“ Too many, unfortunately, focus too much on the monthly performance, which is often low, and therefore forgets to look at the most important – namely the AOP.
Whether it is installment, SMS loans, quick loans or consumer loans, is in fact less relevant as the common denominator for all of them is that you have to repay the money. The big challenge is more that consumers are luring too much of the quick and easy purchase rather than spending a few minutes investigating where they get the best and cheapest loan. Because there is a lot of money to save.
Many buy on installment
There is no doubt that the cheapest option is to buy cash and thus avoid having to borrow money. But many do not have cash, so they will have to take advantage of other opportunities for funding. If you choose to buy on installments or borrow the money, it is important to read and understand the small print. Because it is here that the unpleasant surprises can hide.
OPEN vs Monthly Performance
Too many, unfortunately, focus too much on the monthly performance, which is often low, and therefore forgets to look at the most important – namely the AOP. To give a concrete example, you can buy a laptop at a large Danish webshop for just over DKK 4,000 on installment. The monthly benefit is “only” DKK 140, but with an APR of 31% and a maturity of over 5 years, you end up paying over DKK 9,000 for her laptop.
Examine the market and save money
It can be difficult to become wise about what to do if you have to examine how well an offer the store’s proposal for financing is. But it is always a good thing to catch 2-3 competing offers, so you have a sense of how good the offer is.
For example, an AOP of between 15-20% would mean that the same laptop can be purchased for approx. DKK 6,000. So just by examining the loan market, you will be able to save SEK 3,000, even if it requires a little more effort on your part. Then do yourself a favor and take some time to examine the funding options before just printing. It’s worth the time!
We collect individual and personal loan offers from you from several banks
At Good Finance we do the work for you. We collect individual and personal loan offers from you from several banks. That way, you pay no more than necessary for your loan. Apply for a loan at Good Finance already today.
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