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21st Aug 2020

This one handy trick will help you find the cheapest personal loans

Brian Dillon

This online tool allows you to find the cheapest personal loans

This online tool allows you to look at different personal loans from the main providers and compare them to make sure you’re getting the best deal.

If you’re thinking about taking out a personal loan, then we would definitely recommend using this handy online comparison tool first. Because small differences can add up and save you money!

The personal loan Money Tool from the Competition and Consumer Protection Commission (CCPC) allows you to compare loans from the main providers, giving you the chance to weigh up factors such as duration, monthly repayments, interest rates and total cost of credit to find the cheapest loan available.

Basically, the personal loan Money Tool does all the hard work for you, taking into consideration everything you should know before deciding which provider to go to for a personal loan. Because there are a few money-saving factors that should be considered before you settle on one. And remember, you don’t have to go with your own bank.

For example, if you’re looking for a €10k loan over a three-year period, the loans available from the main lenders have interest rates ranging from 6.5% to 12.3% with monthly repayments that range from €304.79 to €331.36. If you choose the lowest APR at 6.5%, you will save €956.71 in repayments over the three years.

Or, if you’re looking for an €18k loan over a five-year period, the interest rates available range from 6.3% to 11.5% with monthly repayments that range from €349.04 to €390.78. If you choose the lowest rate of 6.3%, you will pay €2,504.50 less over the term of the loan.

CCPC’s Money Tools are independent, free and easy to use. You simply head to their website, enter the amount you are thinking of borrowing and how long you want the repayment period to last. The tool will then generate the loans available to you from the main providers, detailing which ones have the lowest and highest APR, monthly repayments and total cost of credit.

Head here to check it out and try it yourself.