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Borrow money with the lowest interest

Comparing interest rates on loans and more

Taking out a loan - what is the best choice? Comparing interest rates for loans is the way to find the cheapest way to borrow money. We help you by updating the interest rates for loans on radars.me.uk daily: for example, our comparison of loan interest rates is always up to date and you will find the personal loan or revolving credit with the lowest interest.

The lowest borrowing rates

Personal loan interest
$ 5,000

Lender and Spender

Personal loan
6.20%
$ 10,000

Lender and Spender

Personal loan
4.90%
$ 15,000

BB Bank PF

Personal Basic Loan
3.90%
$ 25,000

Lineloan

Personal loan
3.60%
$ 50,000

Shineloan

Personal Loan Premium
3.50%
compare all personal loans
Revolving credit interest
$ 5,000

Shineloan

Revolving credit
7.80%
$ 10,000

Shineloan

Continuous Credit Premium
6.10%
$ 15,000

Directa

Revolving credit
4.70%
$ 25,000

Shineloan

Continuous Credit Premium
4.50%
$ 50,000

Shineloan

Continuous Credit Premium
4.50%
compare all revolving credits

Historical loan rates

The graph above shows the historical interest rate development for the loan types personal loan (term of 5 years) and revolving credit. It is the lowest loan interest in the market at a loan amount of $ 25,000. This chart provides a good picture of the development of historical loan interest rates.

Borrow money at the lowest interest

Taking out a loan is often very easy. As a result, people sometimes forget to look closely at the interest they are going to pay for their loan. That's a shame, because paying too much interest is just a waste of money.

Compare interest rates for loans

Comparing the interest rates for a loan is by no means always self-evident. Perhaps you are already so happy that you can borrow money from your bank that you forget to take a critical look at the interest? And that while it is quite easy to get a good overview of the loan interest rates.

Personal loan or revolving credit

Loans come in two main forms: the personal loan and the revolving credit . The latter loan form is flexible, but also more uncertain and more expensive than the former. Before you compare the interest rates of loans, it is wise to determine which form you prefer.

Factors that determine the loan interest

In addition to the type of loan, there are other factors that determine how high the interest is that you must pay on your loan. The amount you borrow, for example: it can make a huge difference in terms of interest whether you borrow $ 5,000, $ 25,000 or $ 50,000 . The question of whether you can own your own home can also play a role - some loans can only be taken out by a home owner.

Minimum and maximum interest

In the loan interest rate comparison , you will see a minimum and maximum interest. Sometimes this is the same, often not. This is because some credit banks allow the interest to depend on your personal profile . The more certainty they see in your data, the lower the interest will be.

Get a loan? Also look at the conditions!

It is logical that you choose a loan with the lowest interest rate, but do not forget to look at the conditions as well. With loans, this mainly concerns the question of whether or not you can repay the outstanding amount without penalty, and what will happen if you should die. With some banks the loan will then expire, with others it is not.

Make loan calculations

Before you take out a loan, it is wise to know where you stand. What is the maximum loan that you can take out and what amount you can expect in monthly payments for repayment. By making a good analysis of the possibilities and consequences before you borrow money, you ensure that you will not be faced with surprises!

For more about borrowing money, also visit Melnitsa.net

Frequently Asked Questions

The cheapest loan is the loan with the lowest interest . After all, the interest determines how much you will pay in total for the loan amount. That is, if you assume one specific term. The monthly payment of a loan decreases the longer you set the term. Then the loan may seem cheaper - but that is not the case. The longer it takes you to repay, the more you pay in total in loan interest.

You find the cheapest loan by comparing the interest rates, taking into account that you will not always be offered the minimum interest. You can also request a few quotes to see which loan is the cheapest (with the same term).

The interest rates for loans change regularly. It used to be that the interest on a revolving credit (DK) was lower than on a personal loan (PL). That was very logical: the interest on a DK is variable and with a PL the interest is fixed. The variable interest rate can move with the interest rate level, so that the bank does not commit itself for a longer period of time. As a result, a variable interest is usually lower than a fixed interest. You can also see this in normal interest rates with mortgages and savings.

In the case of loans, the roles have now been reversed. This is mainly due to the fact that revolving credit is falling out of favor. This form of borrowing money is endless, because you can always withdraw repaid amounts. In the context of 'sensible borrowing', the government wants to discourage this form of loan and banks are no longer so keen to provide them. There are therefore more and more banks where you can no longer apply for DK. By setting the interest rate for a revolving credit higher than for a personal loan, the DK is also made less attractive to consumers.

In the loan comparison you see two interest columns: a min. And a max. Column. At some banks the interest rates are the same in both columns, at others there is a (considerable) difference between the minimum and maximum interest.

These banks work with so-called 'Risk Based Pricing'. This means that the interest that you will pay for your loan depends on the risk that the bank thinks you run that you will not properly repay the borrowed money. They use the data you provide to determine your risk profile, which profile determines the interest that you will be offered for the loan.

With these banks, you do not know in advance at what interest rate you can take out the loan. You can only find out by requesting a free quote.

In principle, the loan with the lowest interest does indeed have the lowest monthly payment. That is, if the loan amount and the term are the same. The monthly payment of a loan is calculated with:

  • the loan amount
  • the term
  • the interest rate

So do you know the amount you want to borrow and how long it will take you to pay it off? Then the loan with the lowest interest is indeed also the loan with the lowest monthly payment!

First of all, a mortgage is also a loan. The big difference is that the bank has a great deal of extra security with a mortgage: mortgage law. This means that the bank is the first to be repaid from the proceeds from the sale of the home. If you do not pay your mortgage, the bank may also order the house to be sold. As a result, the bank has much more certainty with a mortgage that the loaned money will also be returned.

With consumer credit - a fancy name for all loans to consumers other than mortgages - there is no such security for the bank. This increases the risk for the bank that the loan will not be fully repaid. This risk is reflected in the interest: that is why the interest for a consumer loan is higher than the mortgage interest .

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