What are the differences between a loan comparison and a lender?

There has been a long tradition in dollarpe of tendering financial products prior to the conclusion of a loan agreement. It is estimated that up to 90% of consumer credit in Sweden will be tendered before a loan is taken out. In Germany and the United Kingdom, for example, loan comparisons have been longer than a weekday.

Loan comparisons are still a new phenomenon , and sometimes the roles of loan comparison and lender can easily get mixed up.

The number of loan comparison services has been steadily increasing in recent years. While the popularity of loan comparison has increased, many lenders have focused on making their loan products available to clients through benchmarking services rather than on their own.

The loan comparison looks for the cheapest loan offer

The loan comparison looks for the cheapest loan offer

Loan comparisons work with banks, financial institutions, and peer-to-peer lenders.

The purpose of loan comparison is to bring together a customer in need of a loan and the most favorable loan offer.

For a customer, using a loan comparison means not only saving money but also making it easy to apply for a loan. Instead of filling out a loan application with multiple lenders, a loan comparison can reach dozens of lenders within minutes.

A carefully completed application will help you find the best loan

The loan comparison looks for the cheapest loan offer

Even though loan comparison is getting easier with loan applications and can reach multiple lenders in a single application, it is still worth investing in.

The worst thing about loan comparisons is that you get cheap loan deals, which the lender will have to reject due to a negligent application. When using a loan comparison, you should fill out the application as carefully as if you were facing a bank clerk.

A carefully completed application will help you to find cheap loan offers from banks and financial institutions. A properly completed application also guarantees that the loan offer will not have to be withdrawn at the time that the information provided is checked against pay slips or other supporting documents.

The lender will make the credit decision

The lender will make the credit decision

Often, the loan comparison service first makes its own checks and then submits the application to the lenders with whom the applicant’s basic conditions for granting the loan are met. These conditions include, for example, the age of the applicant, income and form of employment.

Lenders make credit decisions on the basis of the information in the application as well as the information they have obtained from their own or external registers. Banks and financial institutions often have a wealth of information available to help them make a loan offer.

When using a loan comparison, the customer receives personal loan offers from several different lenders and can choose the most suitable one.

Loan comparison makes it easy to compare loan offers

Loan comparison makes it easy to compare loan offers

After receiving the loan offers, it is time for decision making. With a proper loan comparison, the customer can see all the relevant information on each offer equally. This makes it easy to compare offers, without having to look for contracts to find crucial differences.

When comparing your loans , we provide you with the following information for each offer:

  • Amount loan
  • Monthly installment of the loan
  • The loan period
  • Loan Rate
  • The annual percentage rate
  • Opening or account management fee, if applicable
  • Description of the loan provider
  • Information on any necessary certificates, such as a copy of your pay slip or pension decision

We list loan quotes pre-sorted from lowest to most expensive. Finding such a cheap loan is quick and hassle free.

A reliable operator will recommend the most cost-effective option to the customer

Borrowing companies get their salaries from banks and finance companies in exchange for competing with new customers with their own offers. There is always an agreement between the loan comparison and the loan provider, which has been individually negotiated between the companies. Thus, the commissions received for a loan comparison may also vary depending on the loan provider.

A reliable loan comparison keeps the customer in mind and always recommends the cheapest option first and not the most financially viable loan comparison.

You can be sure that a loan comparison will be made in your best interest. We are a loan comparison company that shows you the full cost of a loan and recommends the cheapest option for you.

The loan or credit agreement is made between the customer and the lender

Once a suitable loan is found, it is time to sign a loan agreement. The contract is always concluded between the customer and the lender and is successfully signed with bank codes. In addition to the agreement, some lenders want to verify the customer’s reported income. The information can be verified by submitting the requested annexes. Typically, a copy of your pay slip or pension decision will be sufficient as an attachment.

Often lenders also accept an excerpt from an Income Register maintained by the Tax Administration. You can log in to your Income Register with your bank IDs and print a copy of your income.

The lender will repay the loan into the account after checking the annexes

After reviewing the annexes and signing the loan agreement, the loan will be paid into the bank account you provided. In most cases, lenders will repay the loan to your account the same day that everything is found to be in order.

The difference between the application information and the attachments may result in the loan offer being rejected

If the lender wants certificates of declared income, the correctness of the information given in the application is verified. Even a slight difference between the application information and the attachments can lead to the rejection of the loan offer. When applying for a loan, it is advisable to fill in all the requested information carefully, as incorrect information will sooner or later become apparent and may eventually lead to the loan not being granted.

The loan will be repaid to the lender

The loan will be repaid to the lender

A loan agreement is always concluded between the customer and the lender. Therefore, the loan is also repaid to the lender, not to the loan comparison service. With regard to loan repayment, it is good to keep in mind that legislation always allows the consumer to repay the loan early. If you repay the loan faster than the agreed maturity, the interest rates and any account management fees on the loan will be lower in dollars.

Loan comparisons also help to combine loans

Loan comparisons also help to combine loans

The purpose of a consolidation loan is to lower the cost of existing loans or credit card debt. The purpose of loan consolidation is to bundle several existing commitments into a larger entity, reducing the cost of the loans. The most affordable loan offer can easily be found in one application through loan comparison, which is why combining loans is one of the most common reasons to make a loan comparison.

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