The decision to take out a loan should be well thought out and preceded by a detailed market analysis. It does not matter if you are interested in a bank loan or a loan offered by non-bank companies, because each option you need to check for profitability. Most people are guided mainly by the interest rate, forgetting about the most important element constituting the loan amount, namely the Real Annual Interest Rate.
What is the LMTC payday loans?
When browsing the offers of various cash loans, you have certainly come across the 0% LMTC phrase. An extension of this abbreviation is the Real Annual Interest Rate, which is often misinterpreted by customers applying for a cash loan. This ratio includes not only the nominal interest rate per year, but also all additional costs associated with servicing the loan in a bank or non-bank institution. Some banks offer a 0 percent loan , but the LMTC may be at a different level, which means that this financial product is not entirely free.
What is included in the LMTC?
If you have found a loan offer 0 LMTC, it means that no additional costs are added to it. In some cases, however, you may encounter a credit ad that contains information about zero interest, but its LMTC is already a different value. The Real Annual Interest Rate consists of additional elements of loan service , such as
In fact, any costs that guide banking when granting a loan can be added to the LMTC value. The final repayment amount largely depends on the commitment date and delays in returning the borrowed amount.
There are many LMTCs available on the internet, but they all work on the same principle. For example, an offer of PLN 500, which applies to a 0% payday for 60 days, it is easy to check that the total amount of the refund commitment is PLN 500. This means that the loan without LMTC is completely free , as no additional fees for servicing the loan are added.
How do you find the best loans for zero PLN?
When comparing the offers of individual loan companies, you must take into account such values as interest rate and LMTC. The credit ranking, which takes into account current fees from selected lenders and is updated daily, will be helpful. In addition to fees, take into account the opinions of existing customers , as they are a valuable source of information on zero percent loans and other financial products. Finding a loan for zero zlotys is the most difficult stage, because the whole procedure of lending in loan companies is simplified to a minimum and consists only of basic formalities.
How to take a loan without a commission?
Currently, each loan company allows you to go through the entire process of granting loans online. All you have to do is go to the website of the lender of your choice and log in to your personal profile. Thanks to this, the system will remember your data and you will not have to fill out the credit form again in the future. To submit an application, in addition to your data, you will need information about the amount you are applying for and when you want to pay it back. Remember to choose the maximum amount that you can give back in a set time , as late repayment means additional fees. Applicants are often guided by the fact that they get their first loan for free, but in order for it to be completely free, the debt must be paid back within a maximum of 30 days. Take your time to submit the application and for your own safety, carefully review the terms of the contract . You can print it and calmly see if all the points are clear to you. If you have questions, please contact the customer service office, then the consultant will dispel all your doubts. This will avoid unpleasant situations and understatements, because after signing the contract you take responsibility for repayment of the loan and possible consequences in the event of failure to comply with the conditions.