The interest rate on unsecured consumer loans ranges from 4.5% to 20.0% in December 2019. When making a loan, it is always a good idea to make a comparison based on your personal credit offer and the actual annual interest rate.
At the beginning of December, there was a 15.5 percentage point difference in unsecured consumer credit interest rates. Aktia announces the lowest starting interest rate on its website, while some lenders seem to have around 20%. Not all lenders, on the other hand, list the minimum or maximum rate offered on their website at all, but the level of interest is only visible on a personal loan offer.
The lowest stated interest rate does not guarantee the most favorable loan
The lowest publicly stated interest rate does not guarantee the most favorable loan to the consumer. The prices quoted on the lenders’ pages give you an indication of the interest rate available, while the annual percentage rate takes into account not only the interest rate but also the cost of the loan.
Banks and financial institutions can also charge for consumer credit, depending on how they apply for the loan. Asking for a loan directly from a lender can be more expensive than if you had applied through Malcolm or another company specializing in loan tendering.
The lower interest rates obtained through tendering are based on the fact that the lender knows that it is in competition with dozens of other lenders.
The cost of a consumer credit is determined by your ability to pay
Consumer credit rates are increasingly subject to customer-specific pricing. This pricing method is well known for example. mortgage loans, where, for example, credit cards or installment agreements generally have the same interest rate for all customers, regardless of their ability to pay.
Because of customer-specific pricing, comparing the lowest or highest reported interest rates is only a guide to consumer credit pricing. You can find out your personal interest rate as well as the actual APR on your personal credit offer.