When evaluating competitive offers, don't rely solely on the interest rate. This is especially true when it doesn't always represent an annual rate – especially if it seems suspiciously low. In such cases, the percentage figure may not be per annum (per annum), but perhaps per month (per mensem). It's much more appropriate to compare using a more comprehensive indicator – the so-called APR, or Annual Percentage Rate of Costs. In reality, you're not only paying a certain percentage of interest on the borrowed amount annually, but also various fees related to contract closure, loan administration, account management, and so on. These are already included in the APR. So, the APR shows the cost of the loan more accurately than the interest rate. Of course, it would be ideal if the APR were the same as the interest rate. This would mean you're not paying any extra fees. However, that's unrealistic. Through the APR, you should also only compare products with comparable repayment periods and installment amounts.
Another important indicator is how much you will actually pay for the entire loan. Utilize online calculators. Seek references. Utilize the services of financial consultants and advisors. It's worth it. Also, check what would happen if you were late with a payment. Penalty interest rates can vary greatly among different financial institutions and in some cases, be unreasonably high.
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