When you buy a personal loan, the amount of monthly payments is not the only thing that needs to be compared. The total cost of this credit is also important to find the best formula.
Simulate your personal loan
Online tools to compare credit costs
This total cost is always indicated on the personal loan proposal from the financial institutions. However, it is recommended to check this information with efficient tools such as the Crediloin simulator. With valuable advice, they will help to understand all the numbers that are important to obtain more complete figures representing reality. Certain sites make it possible to precisely calculate the real cost of the credit by informing the figures which make it possible to calculate it.
Be aware of hidden fees
When comparing two credit offers, you only need to focus on the APR. This data makes it possible to take into account all the corresponding costs. At a broker like Crediloin, you will never have a processing fee. An outstanding balance insurance can be contracted, this one is never obligatory. Last very important tip: the interest charges must be associated with the duration of the personal loan because they will increase considerably if the duration is longer.
The interest of the amortization table
Since all monthly installments during the credit can vary depending on the rate. When it is fixed (and it is always for a personal loan – ready to temperament), monthly payments remain constant but it will be interesting to look at their composition. In the first years, repayment first looks at interest and the share dedicated to the repayment of capital is limited. Over the years, the share of capital repaid increases and that of interest decreases.