When we apply for personal loans we look for the best deals, compare prices and invest a large amount of time to hire the cheapest and best suited to our needs. Getting cheap payday loans is now easier than ever, thanks to Citrus North.
The keys to not overpaying with personal loans
In addition to comparing and looking for loans without commissions and with the lowest APR, there are other variables that, although they may seem uninfluential, greatly affect the interests generated by the capital we have requested. These are the three tricks that we must take into account to save on our personal loans:
1.- Amortize whenever we can
Reimbursing apart (or all) of the loan whenever we find ourselves with extra liquidity will help us to save in interest since the capital that we return before time will not generate interest. If we anticipate that we can repay part of our loan early, we should look for a loan that does not charge us for the early repayment.
2.- Choose the term well
Although it does not seem like a very important factor, choosing the deadline and the monthly quota more adapted to our profile will allow us to save several hundred euros. The shorter the repayment period for personal loans, the less interest we will pay.
In this table we can see how a more or less long term can affect the interest we will pay:
|Conditions of the loans||Reimbursement period||Monthly fee||Total to pay|
|€ 5,000 to 7%||18 months||€ 293 / month||€ 5,281|
|€ 5,000 to 7%||30 months||€ 182 / month||€ 5,464|
Whenever possible, we must choose the highest monthly payment in order to shorten the reimbursement period as much as possible.
|Cofidis Project Credits allow us to change the deadline and the monthly fee at any time without additional cost. In this way, we can determine what we will pay according to our economic situation.||I’m interested|
3.- Take advantage of the links
Although everyone thinks that linkages are bad, it is not always the case. Many entities offer us discounts on the interests of personal loans in exchange for optional links. In the case that these links have additional costs, such as insurance contracts, we must calculate which of the two options will be cheaper. However, in the case of free links such as opening an account or directing the payroll and receipts, we can take advantage of the interest discount on personal loans without extra costs.
|The Personal Open Loan asks us, in order to access your personal loans, the direct debit of your payroll and three monthly receipts, links without any additional cost and, in exchange, it offers us a reduction in interest, so that by complying with these links free we can access up to € 18,000 to 8.50% (9.76% APR, since it has an opening commission of 2%)||I’m interested|