Does a credit comparison actually make sense? Usually it is said that a loan is a loan and basically nothing really “world-moving”. You just take out the loan amount you need from a trustworthy financial institution and then repay this loan along with interest over a fixed period of time. Basically everything is simple and easy – right?
Not at all, because loans are a competitive product of the financial sector and therefore have different conditions. This means that not every loan costs the same everywhere.
It follows from this that the higher the loan amount, the cost of the loan varies. The interest rate at which a loan is communicated as an offer in the market is responsible for these cost differences. So if you don’t want to pay too much for your loan here, it’s a good idea to compare a wide range of offers using a loan calculator.
Mini loans have different loan terms
Anyone who is of the opinion that the use of a credit calculator or credit comparison portal only pays off for higher loan amounts is wrong. Because even with a small loan or mini loan, a loan comparison is worthwhile. A small loan or mini loan is usually a loan amount below $ 1,000.
This sum is usually used to bridge a temporary financial bottleneck. Those who are in such a situation probably use the overdraft facility in most cases, but this is not always the best choice. For some time now, mini loans have also been available as a loan alternative.
So if a loan amount of less than $ 1000 is to be taken up to bridge a financial bottleneck, there are two options. If the decision is made to bridge that bottleneck with the help of a mini loan, it should be clear that, despite the limited number of providers, these loans also differ significantly from one another.
With a high-quality loan comparison, you can still save a few USD even with mini or small loans.
The differences in terms are diverse. They are not only evident in the effective interest rates, but in particular in the more or less sensible additional options. The cost differences in the service extras are the decisive factor in determining the cost of the mini loan taken out. If the decision for a mini loan provider is made prematurely, it may pay more for its small loan than necessary.
Find cheap mini-credit thanks to credit comparison
If you want to prevent this when taking out a loan, you cannot avoid using a credit comparison. But when it comes to comparing loan amounts below USD 1000 with short terms, most comparison portals have to fit. It is simply not offered. But this does not mean that there is no possibility of such a comparison. Rather, it is the case that a mini loan comparison has so far been more of a niche existence.
It is therefore important to find comparison portals specializing in this type of loan, which do not only focus on the simple comparison of interest rates. Good portals for a credit comparison of those small loans also focus on the cost comparison of the additional options already mentioned. Only if these points find their way into the loan comparison are their results objective and transparent. As a result, these loan calculators offer a solid basis for selecting the right mini loan offer.