When we need extra money, many questions arise in our minds – whether to choose a bank loan or perhaps a loan from a non-banking company, available on the Internet. Which option will be more cost-effective in our situation? These doubts will help to dispel rankings and loan comparators available on the web, which allow for quick comparison of different offers and finding the one that is the best.
Information at your fingertips
Thanks to the widespread availability of the Internet, we have gained a very good source of free information on everyone, including loans and credits. In order to choose the best offer, it is enough to spend some time comparing them and checking the novelties and promotions available on the market. “Ratings are quite general lists, each of the leading websites can take into account different factors, so it is a good idea to use comparison engines, in which we can set selection criteria ourselves,” indicates MichaĹ‚ KamiĹ„ski from the portal reviewing moments. Sometimes it can be the cost of a loan, other times its term, or additional fees. It is worth giving yourself time to check at least a few such rankings and comparisons.
Choice between credit and loan
Looking for the best offer we can look for both among the proposals of banks and non-bank loans. Some of the rankings available on the web allow for comparison between them. Temporary and installment loans from non-banking companies are worth paying attention to when we care about time first of all. The waiting time for a loan from a bank may be a bit longer, also the formalities in their case are more demanding. This is one of the factors that can influence our choice.
What do the rankings take into account?
Among the many different rankings available on the Internet, there are some differences. Each of them relies on different criteria, and each of them tries to be objective, so on one side a loan may be on the first place, and on the other – it may not even count towards the podium.
One of the most important factors influencing the results of rankings and comparisons is the APR, i.e. the annual percentage rate of charge. Apart from that, current promotions are also important, as well as special offers for returning and new customers, time needed to obtain cash, formal requirements, the possibility of extending the repayment date or spreading the loan in instalments, and many other factors. All of this allows each ranking to present slightly different data. Taking this into account, it is worth checking the results in even several different rankings. If we notice that one of the loans appears on the podium quite often, we may be interested in it.
Reliability no less important than price
If we have a selected lender with the best offer, we should still check its credibility. Although most rankings consider only trustworthy companies, caution is never too much. It is better to give yourself extra time to check the topicality of the offer and the security standards applied by the company.
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