We first recommend that you take a serious look at your monthly budget and see if there is any slack so that this loan can be repaid smoothly. A loan requires planning so that it seems to be the best way out of a given situation does not end up further complicating your financial life.
This loan needs to fit within your home budget
With the decision made, we will give you some important guidelines that are sure to make your life easier by getting cheaper interest rates and without much effort on your part. You can do this at home comfortably in front of your computer. Nowadays we have two options for finding a good loan online. They are the online loan simulator and loan comparator that we think is very complete and objective. Websites that work with loan simulators and comparators are increasingly numerous on the internet. Not only from traditional banks but also from fintechs and financials in general.
Of course we consumers need to get used to comparing, after all when you go shopping for a TV, a car or even something in the supermarket you compare prices. Why not do this with a loan? Nothing more natural. What we need is to be very careful with the lending sites, because some of these pages may not be reliable and you could end up falling for some scam. The function of these platforms is nothing more than to simulate loans of various types, can be personal, housing, business etc.
Some of them specialize in making loan comparisons and inform online clients of these costs, terms and conditions of these loans, offering those who are looking for a reliable comparison of rates used by a number of institutions. This makes the client’s job much faster, saving time and giving you the option of choosing the loan with the best total cost. This service is done for free on our site, so don’t fall for any scams that some malicious company might want to apply.
How do comparators and simulators work?
Without moving from home, anyone with a computer and internet has access to these platforms. To obtain the information from the simulators simply enter the desired loan amount and the desired amount of installments. In the case of comparators specifically, they work the same way as simulators, you enter the desired amount and the amount of installments you want to get.
The comparator response will be a series of credit proposals drawn from various credit institutions in the market, which will greatly ease your task of choosing the best option. With these credit proposals in hand, you will be able to choose the one that best fits your claims and your budget, based on both the payment facilities and the interest rates applied. But beware, because you don’t pay interest only when you borrow, there are other built-in costs that should be taken into account.
What should be carefully considered is what we call the CET (Total Effective Cost) which lists all the current costs of the loan, such as fines and stay fees.
Are these comparators advantageous?
Having a free platform that will work for you of course is advantageous. She will consult with a number of financial institutions in order to get a loan with the best interest rate. It is clearly a huge advantage for the consumer. Not to mention the pilgrimage you would have to go from agency to agency to make a loan quote. That would mean wasting time and of course money for you.
We also consider the convenience that the customer has when calmly choosing the best option for their case. Regardless of the institution that approves the loan, there will be a credit analysis where your monthly income, your positive record and your credit score will be observed.
Undoubtedly, it is much nicer to be at home to make this important decision. And not at the bank in front of a manager who is really only interested in meeting his goal with the boss. You are the one who will choose the loan that suits you best in the comfort of your home and consciously.
Is it safe to use a loan simulator?
When you decide to use a loan simulator or even a comparator, the first thing to check is whether your computer’s antivirus and firewall are up and running. Check the search page for a check lock symbol in the upper left corner, which means that the page in question has data protection software.
Be very careful when making personal details available, as loan simulators are usually not requested at an early stage of the process. In the case of comparators, this does not occur either. Beware of scams, the internet is full of them.
Online loan simulators are undoubtedly excellent tools for those who need a loan without having to chase banks to make a simple simulation. They are practical, fast and interest rates are often lower than those practiced by large banks. Often these platforms automatically redirect to other institutions in cases where the applicant’s profile has not been accepted by one of them.
Businesses that work with online loans often accept clients with a negative name and there is also the possibility of pledging a property or even a vehicle as collateral. This procedure turns the loan into the secured mode, so the interest rates applied are lower. Anyway, a great option to use for those who need a loan. However, as we said above, be wary of people in bad faith who can take advantage of their conditions to apply scams.