Installment loans Maine

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A consumer loan is a loan where there is no need to provide security, for example in the form of mortgages in real estate such as car, boat or house. It is common for banks to make credit checks before they agree to lend money to consumer loans, but consumer loans nevertheless lead to higher risk for banks than mortgage loans in real estate, and therefore such loans (consumer loans) have higher interest rates, and often more expensive fees.

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When a person finds that it is necessary to raise a consumer loan, it is quite natural to wish for access to the money as quickly as possible, preferably immediately. However, in most cases, consumer loans on the day mean that it is possible for the borrower to get an answer to the application on the day the application is delivered, usually within an hour, while the amount of money does not arrive at the earliest next day.

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It is not known about any of the players in today’s loan market that markets themselves with consumer loans on the day, can actually guarantee if it is possible to get the money on account the day you apply. In that case, the customer must also be able to sign electronic, ie an electronic authorization method in the form of data relating to other electronic data, a sign that is intended to electronically confirm who signs a document or agreement.

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Because consumer loans on the day are considered to be a higher risk for the borrower, the interest rate on such loans is usually somewhat higher than, for example, student loans, mortgages or installment loans. However, the cheapest consumer loans can have a nominal interest rate below 7% per annum. In the most expensive loans, there is usually no credit check and low security, interest rates can reach 40% or more per year.

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The best consumer loans, of course, have a reasonable interest rate level, are offered by a safe bank and have as good terms as possible for the customer. Very few companies offer such loans where the effective interest rate is below 10%. A website estimates the average interest rate for consumer loans to be at 16%. Therefore, if the effective interest rate you are offered is over 18% per year, you can safely assume that there are better deals elsewhere, regardless of loan amount, repayment period, and your own credit rating.

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In order to secure the cheapest consumer loan, you should always compare the effective interest rates of the different banks and lenders. In the effective interest rate, all fees and costs are included, that is, the effective interest rate that applies when you find the cheapest consumer loan.

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It is worth reminding yourself that the terms of consumer loans are not just about finding the cheapest consumer loan but finding the best consumer loan you can get. If you have first decided to raise a consumer loan, there is nothing wrong with sending applications to several different providers and choosing to raise loans with the one that gives you the best offer for your amount, with just the plan for repayment as you wish.

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Ordinary repayment times for a consumer loan are between 1 and 10 years, and the payment is usually made through monthly installments, sometimes terminations being paid once a quarter. Keep in mind that most people who offer consumer loans are also operating with the establishment fee (often less than 1000 dollars, in some cases in the form of about one percent or more of the loan amount), and termination fees (usually between $30 and $70).

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There are many good websites where you can compare different loans by filling out the loan amount and the repayment period. In some places you can also provide an estimate of your own credit rating, and you will soon find that the better your credit rating and the lower the loan amount you apply for, the more providers are available.