What are the affordable loans of 2017? What loans offer the lowest interest rate at the moment? Let us find out together by analyzing what the credit market offers today.
Many people ask us every week which is the cheapest loan. Unfortunately, giving a targeted answer to this question is almost impossible for the simple reason that the cost of a loan is subjective and not objective.
Basically, to calculate the interest rate to be applied to a loan, a credit institution evaluates the amount requested, the age of the applicant, the job and the guarantees it can offer the bank and many other variables.
What are the cheapest loans?
As we said, the convenience of a loan depends on multiple factors that cannot be determined on the table. In principle, in the current state of affairs, we can consider a loan with an interest rate (taeg) lower than 8.5% to be convenient.
At this time, in fact, there are many lenders that offer products with an overall interest rate below that level. Think for example of Astro Finance which is currently promoting a really affordable personal loan with a taeg lower than 7%.
Another example is Cream Bank which offers its Easy loan at a rate of 7.40% or Unicredit bank which offers the transfer of a fifth of the salary with a promotional rate of less than 8%.
Loan with low rate
Today “low rate” means a taeg lower than 8%. Financial and banks, in fact, have been forced to review their interest rate policy, significantly lowering the tan and the taeg applied to their products. This, if we want, is an advantage for the consumer who can access credit on much more advantageous conditions than in the past.
But how much can we define a low rate? When is a loan really affordable? As for 2017, we can use this important parameter: 8% is an intermediate level that we can take as a sample. Below 8% we talk about an advantageous loan, above it becomes expensive. Obviously the interest rate is not the only parameter to evaluate.
For example, if we have an extreme income condition, it may be difficult to find a bank that provides us with financing. In that case, being able to snatch a 9% rate could still be a good opportunity, in relation to the current situation.
When is a loan really affordable?
One thing we would like to bring to the attention of our readers, however, is not to focus only on the interest rate. There are many other variables, in fact, that allow us to determine if a loan is really convenient or if, on the contrary, it is not for us.
For example, according to our point of view, a loan must also be able to satisfy the needs of those who request it not only from the point of view of the rate but also in the methods of disbursement and reimbursement. These aspects are no longer negligible today as in the past.
Analyzing a 360 degree loan to understand if it is really a convenient loan for what are your needs allows you to make a more objective assessment. If, for example, I have protested, a transfer of one fifth of the salary will be much cheaper even if the rate is slightly higher.
In short, today more than ever, thanks to the internet and all the tools we have, it is possible to find a cheap loan quickly and with a discreet simplicity. Overall, therefore, we recommend making an assessment of the banking product starting from what are your needs and then selecting the most advantageous proposals of the moment.