When you have to borrow money, it’s not just the interest rate that counts for the total cost. There are also a number of fees available and it is worth taking a look at these when finding the cheapest solution for you. Here we look at your options for getting a loan with no setup fee.
It is rarely possible to borrow money without a setup fee online, but you can go for low-cost loans. More on this. All costs will be reflected in the APR rate.
Go for low fee loans
Creation fee is a cost that is charged at the beginning of your loan. It is a lump sum which covers the cost of setting up the loan. It is available at almost all providers, but there may be a large variation in the size of the fee.
Therefore, it is an important thing to consider when finding the cheapest solution. Especially if you choose a smaller amount with a short down payment, then it becomes relevant to include the setup fee in the consideration. This can be a major part of the costs here.
Use our listings
You can use our listings here on the site to get an overview of the fees of the different providers. There you can see what the setup fee is with the companies on the list. That way, you can easily and quickly compare the various options, and you can quickly get an idea of who can give you the cheapest solution.
Contrary to interest rates, the fee is often fixed and will be the same for all customers. Therefore, you can expect that the value in the summary is the one that you will also pay.
The OPP indicates the total cost
So you have to consider both the setup fee, the interest rate and other expenses when you take out a loan. Looking at these costs individually at all the various companies can be both time consuming and unmanageable.
Fortunately, there is a somewhat easier solution. All the costs of the loan in the form of fees and interest are collected in a known value as the APR. The APR specifies what the loan will cost you each year. This value makes it easy to compare the different offers easily and quickly by just looking at one number.
Please note that you must submit an application to see your personal OPP. It will depend on your chosen amount of money, the installment time and not least the credit rating that the company makes of you. Applying for an online loan is free and non-binding, and AOP will always appear on the offer you receive. Therefore, you should always search at least 2-3 different companies to compare your offers. Use the listings here on the site to find the providers you want to search.