Loan tendering is always the most sensible first step in getting the best possible loan. Whereas, in the old days, bidding for a loan meant running from one branch to another, nowadays bidding can easily be done online with the help of a loan comparison service.
The loan calculator is comparable to hotel and flight service comparison sites. In one application, the Loan Calculator compares to you the Loan Options for all Good Finances services. From these, it is easy to choose the most suitable and cheapest option for you.
Save money by competing!
Bidding on a loan can save you a long penny, as the price for the same loan amount can vary greatly between different loan providers. The bigger the loan you take, the bigger the difference between the most expensive and the cheapest loan – in some cases even thousands of euros.
In June 2019, Good Finance compared the loan offers of twelve known consumer credit banks and Good Finance. The results speak for themselves: the difference between the reference rate for the cheapest and most expensive loans was as much as seven percent!
When considering the real price of a loan, in addition to the reference rate, it is worth paying attention to the actual annual rate, which reflects the final price of the loan. The annual percentage rate of charge is the percentage which includes other costs of the loan, such as opening fees and account management fees. For example, in a 10-year loan, a seemingly low monthly fee of $ 5 will eventually bring the borrower $ 600 more to pay.
Even old loans should be put up for tender
Almost one in four Finns has one or more consumer loans. Many will not think that it is worthwhile to bid on old loans from time to time. For example, in a ten-year loan, interest rates and margins could change several times.
Competition is also worthwhile to consolidate old loans. Many who struggle with the monthly repayments of their loans have been greatly relieved by combining their loans.
By combining several smaller loans into one larger loan, it is possible to get both a lower interest rate and a lower monthly payment. At best, we talk about hundreds of euros a month, which is a sizeable sum in any economy.
Bidding on a loan does not bind you to anything
How, then, will a loan be put into practice? Easily because we do it for you and even for free. Everything is done online.
First, go to the loan calculator on the Good Finance page and select the amount and loan period you need. By adjusting the loan period, you can choose the monthly payment that suits you. Then fill out the application form and include all your income and debt in your application.
Once the application has been completed, you will automatically be taken to your MyGood Finance page. There you will find quotes for Good Finance that have been competed for by you. The offers also show the actual annual interest rate of the loan, which is the best indicator when comparing loans. Also, read carefully the terms and conditions of the loan, which will explain, among other things, the potential for repayment changes and the cost of the changes.
If you accept an offer from someone, the bank or the Good Finance probably ask for vouchers or other benefits at the time of the application. If you already have all the attachments ready, you can at best get the money in your account the same day.
Applying for a loan is easy and fast – and above all, sensible. Competing is free and does not bind you to anything. Only the approval of the loan is a binding decision and by law it can still be canceled within 14 days. However, the lender is entitled to charge certain cancellation costs.