Among many personal loan offers, how do we choose the cheapest one?
In recent years, requests for personal loans from Italian families have increased significantly. The reasons are varied and range from the car to the request for liquidity, restructuring or even for their summer holidays . These are the main reasons that encourage consumers to apply for a personal loan, sometimes not for lack of liquidity, but simply to avoid eroding their savings to cope with a temporary need.
The demand for finalized loans is also increasing. For finalized means that loan required for the purchase of an asset where the money is paid directly to the merchant by the financial company on our behalf. The customer then makes the loan request directly in the shop (phone purchase, household appliances, etc.).
But among many personal loan offers, how do we choose the cheapest one? Here are some tips.
Check the economic conditions
Always have the Secci model delivered. This is the informative document that the financial or the bank must obligatorily deliver to the customer before the stipulation that contains among others this information:
- Loan type
- Credit institution information
- Conditions of the loan (amount, duration, net amount paid and total amount to be returned)
- Possible insurance guarantees
- Legal aspects and consumer rights
- Any occurrences of default
- Tan and taeg
This last information is perhaps the most important because it shows us the actual cost of the loan as an annual percentage.
In fact, the Tan indicates the nominal annual rate or the percentage of pure interest that is applied annually to the capital. On the other hand, Taeg is the synthetic indicator of the loan or the total cost of the loan. The Taeg is the real parameter to take into consideration as it includes all the costs of the loan (interest, insurance, stamp duty, commissions, etc.).
If necessary, you can also check the average rates of the various loans recorded quarterly by the Bank of Italy to assess whether the financing they have proposed is in line with other offers on the market.
Insurance coverage is completely optional except for the assignment of the fifth.
If the credit institution or financial institution tries to force you to take out a policy of any kind for the loan or loan request, know that you are free not to accept without this affecting the success of your request.
In addition, if you want to have an insurance coverage you can also contact other companies in addition to those proposed by the bank or the financial institution.
Relying only on qualified operators
If you have any doubt of the actual regularity of the financial or agent who comes into contact with you, check the appropriate lists ( Oam or Bank of Italy ) to verify their actual registration and therefore the possibility of operating.
Never pay in advance
Do not pay any commission in advance! This is because the cost of a possible compensation to the credit broker must be paid only to practice aimed. In any case this cost must be included in the Taeg.
Right of withdrawal
You always have 14 days to think again from the moment the contract is concluded. Do not forget it!