How does the cash loan ranking work?


In the event of a sudden financial crisis in your home budget, the best solution is to apply for a cash loan. Most often in the bank where we have a personal account, we will receive it on preferential terms. They mainly concern the reduction of formal conditions and, to a lesser extent, financial conditions. The ranking of cash loans allows you to choose the most advantageous offer and reduce the total cost of the loan or optimize it for your needs.

 

How credit rankings work – check APRC

How credit rankings work - check APRC

Their goal is to compare the most important bank offers, primarily bank accounts, cash and mortgage loans. For comparison, they take into account the type of loan, its size, loan term, interest rate, bank’s margin, additional fees, method of collateral. On this basis, they calculate the actual costs of the loan and place them in the ranking of the offers. Check what affects the total cost of the cash loan.

The cash loan ranking contains information that helps you choose the best offer. For those interested in the lowest loan costs, the most important indicator will be the APRC, i.e. the Actual Annual Interest Rate. It expresses the real cost of credit, the lower it is, the cheaper it is. See also how to choose the best consumer credit.

 

Ranking of cash loans – current offers

Ranking of cash loans - current offers

The ranking is used for initial analysis and comparison of offers, it is not a commercial offer (many customers treat it as such). The basis for the analysis is the APRC, but you will also receive data on the amount of the monthly installment or additional costs such as commission. The ranking of cash loans is updated monthly, so the data presented in it are in line with the current offer of banks.

If you want to calculate the loan installment exactly, check the loan calculator.

It is a tool that facilitates the selection of several best offers, then you should compare them carefully and choose the best one. Depending on what interests us the most, we will pay special attention, e.g. people for whom priority is the size of installments may find in the ranking low installments in combination with a low APRC. However, it must be remembered that the final decision must be made when visiting the bank.

The cash loan does not require any collateral, therefore borrowers should expect higher costs than in the case of special purpose or mortgage loans.