Before you take out a loan, it is nice to know how high the interest rate of a personal loan should be.
That way you can be sure that you are dealing with a fair party and a good deal. Of course, interest is not the only factor that is important in comparing loans. Also look at the duration, the amount of the fine in case of early repayment and such matters.
The interest rate of a personal loan can vary greatly among providers. We see, for example, that the interest on a loan of € 15,000 varies between 4.4% and 8.3%. This also has to do with other factors. For example, with the lenders for small amounts, such as ferratum , we are dealing with a high interest rate, but a short term. Because the term is short you only pay interest once or twice and you end up being cheaper. The longer the term, the more expensive the loan is.
A balance is often sought between the term and the level of interest. For example, different companies determine the level of their interest. The statutory maximum level of interest is 15%. When you touch that border, you can almost be sure that cheaper loans can be found. In practice, interest usually rises to around 10%.
Comparing interest from a personal loan
A handy website for comparing interest from different personal loans is mijnpersoonlijkelening.nl . Here you enter the amount to be borrowed, the term and the type of loan and the tool searches all kinds of different lenders on the internet. You will see a list with different minimum and maximum interest rates from different providers. It may be that your lender does not include this, but you will get a clear picture of whether you have a cheaper or a more expensive loan.
So it’s always handy to check how high the average interest rate is on your loan, before you take out a new loan. That way you know exactly which interest percentages you can think of.
Cheapest personal loan
The cheapest personal loan is one where the interest rate is low and the maturity is not too long. It is important here that you can pay off the loan in the short term. If this is simply not possible, you will have to go for a longer term and eventually lose a little more money.
The lowest interest rates we find with personal loans is about 4.1%. When you are dealing with this interest, you can speak of a very good appointment. Loans at banks are usually slightly more expensive, but then you have to deal with a reliable party. So please consider what is most important to you when you take out the loan, and how you can keep the costs small.
Request a personal loan
Applying for a loan is easy. Compare different providers, choose one that seems beneficial to you and visit the website of the lender. You can apply for a loan online and usually within 10 minutes. You wait for a possible BKR check and then usually hear within a week whether your loan has been approved. When you borrow Peer-to-peer, you avoid this control. Sometimes the full amount of your loan will be paid the same day.