If you are in the process of obtaining a private loan, it is clearly interesting to know what interest rate the loan will have. The interest rate is a very large part of the total cost of a private loan.
The fact that the interest rate affects the cost of a private loan so much also means that it is often a great hunt to find the loan that has the very lowest interest rate. It should clearly be said that it is usually good to find a loan that has a low interest rate, as this probably means that the total cost of the loan will be lower.
Effective interest rate
Just keep in mind the fact that the interest rate is not always the full cost of the loan as there may be other costs as well. For this reason, it is often good to check the effective interest rate.
The effective interest rate is an interest rate that is calculated on all costs that the loan entails on an annual basis. For this reason, it is very good to count on effective interest rates when it comes to private loans that usually extend over several years. It is not possible here to hide any costs in fees and the like, but everything is included with all lenders.
If you want to read more about what effective interest rates are, we recommend that you visit our page that focuses on just effective interest rates.
Compare interest rates on private loans
One of our pages that you can benefit from if you are interested in finding low-interest private loans is our private loan comparison page.
On this page you can find information about interest rates, effective interest rates, setup fee, repayment period and possible loan amounts from a large number of different lenders. Here, of course, we compare all the major banks as an example.
We compare private loans