Where can you borrow money cheaply is a question asked by many people who want to take out a loan. Of course, it also depends on which loan is meant, for example on a revolving credit and a personal loan there is a cheap loan with the lowest interest rate at the moment at 4.5%, so you can go there for a cheap loan. However, if you are talking about a mini loan, then the maximum interest rate of around 15% is always calculated, with a mini loan the interest is also not the most important cost item, it is more the extra costs that you have to pay.
Where can you borrow money cheaply
The most important thing for borrowing cheap money is that you do this online and not in the traditional way at a bank, so you are almost certain that you pay a higher interest rate than when you take out a loan online. If you see the comparison with what banks charge interest and the difference online, you see that the difference can go up to 3.5% and that saves you a lot in the monthly repayment.
The lowest percentage that you can currently find for revolving credit is 4.5%, this is historically low and of course, has to do with the low-interest rate at the moment. This lowest percentage does not apply to the lowest amount that you can borrow with revolving credit, the cheapest 4.5% rate applies from 25,000 euros. You will see that the higher your revolving credit, the lower the interest rate, so it is sometimes more sensible to apply for a higher revolving credit so that you pay a lower interest. You do not have to pay interest on what you do not withdraw, so if you are strong in your shoes then you simply do not withdraw the amount borrowed too much and this will also not cost anything.
The lowest interest rate for a personal loan is slightly higher than that of the revolving credit, namely 4.7%, this is due to the fact that this interest rate is not variable, so it applies for the entire duration. Even with a personal loan, the interest is lower if you borrow a high amount, but if you borrow higher with this form of borrowing than you need, you do pay interest on the entire amount. That is why with a personal loan it is less interesting to borrow a higher amount than you need.
Cheap mini loan
The interest on a mini loan is unfortunately not low, there is almost always the maximum interest of around 15% calculated, the advantage of a mini loan is that you have it on your account quickly and a credit check-listing is not a problem. You can borrow a maximum amount of 800 euros.