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Payday loan consolidation loans via https://paydayloanconsolidation.net/ often result in significant savings. Billing fees for individual smaller loans and various account management fees are excluded. These costs alone can save up to several hundred euros a year. The interest rate on a consolidation loan is also generally significantly lower than on smaller consumer loans.
Several new companies have entered the loan market in recent years, offering unsecured loans and consolidation loans at competitive rates. Many of these companies are Norwegian banks that operate in several Nordic countries and also offer competitive deposit rates.
Until a few years ago, the competitive situation in the loan market was different. At that time, loans with interest rates below 10% were mainly offered by traditional banks operating. Applying for a loan usually required the bank to be a customer and it took several days to process your loan application. The drawdown of the loan may have required a visit to a bank branch where the loan documents were signed.
Today the situation is completely different. Many online-only banks are in competition with traditional banks and have very competitive loan terms. For example, Bigbank advertises that interest rates on loans are less than 5%. Norwegian banks Monobank and Instabank also offer loans well below 10%.
The best way to compare different options is to look at the real annual interest rates on your loans.
The actual APR takes into account all the charges and costs associated with the loan, thus providing comprehensive information on the price of the consolidation loan.
The final rate of the loan is determined by the customer, so it is impossible to name the bank that is the most favorable for all customers in the current situation. In addition, banks have more frequent campaigns, such as opening fees, to reduce prices. For these reasons, it is always a good idea to ask a number of companies for loan offers for a consolidation loan. A difference of a few percents in the interest rate of the loan brings considerable savings throughout the loan period.
The next time you are considering combining loans, make a wise decision and ask for loans from several banks in one easy application.