Comparison of cash loans – the cheapest online offers

Is it possible to compare different cash loans if you do not have adequate financial knowledge? Everyone who is forced to borrow money asks himself this question.

The point is that the loan should be cheap, quick and convenient to pay back. Combining different loan offers is quite difficult if you do not have a good understanding of the current offer. It is even more difficult if you do not understand all the provisions contained in the loan agreements. Fortunately, you can always use the help.

Comparison of cash loans – can it be done at home?

Comparison of cash loans - can it be done at home?

Sitting comfortably in your own chair, in front of a computer, you can always check the credit rankings or use the loan offer calculator. This way you will quickly find the cheapest cash loan.

You’ll find independent cash loan rankings created by financial experts and written in an accessible language that is understandable for everyone on Good Finance and Good Credit. In addition to the typical guide information, there you will find specific examples from life and calculations that will help you to find out the most interesting offers.

Cash loan comparison – cash loan calculator

Cash loan comparison - cash loan calculator

Another equally simple and quick tool is to use a cash loan calculator. Select a cash loan calculator if you want to know immediately what the terms of the loan you are interested in maybe.

By entering the amount you want to borrow and giving the loan period that will suit you, you can immediately receive a list of offers from various banks and choose the one that suits you best.

An objective comparison of cash loans in different banks is the easiest way to choose the best offer. No matter what amount you want to borrow.

Cash loan – comparison of interest rate and cost of the loan

Cash loan - comparison of interest rate and cost of the loan

By entering basic information about your loan into the free calculator, you can receive specific information in a few moments: how much will be your monthly installment, what will be the interest rate or APRC and the total cost of the loan.

Comparison of the cheapest cash loans up to USD 50,000

This last information is extremely important because it will tell you how much realistically you will have to return to the bank throughout the entire contract. You can also check if you have creditworthiness and what loan amount you can think about.

Where and on what terms to borrow USD 10,000?

Now that you know how much money you need, you should check the cash loans available on the market . Comparing them with the rankings or the results from the calculator should give you the best picture of the current situation.

Comparison of cash loans in banks. Here you will get the cheapest and fastest

If you are interested in a loan of USD 10,000 for 48 months, you can expect that the interest rate at various banks will range from 5 to 10 percent and the monthly installment will be around USD 250.

Are you wondering how to take the cheapest cash loan online? Try this method!

Grow with a business loan you didn’t think you could get

Historically, it has been difficult for small businesses to obtain a loan to the company from any of the traditional major banks. Since the financial crisis in the 1990s, the banks’ loan portfolio of corporate loans has gone from 50% to a pitiful 15%. In the place of corporate loans, private loans and, above all, mortgage loans have taken place. In big cities, house prices have risen and borrowing of cars, boats and the like has also increased.

This has had a major impact on society at large. Small businesses did not receive the support required in the form of funding, laws and regulations. Until a few years ago…

 

Business Loans Online – The Rescue of Small Businesses

When we founded Trans-Y Credit in 2015, we were among the first in our niche – online business loans. There were some challenges and thresholds to overcome at that time. For example, Mobile BankID had not made a real impact and did not have the same credibility and confidence as it has today. Then we often got good business owners to find the app and download e-credentials. Today, about 7.5 million have a mobile BankID, of which as much as 97.5% of Swedes between the ages of 21 and 50 have installed on their mobile.

So today it is no stigma to take a loan online, as it may have been 5, 10 and 15 years ago. Now there is another confidence in banking, financial and credit institutions that can lay the foundation for a new era of service to entrepreneurs.

 

Another type of assessment

loan credit

Instead of focusing on your company being a hundred years old, having dozens of employees, reports and high turnover, we choose to look at other factors. Cash flow, business concept and the fact that you seem to be an appreciated force in your niche are some things that we look at when assessing a company. Working with Creditsafe, Scrive, other data providers and the personal phone call we have with you means that we can often make a better assessment than the bank. Then it doesn’t matter if you are new and small. We can help you anyway!

 

Bank branch closures – a threat to the local entrepreneur

Bank branch closures - a threat to the local entrepreneur

Office after office is closed down in cities as well as in smaller towns. Do you really need to get in the car to go several miles to be able to visit a bank official at all? We don’t like it! Instead of an expensive costume, in the form of local offices and thousands of well-paid officials, Trans-Y Credit can keep costs down to offer loans to more entrepreneurs.

 

Grow with Trans-Y Credit Corporate Loans

money loans

Although it turns out that we can approve a certain amount for you, it can mean that after a few monthly payments, you can be approved for a higher amount. It is because you as a customer have your own Trans-Y Credit score with us and that all data points and behaviors play into what we can do for you as a customer. If you are not late with payments, your Trans-Y Credit score improves – and vice versa. Therefore, you can grow with us and prove why you should be approved for a larger loan at a lower cost.

Risks of Peer to Peer Loans

Peer to peer loans are when you borrow or lend to other people (sometimes business loans are included). This is often done via an intermediary service in the form of a digital platform. At present, there are several such intermediary services, both Swedish and foreign, which attract attractive interest on invested capital.

 

The principle is quite simple as an investor

money loan

If you have savings capital to avoid then you can start an account with any player and start lending it. You earn interest on the loaned capital. Interest income is normally taxed at 30%. In some cases you may also pay various fees for using the service.

With some, you can choose exactly who you want to legend to. Some offer the possibility of this being handled completely automatically. Some have “auctions” where the person offering the lowest interest rate can give the loan. Some have more fixed interest rates. It is not uncommon for the opportunity to earn between 3-15% in interest income on loaned capital, which when compared with savings accounts can be considered very attractive.

Yes there is very good to say and very nice has been said as the industry has grown at a good pace in recent years. Now to the risks I see with investing in peer to peer loans, one should always consider the risks in a financial investment.

 

The lender is responsible for the entire risk

credit loan

No deposit guarantee applies to the money borrowed. It is given the opportunity to choose a risk profile on the loans themselves, but I strongly suspect that in good times everything will roll on regardless of the risk profile. In bad, the crashes do not come on any single random loan but then they will roll in several at a time.

 

You lock money

Sure, you can be attracted by the possibility of a higher return, but when payments are made either occasionally or at the end of the loan period, you do not have the opportunity to sell / get money such as you, for example. have with shares or ordinary savings. One way to lock in shorter time is to invest in short loans.

 

The tax is high

tax loan

30% in these times when you hardly pay anything for ISK accounts is quite a lot. This means that you get a decent interest rate on your investments to make it worth the risk.

 

The return versus risk is not always as attractive

In practice as one might be led to believe. Although you can count about 7% over time in interest income on peer to peer loans from many Swedish players, it is the same rate of return that ordinary share savings provide over time. However, the difference is that when you want, you can get equity savings in cash by selling, undoing purchases or investing more in one and the same share if it feels comfortable to do so. Shares are more liquid than peer two per loan. Now, add that price movements are a risk. Then my risk comparison halts when peer to per loan does not have price movements, but for us others who believe that loss of capital is risk (bankruptcy, payment default), not price movements in themselves, then peer to peer loans appear to people who seek loans as a greater risk-taking than shares in established companies.

 

The seriousness and ability of the mediation service itself needs to be assessed

As well as having to try to assess companies to buy shares in, you need to assess the brokerage service. After all, it is through their glasses that you should decide how to lend your money and it is through them any recovery processes take place (or a third party that they choose). It is difficult to assess many of the brokerage services other than through their own website. In other words, are there rarely stores, products or services out in the “community” to go after and create their own opinion about. Nevertheless, public limited companies are rather tightly controlled over what information they must provide periodically, which simplifies transparency outward.

Stop Using Unnecessary Credit Cards – Save Money Quickly

Do you overspend your credit cards and end up with too much credit? Do you go into stores and only plan to buy a garment but it ends up spending 10 times more than you planned? Consequences of overspending are not good at all and much worse than you might have initially thought when purchasing the 10 garments.

At Moneysprings Bank we compare credit cards, but we also want the credit card to be used responsibly. Overdelivery and failure to pay the credit card bill result in overly high credits that can also affect your credit rating. The positive news is that you have full control over your credit card and we help you with strategies to avoid credit card overdelivery.

 

1. Don’t forget that you have to repay the credit

credit payment

With credit cards, it is very easy to not understand that you are actually spending money and that you are actually paying for the products you buy. You do not feel that the credit disappears in the same way as if you were spending money and not credit. It is therefore very easy to overspend with a credit card.

Credit card surveys and consumption linked to it have been done to show that people are willing to pay more expensive things with credit, such as tickets to a football match. Therefore, it is important to avoid thinking that credit is free money. Remember that you have to pay back all the money spent.

 

2. Think about your balance and not your credit limit

If you have succeeded in not using all your credit and you have a good income, your credit card issuer will reward you with a higher credit limit. You do not need to use all your available credit for it to be available. If you use too much credit, it can adversely affect your credit rating. Therefore, monitor your credit card balance and not just your available credit to make sure you do not exceed the spending limit. Let your credit card provider lower your credit limit if you keep a better eye on your credit card spending that way.

 

3. Be careful about juggling multiple credit cards

2. Think about your balance and not your credit limit

Generally speaking, the more credit cards, the easier it is to exceed the credit limit. Multiple credit cards also mean you have to manage your balances with all credit cards.

 

4. Don’t let your emotions control how you spend money

Be careful about spending money when you are feeling down. Studies have been done that show that people spend more money when they feel stressed, sad, angry, jealous or bored. If you are upset, postpone the shopping trip until you are in a better mood. This means that your emotions do not affect your finances. Also, try to map your emotional shopping triggers to avoid shopping unnecessary things with credit cards.

 

5. Let your financial goals guide you

financial goals

Think about where you want to be for the next 5, 10, 15 or 25 years. Work towards those goals and consider your choices carefully when deciding to spend money. Credit card overruns will definitely prevent you from reaching your financial goals.

 

6. Leave your cards at home

Only carry your credit card when you shop for a specific purpose. Buy groceries with a list at hand or buy a new phone. Otherwise, you risk using the credit card for unplanned purchases. The best way to protect your credit and the economy is to force yourself to use cash and debit cards without credit.

Do you have a habit of getting into financial trouble because of your credit cards? Do you miss paying your credit card bill at the end of the month? Leave your credit cards at home. Keep your credit cards only if you use them for unexpected expenses. Don’t let the credit cards control you. Take control of your finances instead! Plan your future and become a millionaire.

Are you a student and need a loan? We show your options!

Even as a student, it is not impossible to get a loan in addition to the usual student loan. You may not be able to borrow
some huge sums of money but enough to put a little gold edge on your life or buy what you need, maybe a new laptop that you use in school work.

 

Student loans at the bank

Student loans at the bank

Some banks have something called student loans, not to be confused with student loans. To get a student loan, you usually have to work extra in addition to the studies. Unfortunately, in many cases, it is not enough that your income consists of tuition.

No rule without exception though, for example SEB offers student loans which it is not impossible to get even if you only live on study funds. Then the following applies:

  • You must be at least 18 years of age
  • You can borrow between USD 10,000 – 25,000 with a term of 2-5 years.
  • When it comes to repaying, you can choose between a straight repayment, where the cost drops for each month that passes, or annuity, as you pay the same amount each month for the entire term of the loan.
  • The effective interest rate is around 7%.
  • You must have a bank account with SEB and be a student customer. A Visa bank card, a savings account and access to SEB’s internet bank are included and are free for students.
  • Earlier payment remarks are not accepted.
  • You must undergo a credit check.

 

Credit card

Credit card

Wiselink Mastercard is a classic payment and credit card for students. When you shop with this card, you apply for a credit limit of USD 5,000, 10,000 or 15,000 and when you shop with the card, all purchases are collected on a monthly invoice which you can then choose to either pay directly or split over a few months.

However, you must have an income of at least USD 125,000 / year in addition to the study material if you have your own accommodation or USD 60,000 / year if you live at home with the parents. If you work in the summer and during the other holidays, it may not be impossible for you to meet this requirement.

 

Sms loans for students

Sms loans for students

If you study and work extra in the summer, it usually suffices for you to get a sms loan because many sms lenders have very low income requirements.

If you do not work at all alongside your studies, it is also not entirely unthinkable that you can get a sms loan because the study grant is counted as an income and the loan component affects your disposable income.

We list lenders that provide the opportunity to extend your sms loan

Sometimes a borrower misses the date when the loan would have been paid off. This can be due to various reasons, such as that you do not have enough money, the battery in the bank box is exhausted or you may simply have forgotten.

In such situations it may be nice to have the opportunity to extend the loan for a small fee. Below we list on Getlend Finance all lenders offering extension of the Getlend.

  • All loans
  • Existing customer

 

Think before you take out a loan

credit loan

A quick loan doesn’t actually cost you much at all (sometimes not a penny more than what you borrowed), provided you are careful about the repayment. Therefore, before applying for a sms loan, it is important that you first sit down and calculate so you are really sure that you can repay the sms loan on time. If you are not sure about this, you should either consider borrowing or contact a sms lender that offers the option of extending the loan.

 

Extending can be cheaper

credit loans

If you choose a sms lender who can extend a loan, you should find out how long you can extend the sms loan and how much it will cost. In normal cases, you pay the same interest rate as you do for your regular loan period and you can in any case be able to extend sms loans for at least 30 days. A cost that, after all, can be reasonable considering that you do not then have to risk getting a payment note or any penalty. In addition, you do not have reminders and delays, which are guaranteed to make your loan much more expensive than planned.

 

More about loan extension

money loan extension

Some lenders offer monthly extensions on multiple occasions, but do not extend the sms loan for too long as the final bill can be very expensive for you. Instead, see the possibility of extension as a kind of emergency solution that is good to fall back on should an unexpected crisis occur. Always try to prioritize repayment of the loan on time.  Here on Getlend Finance you will find several sms lenders who can extend sms loans.

How is your credit rating affected?

When the bank or credit company decides whether you can borrow money from them, they take a credit report to determine your credit rating.

Different credit reporting companies make slightly different assessments, but your credit rating is always determined by your ability to pay, that is, how you have managed your finances in the past. The credit reporting companies use a scale that rates the creditworthiness of the individuals, the scale can be 1 – 100 or just a three-degree scale.

 

Credit Rating

Credit Rating

The credit reporting companies that use a three-point rating assess your credit rating as follows:

  1. If you have a stable income and have no bad financial past, your credit rating is considered good. If you do not have any major debts and loans, you are ranked and the higher your income, the better your rating.
  2. If you succeeded in drawing a payment note or more, you get a worse rating. Then your credit rating is no longer as good, which means that it can be more difficult to borrow money and sign a contract / contract, such as a rental contract or a subscription agreement.
  3. If you have become insolvent, that is, you have such a bad economy that you have a debt with the chancellor, you get a very low credit rating. Then it is almost impossible to take out a loan and sign a contract.

 

The ability to pay also affects

credit payment also affects

As you can see, a previously troubled economy may set things right for you, but keep in mind that even your current ability to pay can have a big impact on whether you can get a loan or not.

Your ability to pay is affected by your income and expenses. If you have a high income and low expenses, your ability to pay is considered good even if you have a poor credit rating due to one or more payment concerns.

This means that some lenders can accept payment remarks if your ability to pay is good, especially when it comes to sms loans. There are also banks that can give you a loan with collateral even though you have debts with the kronor bailiff if your ability to pay is good enough, only you settle your debt balance with the bailiff with part of the loan.

 

Some quick tips on how to get a better credit rating

Some quick tips on how to get a better credit rating

  • Pay your bills on time. The most important and best tip.
  • Collect your loans and credits
  • Get rid of credit cards you don’t use.
  • Use a loan broker, such as CreditAct Finance, to find the best loan options.

Difficult for SMEs to get loans

The emergence of new small businesses plays an increasingly important role in the former agricultural and industrial communities in the Nordic region. In Sweden, 4 out of 5 new jobs are created in companies with fewer than 50 employees and the trend is the same in neighboring countries. Both Finland and Denmark have undergone an IT revolution in recent years a new generation of fintech companies has emerged.

The fact that the Nordic region is a good place for self-employment is clear, in Forbes annual ranking “Best countries for business”, all Nordic countries rank top 20. A couple of things especially mark these countries, low corruption, good infrastructure and high technology. But what is a delight in the cup of joy is the difficulty of finding financing for start-ups. Nordic banks are generally very restrictive in granting loans to companies if it is not a well-known serial contractor.

 

The EU wants to stimulate business

business loan

The Euro Moneylink Bank, jointly owned by the EU countries, has commissioned by the EU Commission the Investment Fund EIF, which aims, among other things, to invest venture capital, offer guarantees and lend money to SMEs in the EU / ESS area.

USD 20.3 billion in funding for 195 different Swedish projects.
USD 20 billion in funding for 304 different Danish projects
USD 16.8 billion in funding for 210 different Finnish projects

A significant part of this project financing has been EU-guaranteed bank loans, credit lines, guarantee guarantees and business loans in Sweden, Finland, Denmark (EU) and Norway (ESS) intended for micro enterprises. Although Norway is not part of the EU, there are still several well-established collaborations and agreements between them and the Union within the framework of the Horizon 2020 development project.

 

Business loans without collateral

Business loans without collateral

EU funding has been crucial for a number of small businesses in the Nordic countries, yet these financing opportunities only help a very small part of all capital needs. Therefore, many companies want and need to borrow from the bank, but the major banks make more money for private individuals and households, while the risks of lending are considered lower for these groups, therefore the interest is generally cool for corporate lending.

In the vacuum that has arisen, a number of smaller lenders have begun offering unsecured corporate loans. Instead of allowing public limited companies / trading companies themselves to provide security, they let the company signer / company owner act as a personal guarantee. This means that he / she assumes personal responsibility for the debt being repaid in its entirety, even if companies, for example, go bankrupt.

The fact that more credit institutions are now entering the match if corporate customers are positive, this gives more businesses access to capital, while increased competition can in the long run push down interest rates, which today are often unreasonably high for corporate loans. Similarly, it is important that the opportunities for companies to compare the costs of different financing alternatives be improved.

 

Innovative financing methods

loan financing methods

In the scenes, a bank revolution is underway, driven by new innovations. Digital platforms for crowdfunding and peer-to-peer loans, new currencies such as cryptocurrencies and more efficient payment solutions and faster credit ratings are all examples of a market that is undergoing a major change.

Exactly what the financial market will look like in 10-20 years is hard to say, but there are signs that a lot may look different then. Finland today has the largest crowdfunding market in the Nordic region, and is estimated to account for approximately one-seventh ($ 56 million – 2017) of investment capital ($ 349 million – 2017) that start-ups take in externally. USD 56 million may not seem so remarkable, but then you should consider that lending doubled from the previous year ($ 28 million – 2016). Right now, the trend is clear across most of the world, crowdfunding is gaining ground almost everywhere.

At the same time, the technology on the development drives several other fronts, for example, more and more transactions are happening online and digitally instead of with cash. The opportunities to create new structures and markets have never been greater than they are today, the question is probably not about, but rather when one of the world-leading global companies Google, Facebook, Apple or Amazon decides to create and offer some kind of banking service to its users.