Without a doubt, the online world has been gaining ground over the traditional for years, when it comes to shopping. Such is the increase in Internet sales that until the acquisition of online credits grow without ceasing. According to a study, during this past 2018, a third of the population chose to finance themselves online, data that has increased by 9% in just two years.
Why does the population prefer online credits over offline ones?
According to the aforementioned study, one of the key aspects of the increase in online credits is the tranquility they offer, since we can get them without having to leave the chair. Apart from this, the most important aspects highlighted by the users interviewed are:
- Transparency: generally, through the Internet we can find the information we need.
- Trust: more and more entities are regulated by the bank, which makes 59% of the population willing to take out an online credit.
If we have not yet applied for a loan online and we do not know the credit market excessively, a good option may be to consult our personal loan simulator. Here we can find the product that best suits our needs.
Does the price of online loans vary from the traditional one?
Currently, and according to data, the average APR stands at 8.07%. This indicator reflects the average price of both traditional banks and financial credit institutions. For this reason, the price of online credits should not differ from that of offline credit. However, in both cases we can find prices that range between 5.95% TIN and 12% TIN. If we are one of those who likes new technologies and does not pay more than our account.
Before applying for any credit, whether online or offline, the most important thing is to compare. If we do a good job we can save up to more than 1,000 dollars for the same product. Let’s take an example:
- Requesting 10,000 dollars to be repaid in 5 years and at an interest rate of 5.95% TIN.
- We will pay 193.10 dollars a month
- At the end of the term we will have paid in interest 1,586 dollars
- If we contract a loan with the same conditions, but at an interest rate of 12% TIN.
- We will pay 222.44 dollars a month
- At the end of the five years we will have paid interest 3,346.4 dollars
Thanks to this having a lower TIN, we have managed to save 1,760.4 dollars on this loan.