When applying for a loan, one of the main concerns is how to make it cheaper. And no one is funny asking a million pesos to end up returning two.
Difference between paying a low, medium or high fee
Something that you should keep in mind is that, although there is an established range in interest rates, each financial institution has its own, and due to different factors, some may be higher or lower than others. That is why choosing correctly where to borrow can make the difference between paying a low, medium or high fee.
There are many people who doubt about this aspect
Never worry about comparing the options, since they think that the difference will not be much; However, in the hypothetical case that you request a free investment loan of 10 million pesos, you decide to return it in 24 months and your income is two million pesos, the results are as follows:
– In entity A, the interest rate is 31.52%, which gives you a monthly fee of $ 547,429. In the end, for the credit, you would be paying $ 3,138,196 of interest.
– On the other hand, if you opt for alternative B, the most comfortable among all options, you would have a rate of 14.71%, resulting in a monthly fee of $ 479,196. At the end of the loan, he would pay $ 1,500,704 of interest.
How much did you manage to save just by comparing the options?
$ 1,637,492 pesos, which is not bad for anyone. Of course, there are other factors that you should review, such as insurance or commissions that may be included, but with just comparing the alternatives you are already achieving savings.
Remember, the more options you have, the more you can get. To compare the alternatives, use the comparators available on the web such as Odette’s.