Pay attention when comparing consumer loans


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There are many comparison pages on the web that compare everything from airline tickets to consumer loans. When comparing consumer loans, you need to be extra aware. Consumption is a complicated product, which includes concepts that can be difficult to understand if not included.

What is a consumer loan

The consumer loan differs from other types of loans, as it is possible to borrow without collateral. This means that you can borrow an amount without having to pledge your belongings. Therefore, for the most part, the interest rate is also higher on consumer loans than it is on the loans that are asked to provide security.

Misleading comparison

Really many pages do not give consumers the correct information about OPOP, which is the annual cost of the loan. In short, it shows you the amount of costs involved in taking a loan. Some loans have, for example, a low interest rate and a high creation fee, while other loans have a high interest rate and a low creation fee. In the end, OPOP helps you decide which loan is the cheapest. Although the total annual costs include any establishment fee, collection fee, annual rate, etc., you can not be sure you get all the information if you do not even search them. And it may seem misleading – especially for those consumers who do not have much knowledge about loans, and therefore do not know what to look for. If you are missing money here and now, you can compare consumer loans at, where OPP is clearly stated.

If you do not compare the loans’ OPP, it may end up paying much more for your loan than you are set. And it can put you in financial trouble.

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Take care of the hidden fees

Too many young people, the hidden fees and costs of a loan are a pitfall. They risk taking an overly expensive loan due to the hidden fees, which is probably due to the lack of knowledge of private economics and economic concepts. Although the number of RKI registrations continues to decline, about 50,000 young people are registered as bad payers in RKI. When the average people owe 60,000 kroner on average, they can have major consequences for their credit rating in the banks. If you want to borrow a home, a rule of thumb states that if you already have a consumer loan, you can borrow for less than one krone for consumption, 3-4 kroner less for the home than if you were completely debt-free. For example, if you have borrowed DKK 50,000, you can borrow DKK 150,000 less in the event of a home purchase.

The Finance Council estimates that there is only one way out of debt debt: it is teaching and knowledge . In March last year, the Finance Council organized the first “money week” in primary schools throughout the country. The purpose of the money week is to equip young people to better control the private economy. But it’s not just the young people who need to be aware when they compare consumer loans. Everyone should be aware. If you are considering borrowing money by taking a consumer loan, pay special attention to these factors: principal, interest rate, fees and maturity . It is a good idea if you collect loan offers from several places, so you can compare the bank prices and ensure you the cheapest consumer loan. It is worth paying attention to bank prices and switching bank if your current is too expensive or bad.

Get insight into the private economy

The first step to controlling the private economy is, yes, to look at it. Then to put a budget. If you want a stronger economy, you need to get insight into your consumption and overview of income and expenses. This also applies to the expenses incurred by having a consumer loan. There are plenty of websites that provide budget schedules and programs so that you can put structure on the economy. But it does not have to be difficult. If you know how to make a budget , you can easily make it home from the kitchen table, without it taking much more than you investing a little while in it. And there is good money to pick up if you spend a few hours spending a budget. It may even be that you can settle your consumer loan faster than expected if you regularly clean up your finances.

Compare consumer loans before you take them!

To be sure you do not pay more than necessary, you should compare the entire consumer loan market. It may seem unimaginable as there are a lot of providers. For who knows, Jyske Bank may be cheaper one day but the following day, Bank Norwegian is cheaper. We have collected all consumer loan providers so you do not have to compare on their pages. Compare now!

Compare all consumer loans!