts. Why pay for the full price if I can get it cheaper? The same thing with borrowing money, everyone is looking for the best loans.
There are ads that offer the best credits at every step, but what really lies behind it? When taking out loans, people are often unaware of all the costs they incur. Most often, these are fees for processing loans, notary certification, intercalary interest, and the like. When all is added up, the figure can exceed several thousand kuna depending on the amount of the loan itself.
This is the case at least when it comes to banks
It is very important when choosing the most favorable loan that you pay attention to the effective interest rate, except for the nominal interest rate. It shows how much money the loan beneficiary will eventually need to repay. The effective interest rate includes the nominal interest rate, approval fees, commissions and the like.
It gives a more complete picture of things, but a lower effective interest rate does not necessarily mean the most favorable loans. Specifically, some banks seek to “offset” their costs and make it conditional to withdraw a loan by contracting an insurance policy. This is especially common with long-term loans such as housing or conversion loans.
What are the most favorable loans offered by banks?
For banks, the most favorable loans are smaller cash loans, which unfortunately are not devoid of certification by a notary, but may be processing fees. Banks have promotional periods during which they do not charge fees or provide more favorable interest rates. However, before choosing the most favorable loan, it is important to check the same information with your employee, since promotional periods are short.
The same goes for intercalary interest. This is the interest accrued over the period from approval to loan utilization. Banks charge it on a regular basis, unless there are special offers when they release customers.
What are the most favorable loans offered by credit houses?
Credit houses operate on a different principle than banks. Namely, they mostly have loans that are based on smaller amounts that do not pose too much risk to their business. They do not require special notarization by a notary public or require a guarantor or co-debtor. The process itself is as financially facilitated as it is bureaucratic.
The most favorable loans are online loans that save time and money. They can be accessed online, and all the documentation you need is something you already have at home. All you need is a copy of your ID card, current account card and, if necessary, the last three payroll or pension lists. The money is paid on the same day or 24 hours after the loan application is processed.