When you need a loan, you usually research different offers from different banks and compare their duration, required down-payment and pre-payments, insurance and all other conditions. But how would you know if the loan you chose is good for you? 

  1. Make sure to use your loan as a way to improve your life in the long-run. Don’t let it burden you!
  2. Check your monthly payments. These should not exceed the third of your salary. Make sure you can settle them for the whole period of the loan!
  3. Preferably choose a loan that has the same currency as your income, to avoid charges due to currency fluctuation.
  4. Compare loans by their APR instead of their interest rates. APR represents the real total cost of the loan which includes the interest rate and other charges. The closer the APR is to the interest rate, the less extra fees you are paying. To know more about the APR, you can check our article: What is the impact of APR on your loan and your monthly payments.

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