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Everyone who wants to take a bank loan wonders what to do to make it cost him as little money as possible. Probably not once wondered if there is such a thing as a cheap loan. And nothing strange. They buy a product, we are always looking for not only a good solution but also a cheap one. When buying a banking product, we also want to buy a good and cheap loan.
Competitiveness of loans
When taking a loan in a bank, we must bear in mind that there is also a lot of competition in the field of banking and loan sales. Is there anything like cheap credit? Some will answer that yes. For others, this service will continue to be expensive. However, you can certainly find loans that cost significantly differently.
The total cost of the loan
The total cost of the loan consists of several things. First of all, it is loan capital, which is the amount we borrow from the bank. If the bank gives us a certain pool of cash in the loan agreement, it is not surprising that we will have to give back the same amount. However, this is not all. Each loan is interest-bearing. Only the upper limit of interest is set by law. However, banks have the freedom within the upper limit. Therefore, despite the set maximum, the amount of interest on the loan can vary significantly.
However, still wondering if there is such a thing as a cheap loan, we must know that this is not all. As a salesperson, he also wants to make money on his products. For this reason, with even a cheap loan, there are additional loan costs.
Additional loan costs
In this matter, the banks have complete freedom. One can be tempted to say that they are not involved in shaping their decisions. Most often, it is additional credit costs that determine whether we are dealing with cheap credit, or rather whether we do not overpay for the service.
Additional loan costs may vary. They most often result from the type of loan agreement. In addition, each bank differently constructs its expenses related to granting loans. The additional cost is, among others, the cost of loan servicing by the bank, commission for the bank, loan insurance, payment for entry to the land and mortgage register, fee for a notary, etc.
Is there anything like cheap credit? It can not be unambiguously answered. Certainly, however, taking into account all the components of the loan, ie loan capital, interest rates and additional costs, we can choose the cheapest loan available on the market.