Consumer loans at the bank or at a loan company – where is the interest rate the lowest?


You may be in the situation that your computer is crashing and you are considering a quick loan. Maybe your television needs to be replaced, or you may need a new kitchen. Maybe the car is broken down and you are thinking of taking a car loan.

Whatever you need to spend money on, it is important to understand what a consumer loan is and what providers you should use. For example, is it better to take out a consumer loan in the bank, or do you have to take advantage of one of the many loan providers online? Where is the lowest interest rate?

If you are one of those who are missing money here and now, but are unsure where to look and what is the cheapest, then read on here. We give you an overview of the advantages and disadvantages of applying with banks and loan companies, respectively, and help you find out the difference in interest rates on consumer loans in the bank and with loan companies so that you can get a step closer to your search for a loan that fits best for your needs.

Should you go to the bank or borrow online? Interest rates are the lowest here

Should you go to the bank or borrow online? Interest rates are the lowest here

There is a difference between whether you take out a loan at the bank or at one of the many loan providers on the net. Below are a number of advantages and disadvantages of the two options.

The bank


  • Often lower interest rates and OPP


  • You may be required to provide collateral for the loan from your bank advisor

Loan Company


  • Quick access to the money – Often within a few hours after the loan application has been sent

  • You do not need to provide security for the loan

  • Fewer requirements for you as an applicant

  • With many, you have an optional installment within a given period


  • Often higher interest rates as you do not need to provide collateral for the loan

  • Higher costs

The interest rate on consumer loans in the bank is thus often a bit lower than with the loan companies, but you should be aware that the interest rate of the loan providers differs from company to company. However, it is easier and faster to take out consumer loans with these companies than with the bank, and here you do not have to provide collateral for the loan.

What shall I choose?

What shall I choose?

Whatever appeals to you most, it is important that you investigate the terms before you take out a consumer loan. If you choose to try your luck with a consumer loan in the bank, contact your own bank.

If, on the other hand, you choose to use a loan company, you should of course choose the provider that best suits your needs. A good idea is to compare the providers with each other, which you can do by using this loan calculator

Consumer loans – what exactly is it?

Consumer loans - what exactly is it?

A consumer loan is, as the name implies, a loan to cover consumption. Consumer loans are available in many places. You can either take out consumer loans at the bank, online or directly at the dealer with whom you buy your product.

Such a loan can give you financial freedom and fulfill your wishes and needs. However, one should be aware that a consumer loan is often expensive, as you pay a higher interest rate than other loans.

How do I apply?

How do I apply?

Once you have calculated the various loans and compared them to each other, you can apply in quite a few minutes and get your loan application answered quickly.

You can always apply for several places at the same time, as it is not binding until you have signed your loan agreement with ID. Your loan agreement is simply the agreement between the creditor (the loan company) and the debtor (you).

Once you have signed such an agreement, you are therefore obliged to repay the loan in accordance with the terms and conditions set out in the loan agreement. Therefore, it is important that you read this thoroughly before accepting.

You have to be aware of that

You have to be aware of that

What you need to pay special attention to when comparing providers with each other is not only the interest rate but also the APR (annual percentage rate).

Then you are guaranteed an overview of everything you end up paying for the loan, including various start-up costs, fees and interest, all of which make up a large part of your total borrowing costs.

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