A loan comparison site specialises in helping borrowers compare different loans from a variety of lenders and banks.
Not only will you be able to find the most ideal loan option but you will save money by ensuring you get the most competitive interest rates available.
The benefits of loan comparison sites
Loan comparison simplifies the process for you to find a loan. When you visit a comparison site, you get a list of loan products which allows you to choose the most suitable option for you.
With a loan comparison site, you can even calculate your repayment installments by making use of a loan calculator. Loan comparison sites have incredible benefits and one of those benefits is the ease of applying for a loan.
- Compare more loan quotes – filling out the loan application form on a loan comparison site will save you a lot of time. A loan comparison site allows you to compare more quotes than you could by going to an online lender’s website one by one.
- Review multiple quotes in real-time – loans and interest rates change daily, but with a loan comparison site, you will be able to compare quotes in real-time. Comparison sites keep on updating their information to ensure that you receive valid quotes.
- Loan and interest rate information can save you time – when you desperately need a loan, you would never have time to contact every loan company. Furthermore, as someone who is already looking to take out a loan, calling a day off from work to look for a loan is not ideal. Through loan comparison sites, you can compare different loans at any time.
- Loan and interest rate information can save you money – besides the fact that comparison sites save you time, they also help you save money. The main reason you compare loans and interest rates is to look for the most suitable for your situation. When comparing quotes, you can easily find a loan suitable for you accompanied by lower interest rates.
- Know the most notable lenders – comparison sites do not only teach you about the details of the loan and interest rates. Instead, you also learn about the most competitive lenders, the highest-rated and highly reviewed loan companies.
Types of loans you can find at a comparison site
Although a comparison site specializes in advertising loan offerings, sometimes you cannot find all the loans in one site. The loans that are advertised on comparison sites are loans that are provided by lenders who are participating partners with the site or offer competitive loans.
That being said it is important to remember that loan comparison websites attempt to include as many lenders and loan options as possible. This works in their favor as customers will be more trusting of their comparison results and lenders will also attempt to try and make their loans more competitive.
The most common loans you can find on comparison sites are:
- Personal loans
- Short-term loans
- Vehicle loans
- Debt consolidation loans
With the advantages that comparison sites are doing, you can expect to pay for their services. Fortunately, using a comparison site is free.
You do not have to pay for their services as they are paid through advertising and commission on loans from a selection of lenders. You only need to connect to the internet and start applying.
That being said, as mentioned before, not all loans and lenders on the market will be included. Loan comparison sites usually disclose this fact openly as well as disclose their source of income in terms of either advertising or commission on loans.
Comparison sites are different from lenders
On a comparison platform, we know a few things about loans, we are not fully hands-on. When you apply through a comparison site, we make sure that you attach all the necessary documents that will be needed by the lender.
When you have provided all the necessary details, they send your application to the lender most suitable for you, afterwards, you will start dealing with the lender directly.
Calculate your installment in advance
Using a comparison site helps you understand what you can expect from the loan you want. You will first put the amount of money you need and let the calculator do the rest, determining your interest rate as well as your monthly installments.
You know your monthly expenses, when you feel like the installment is too much, you can decide if you want to continue, or you change the amount. It is important to take out a loan amount hat you are comfortable with rather than the loan amount you qualify for.
How long does it take to apply for a loan?
Everything you do on a comparison site is easy and quick. When you decide to apply for a loan through a comparison site, your application process will take approximately 3 minutes.
However, after they have sent your information or rather your application to the lender, they no longer have a say on how your application should be treated. In other words, they do not have a say on how long they take to get back to you.
You therefore do not apply for a loan with a comparison site but rather get connected to the lender that will best serve your needs.
What are the documents needed?
With a comparison site, we are not certain of the required documents since they vary from lender to lender.
However, there are general documents that every lender need, including proof of your identity, a 90-day bank statement, a document stating you are permanently employed as well as consent for a credit check.
Visit a loan comparison site today!
A loan comparison site is formed by people who have the best interest at heart. They no longer want people to be victims of scams ever again.
When you are just browsing through the internet, you might apply for a predatory loan but using a comparison site guarantees you to get a legit lender.