An online loan with no processing fee is best found by using an online comparison portal.
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Decisive for the interest calculation of a bank is always the conditions under which it gets its own money from the central bank. The banks are, however, free to design terms and conditions. Therefore, it is worthwhile for the borrower to compare not only the APR but also the nominal interest rates to determine if an online loan with no service charge would hide such a fee without being shown separately.
Therefore, it is possible for a loan to have the same or even better terms if it contains processing fees. For this reason, the comparison is very important to the customer. If you need a loan, you should head to the GAD site to get the money you need as cheaply as possible.
Many banks charge a low nominal interest rate, which sounds very cheap, but then add processing and management fees, which can lead to a significant increase in the price of higher sums. With a loan amount of 20,000 euros and a processing fee between one and three percent can easily be incurred four hundred euros in fees.
Therefore, it is legally required to write out the APR as a benchmark. The processing fee is due once, but now there are a number of banks that no longer charge such fees. This is especially the case with banks, which offer a relatively low-cost variant of online loan applications. Here, the relevant information is queried and filled out by the customer, so that the processing itself can be made very quickly and without much effort. An online loan with no processing fee is, therefore, the standard at most reputable banks.
Compare online offers
Many Internet portals offer an online comparison calculator, with which the customer can quickly and easily compare the offers. It is important that the potential customer enters the amount of the loan amount and the desired term so that a calculation can be made at all.
It is not always immediately apparent whether there are also processing fees hidden in the effective interest rates, which is why the borrower should check whether nominal interest rates and effective interest rates are the same, only then there are no processing fees in the room. Once this question has been satisfactorily resolved, the customer can apply for a loan online. Only when the bank processes the application and makes a final offer, the customer should again check whether the conditions have not changed. An online loan with no processing fee can still have the same conditions as a loan with this fee. This is the case if the bank incorporates the processing into the interest calculation without showing it separately.