Learn what affects the calculation of the costs of a consumer loan. You shouldn't just pay attention to the interest rate. What other charges are there? Read on and find out the answer to this and other questions in this article.
When borrowing money, you should know how to calculate the costs of a consumer loan. You will need to consider what interest rate may be applied and what other charges may be involved. How do you know if it is a good fit or not? With this information, you can avoid surprises and problems in the future, which is why it is so important. Calculate the costs of a consumer loan step by step:
The main thing is to know what influences the final value of the loan:
- Interest rate: This is the amount of money that the bank will charge for the loan.
- Cancellation fees (total or partial): how much you will have to pay if you want to cancel the credit before it ends, in whole or in part.
- Other expenses: These may be insurance or processing expenses.
- Repayment period: How long they will lend you the money.
- Monthly payment amount: how much you will have to pay between principal, interest, insurance and all associated expenses.
Taking this information into account, you can calculate the cost of a consumer loan, but always remember that in addition to being able to calculate the total amount of the loan, you also need to find out about each one in detail, to make sure that not only does the amount suit you, but that it also meets your needs.
Interest rate
The rates applied by financial institutions or banks vary according to the product they offer, so it is necessary to check which one will be used for your loan. For example, the rates for a small business loan will not be the same as those for a large company.
It will also depend on the amount requested and approved, as well as the time it will take to return it. Your information as a payer may also become a variable.
Safe
They are acquired free of charge by the customer. The best known are the aid, unemployment and life insurance. The only mandatory one is the tax reduction.
Other expenses
There are always taxes and operating expenses. In general, the former correspond to 0.8% of the requested amount and the latter vary between one thousand and two thousand reais.
Many financial institutions have credit simulators where you can see the different alternatives, but this process can be a bit tedious, so it is advisable to use a comparator for all entities. In this way, on the Bompracrédito website you can compare the rates of the different bidders, as well as the other charges simultaneously, with more than 30 financial options.
Get the best option now that you can calculate the costs of a consumer loan and don't get fooled by sky-high interest rates.