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Find the best payday loan online
Have you lost track of the many loan options in the online loan market? Wake banks help you get the overview back.
Due to the increasing competition in the online loan market, new and better services are constantly coming, which can make it difficult and unmanageable to decide which loan provider can offer you the best loan agreement- important source.
Before the competition on the online loan market tightened, it was easy to find the best and cheapest loan by simply comparing the APR.
The APR stands for Annual Percentage Costs and represents all the annual costs associated with your loan, eg. interest, fees, and other charges.
Finans Danmark describes the APR as a key figure that gives you an overall overview of the expected costs.
If you want a cheap loan, look for the lowest APR.
NOTE! The APR does not include any other benefits, such as installment-free periods and the possibility of either paying its loan in advance without any additional fees or extending the loan period, if necessary.
Borrow money online and get a lot of benefits
Today you can get a wide variety of services “in the bargain” when you borrow money online, among other things:
Some loan providers offer that you can decide how much you want to repay on your loan per month.
You can also in some cases be allowed to choose a grace month or a longer period during which you do not have to pay off the loan.
- Free loans
If you only want to borrow money for a short period, it has even become possible to borrow money for free – without interest, fees or other costs.
Regardless of what requirements you set for your loan provider, there is an online loan that is perfectly adapted to you and your needs.
Do you want a large or small loan amount? Long or short maturity? Fast payout or low-interest rate?
It doesn’t hurt to apply in more places
Have you also heard rumors that it may harm your credit rating to apply for a loan in several places? Then read here!
It is true that in some countries it may hurt your credit rating if you try to apply for a loan from several loan providers.
However, this is not the case in Denmark.
In Denmark, you first bind yourself to a loan after you have signed the loan agreement with your NemID or with your own signature.
You will not be registered anywhere before signing the loan agreement, and you can therefore freely apply to different providers.
Remember: If you apply for a loan from several loan providers, you increase your chances of getting a loan.
Besides expanding your options for obtaining a loan, you can also choose exactly the loan agreement that sounds most sensible – if you are approved by several loan providers.
And the loan offers that you are not interested in, you just do not answer.
When is the money in my account?
BecauseWakeBanks are not a loan provider but a comparison loan for online loans, we cannot tell you exactly when you will receive the money in your account – it depends on the particular loan provider you are applying for.
Once you have submitted your application, the loan provider will make a credit assessment of you based on the information you have sent with your application.
If the loan provider for which you have applied for a loan assesses that your credit rating is good, you will receive a loan contract that you may choose to refuse or approve.
It is important that you read everything that is written in small print in your loan contract.
How to avoid being unpleasantly surprised by any fees you had not anticipated.
If you wish to approve the loan agreement sent, you must send it back to the loan provider in signed form.
Today, most loan providers can approve the loan agreement online with your NemID, so you don’t have to print and scan a lot of papers.
When you apply for a loan within a loan provider’s opening hours, you can usually expect to get an answer to your loan application the following weekday.
As soon as your loan application has been approved and the loan agreement signed, there can be anything from a few hours up to a few days before the money is in your account.
How long it takes before you can see the money in your account depends on 100% of the chosen loan provider.
Think before you apply for a loan
Before you apply for a loan, there are some things I would just like to familiarize you with.
For example, did you think about how to repay your loan?
Can your budget accommodate an extra expense, or do you already have difficulty paying your bills?
If you are unsure about how your finances look, I will give you here 3 individual steps to get an overview of your finances.
3 steps to make a budget
Make a monthly budget with 3 simple steps that can give you an overview of your finances back.
Step 1: Put your revenue together
Collect all your income (salary or another type of income, holiday pay, child allowance etc.) to one amount.
Step 2: Put your expenses together
Calculate a fixed monthly amount for your living expenses: collect all your expenses, fixed as well as variable, in one amount.
Step 3: Subtract the expenses from your revenue
Withdraw your total expenses from your total revenue and you will be left with your disposable amount.
It is always a good idea to know your disposable amount, as you can much more easily assess whether you can afford to take out a loan, for example, or wait and in the meantime cut some extra costs – if you can.
If your availability is large enough to accommodate the repayment of a loan, you can start selecting exactly that loan from the list that best suits you and your needs.
The Consumer Council TÆNK also recommends that you check your budget every quarter so that it is kept up to date with changes in your personal finances.
REMEMBER! Before applying for a loan, it is important that you pay attention to the price of the loan.
You can see the price of the loan in the annual percentage rate of charge (APR). If you borrow DKK 20,000 with a maturity of 1 year and an APR of 10%, the price of your loan is DKK 2,000.
If you borrow DKK 20,000 for the same APR, but with a maturity of more than one year, the monthly costs will be lower, as the loan amount decreases as you pay off the loan.
The maturity of the loan is also decisive for how much you will pay in total. If you borrow over a longer period, interest will also be deducted from your loan for a long time.
If your maturity (also called maturity date) on the loan is short, your loan interest will also be imposed only for a short period.
You do not need to provide security for your loan
If you have tried to borrow a larger amount from the bank, you probably also experienced having to provide security for your loan.
When you are asked to provide security for your loan, the bank asks you to provide something as a replacement if you should not be able to repay the loan you have taken.
The bank can claim compensation in the form of your car, your home or securities.
Should the unfortunate happen that you suddenly become unemployed or otherwise unable to pay the installments for your loan, the bank may deprive you of your car, home or anything that you have provided as security for your loan.
The requirement to provide security, therefore, involves a risk that you must be aware of when applying for a loan.
At Wake, however, few of the loan providers require you to provide security for your online loan.
You can, therefore, apply for a larger loan amount without having to worry about providing something as collateral for your loan.
The only thing that loan providers need to secure before they approve you for a loan is that your finances can accommodate the repayment of the full loan amount including interest and fees.
This is how your interest rate is determined
Are you wondering why you only get loan offers with a high interest rate?
Here I have the explanation why:
When you apply for a loan from a lender, you must agree that the finance company must obtain information about you from credit information agencies and alert registers.
In addition, in some cases, you must also give up your latest payslips or other relevant documentation for the loan provider.
Once you have submitted your application, the lender will use the information they have about you to make an assessment of how good your personal finances are.
If the loan provider sees that you have some loans in advance and that your income is not very large, you will automatically either receive a refusal or be offered a loan at a higher interest rate.
The interest rate determination, therefore, depends on your personal finances.
Therefore, in many cases, it may be worthwhile to wait to borrow money again if you already have one or more loans that you are currently paying off.
For example, if you have a loan that you will soon be paying off, it is a good idea to wait to apply for a new loan until the old one is settled.
Recommendation: If you want to strengthen your credit rating, you can choose to apply with another.
For example, if you want to borrow money to pay the deposit for an apartment you and your partner have to move into, you can choose to borrow the money together instead of separately and in this way obtain a lower interest rate.
When you borrow together, you usually get a better credit rating, as you now have two income to pay off the loan.
This means that there are fewer risks associated with borrowing your money, which ultimately makes the loan cheaper.