Best loan comparison 2022
What is the best loan comparison for 2022? Where should you compare loans? Compare loans and apply for a loan quickly online.
The use of loan comparison services to find the cheapest unsecured loan has attracted more and more interest in recent years.
While consumers are reminded to compete for electricity, telephone and insurance contracts, the same was not previously said about competition for loans.
Today, unsecured consumer credit is easily accessible to all and competition between different lenders has intensified. This has led to a very diverse supply in the loan market, but at the same time, finding the right loan product can be challenging.
Comparing loans brings significant savings
Loan comparison services help you compete for the best loan offers from up to several dozen different banks and financial institutions.
The comparison highlights differences between lenders in terms of both interest rates and loan terms.
Easy online tendering
Loan competitions are a quick and easy way to find out, in a single loan application, which bank or financial institution offers the best interest rate at the time.
There are plenty of comparison services on the market
With the popularity of loan competitions, a number of different comparison services have also entered the market, which essentially operate in exactly the same way - comparing and competing consumer loans on a single loan application between several different banks and financial institutions.
So what kind of loan comparison services exist today and what are the factors to consider when choosing a loan comparison service?
Best loan comparison
When choosing the best loan comparison service, it is usually best to go for the one that best meets your needs. The purpose of a loan comparison is to objectively compete for the best loan offers based on the information provided by the applicant.
As users of loan brokerage services expect more loan offers, it is important that as many different banks and financial institutions as possible are involved.
At the same time, of course, it is important to bear in mind that the number of loan offers depends on many factors, such as the applicant's income level, the amount of the loan and the length of the loan period.
For this reason, not all consumers competing for loans through loan services will necessarily receive a loan offer from every loan service partner, but the large number of partners does increase the likelihood of receiving loan offers from a wide range of lenders.
In the following section, you will find a brief overview of the most popular loan comparison services in today's loan market, which can help you find the best loan.
Monetary Authority
Domestic Mint is certainly familiar to many, at least externally, as the loan comparison service has been running ads on TV commercial breaks for a long time.
Even today, the MFI cooperates with more than 25 different banks and financial institutions. These include lenders that are well known to Finns, such as Bank Norwegian, Ferratum and Svea, but also newcomers to many, such as Credinord and TF Bank.
Loans from the MFI for a wide range of needs
You can apply for a loan from EUR 500 up to EUR 70 000 through the Mint, and it is easy to fill in the application form on the Mint's website at any time of the day or night. It is even possible to receive the first preliminary loan offers by email immediately after submitting the loan application.
According to the MFI, the interest rate on loan offers from their partners ranges between 4.50% and 20%.
This is a broad assessment, as each lender sets a personal interest rate for the applicant, which is influenced by the applicant's ability to pay, the current market situation and the lender's own reference rate.
As the Mint has been operating in the domestic market for some time, there is a wealth of experience from Mint customers online. The majority of customers have been satisfied with the level of service and have praised, among other things, the efficiency of the customer service and the clarity of the loan application process, but negative feedback has been received about the significant amount of advertising even after the loan application has been closed.
The monetary union in brief:
Interest rate 4,50-20%
Apply for a loan of EUR 500-70 000
Loan period 1-15 years
More than 25 partners
Free loan application, with no strings attached
Competitive tendering for consumer loans, car loans, business loans and consolidation loans
Omalaina
The domestic Omalaina offers a loan comparison service and competes loans for free from up to 30 different partners.
Unlike many other loan comparison services, it also includes well-known banks such as POP Bank and Aktia.
Filling in the loan application is easy and the first initial loan offers can be repaid immediately after submitting the loan application.
Through a personal loan, you can compete for a smaller or even larger unsecured loan, ranging from €100 up to €60 000. With a personal loan, you can get interest on your loan starting from 4.19%, but again, your own personal interest rate depends on how good you can show your ability to pay on your loan.
As Omalaina works with more than 30 different lenders, the chances of receiving more than one loan offer are good.
home loan is one of the most popular loan comparison services
Omalaina is one of the most used loan comparison services in Finland, along with the Mint. Omalaina operates under LVS Brokers Oy, which currently also offers brokerage services specialising in the tendering of car loans and electricity contracts.
A significant part of the customer feedback received by Omalaina is very positive, but there are also some negative experiences online about the clarity of the summary of loan offers tendered through Omalaina, as some experiences suggest that the large number of loan offers at once even seemed a bit difficult to internalise.
Home loan in brief:
Interest rate 4,19-20%
Apply for a loan of EUR 100-60 000
Loan period 1-20 years
More than 30 partners
Free loan application, with no strings attached
Competitive bidding for small loans, consumer loans, business loans and consolidation loans
Zmarta
A third brokerage service widely known in the loan market is Zmarta, which compares loans from €1,000 up to €60,000. More than 25 different banks and financial institutions are included in the comparison, including banks familiar to Finns such as Aktia, Santander and Bank Norwegian.
Like many other loan brokers, Zmarta offers a quick and easy loan application that takes no more than ten minutes to complete.
The first loan offers usually arrive within minutes of the loan application being sent.
Part of a Swedish group
Founded in 2015, Zmarta operates under the name Freedom Rahoitus Oy and the Zmarta Group also includes another well-known loan brokerage service, Freedom Rahoitus.
The Zmarta Group, which has long been active in the financial sector, has operations in Finland, Sweden, Norway and Germany. This extensive experience in the financial sector has made Zmarta a popular loan brokerage service with many positive experiences.
Positive feedback on the ease of the application process
The majority of Zmartta customers have given positive feedback on the ease of the loan process and the good customer service, but at the same time some customers have also felt that Zmartta's advertising remains too active even after the loan application is closed.
Tendering for electricity is also a success
Another noteworthy feature of the Zmartas brokerage service is that the loan comparison also allows you to tender for electricity contracts. This is a really handy addition and also an absolute trump card over many of its competitors, especially now that the electricity market is volatile and the tendering of electricity contracts is more topical than ever.
Zmarta in brief:
Interest rate 4,41-20%
Apply for a loan of EUR 1000-60 000
Loan period 1-15 years
More than 30 partners
Free loan application, with no strings attached
Competitive tendering for consumer loans, business loans, car loans and electricity contracts
Sorting
Founded in 2019, Sortter is not one of the longest-established loan brokers in the market, but has already achieved significant recognition in just a few years.
Through Sortter, you can compete for loans from €1,000 up to €60,000 and get a competitive interest rate starting from just 4%.
Lots of positive feedback
In just a few years, Sortter has grown its customer base to such an extent that a huge variety of customer experiences can be found online. Numerous users have been satisfied with the clarity of Sortter's website and the speed of the loan process. The loan offers have also been clear. On the other hand, Sortter has been criticised for not having quite as many banks and financial institutions as its competitors.
Sortter in brief:
Cork 4-20%
Apply for a loan of EUR 1000-60 000
Loan period 1-15 years
More than 20 partners
Free loan application, with no strings attached
Competitive tendering for consumer loans, business loans and consolidation loans
Other popular loan comparison services
Other well-known loan comparison services, in addition to Rahalaitos, Omalaina, Zmartta and Sortter, include Lendo, Sambla and Compare First.
Consumers can apply for an unsecured loan through these comparison services with a free loan application of EUR 500-60 000, with a loan term of 1-5 years. The interest rate for loans competed through Lendo and Compare First starts at 4.90% and through Sambla at 4.65%.
Compare loans at any time
Compare First, Lendo and Sambla work in partnership with more than 20 different banks and financial institutions. It is possible to apply for a loan on their websites at any time of the day or night and receive the first loan offers within minutes of submitting your application.
Customer feedback
In terms of customer feedback, Sambla has received excellent reviews online for the speed of the loan process, the quality of customer service and the comprehensive guidance provided.
There is very little negative feedback compared to many competitors, with only a few customers dissatisfied with Sambla's offer.
Lendo, familiar to many from TV commercials, has also received a lot of positive feedback for its clear loan application and fast loan process, although some customers felt that there were not enough loan offers.
The Compare First brokerage service, part of the international Samlino Group, has been praised by customers for its easy-to-use website and the variety of loan offers.
Bad customer experiences suggest that the brokerage website does not provide sufficiently clear and easy-to-follow instructions on how to apply for a loan. However, customer feedback is mostly positive for all these loan comparison services.
Compare loans using these guidelines
Although the comparison of loans through different brokerage services has become much more common in recent years, the use and security of the service naturally raises many questions for consumers.
The loan brokerage services presented in this article are popular and well-known comparison services that work with dozens of different banks and financial institutions.
Many of these brokerage services have even more than ten years of experience in the financial sector and in order to operate in the domestic loan market, these brokerage services, as well as their partners, must strictly comply with financial and consumer rights regulations and laws.
Loan markets have changed significantly in recent years
Before using a loan comparison service, many people wonder how these services can advertise free loan applications to consumers.
The costly quick loans of the past are still in the minds of many and, as a result, the general attitude towards the loan market and unsecured consumer credit is that brokers and lenders are simply looking to make a significant profit at the expense of the consumer.
An unsecured loan is no longer necessarily expensive
The conditions and interest rates on unsecured loans have improved considerably. This is evident, for example, from the fact that it is easy to get an unsecured loan at an interest rate of less than 10%.
Loan comparison and competition is now a viable and effective way of finding the best loan offer from among dozens of different lenders, and indeed filling in a loan application is completely free for the consumer, as loan brokerage services make a profit by paying commission to lenders for each customer who concludes a loan agreement.
This means that consumers can be sure that there will be no hidden costs when competing for loans.
Be critical of comments
It is also worth bearing in mind that while there are some negative comments online about the interest rate of loan offers that are put out to tender through the loan comparison, the loan brokerage services never interfere with the content of the loan offers, so these comments do not directly affect which loan brokerage service is currently the best.
Compare loans and affect costs
As an applicant, you have a say in how competitive the actual annual interest rate on your loan is.
So fill in the loan application carefully and try to match the amount and term of the loan as realistically as possible to your income.
If the amount of the loan you are applying for is particularly large, you can improve your chances by applying for a loan together with a coapplicant. Also check that you and your coapplicant meet all the conditions before submitting your loan application.
The amount of the loan also affects the costs
Before competing for loans, keep in mind that using a loan comparison does not automatically guarantee that you will find a loan with the lowest interest rate. Although it is possible to get an unsecured loan at an interest rate of up to 4% through a loan brokerage service, the final interest rate on a loan will depend on a number of factors.
Although there is competition between several banks and financial institutions, you may not be able to find a loan that is cheap enough through competition, for example if the loan amount is too high for your income.
A mark on your credit file can also make it more difficult to find a cheap loan or even prevent you from applying for a loan at all.
You can also compare loans without taking out a loan
In any case, it is highly recommended to apply for a loan through a competitive process, as it is free to fill in the application form and there is no obligation to take out a loan if no suitable offer can be found.
Even if you are ultimately unhappy with the interest rates offered, you will get a better idea of what kind of loan your income and knowledge can get you at that particular moment. You can also come back to your loan application later and see if you can find a loan with better conditions, for example by lowering the loan amount or applying for a loan together with your spouse.
Best loan comparison: frequently asked questions
There are a number of factors that contribute to finding the best loan. However, you can improve your chances of finding a good deal by competing for loans from as many different lenders as possible.
The secret of loan brokerage is that loans are always tendered on the basis of the actual annual interest rate, meaning that the loan offer already includes all the loan costs. The comparison therefore helps to rank the loan offers on the basis of the actual annual costs.
For example, the lender may require you to provide payslips to prove that you have sufficient income, but for smaller loans you may be able to get. loans even without any attachments.
It is possible that you may receive loan offers that do not match the amount and term of the loan you applied for in your original loan application.
This is because, for one reason or another, the lender may not offer you the exact amount of the loan, but may suggest a lower amount in the loan offer, for example.
Remember that completing a loan application does not commit you to taking out a loan, so you do not have to accept a loan offer that does not meet your expectations.
You don't have to compare loans yourself, because by filling in a loan application on the loan comparison page, the comparison service will do it for you. In this case, you just have to select the best loan from the loan offers.
Today, the loan market offers a large number of loan comparison services that are considered safe and reliable. As each loan brokerage service is subject to supervision by the Financial Supervisory Authority, any irregularities can be detected very quickly.
For this reason, loan brokerage services that have been operating on the market for many years can already demonstrate that they are indeed reliable and secure services.
Competing for unsecured loans through brokerage services is quick and easy. This is why it is possible to get the loan on an account at best, even within the same day, but at the latest within a few days.
The most common information for a loan application is the amount and duration of the loan, the applicant's name and contact details, personal identity number, income, current debts and other expenses, employment details and the bank account number to which the loan will be paid.
The loan application may also ask for other information, such as the number of people living in the same household or marital status.
On the basis of these questions, lenders try to determine the applicant's ability to pay as accurately as possible without the need for separate loan negotiations.
The actual annual interest rate on loans varies from one loan to another and cannot be known in advance. The APR is always determined on a personal basis and is influenced by the amount of the loan, the duration of the loan and the applicant's details. The APR includes not only the nominal interest rate but also other charges.
Most loan comparison services will give you several different offers in one application. This makes it easy to apply for a loan, and you can compare loan offers after you have applied.
All loan comparison services compare unsecured loans. Loan comparison helps you find the best unsecured loan for your needs.
The interest rate on a loan is always personal, and is affected by the applicant's income, among other things.
The loan comparison also allows you to compare bundled loans. As with other unsecured loans, it is also worth comparing consolidation loans before taking out a loan.
A loan comparison takes only a few minutes at best. You can even get a loan on the same day.
The best loan comparison depends on your needs. Currently, the best loan comparison services are Omalaina, Geldalaitos and Sortter.
Simply applying for a loan does not commit you to anything. So take your time to compare loans, and only take out a loan if you really need it. You can compare loans without obligation and free of charge. You can usually find the best loan offer by comparing.
Loan matching can get you a loan of up to €70 000. You can also apply for a loan for a smaller amount. There are also stricter conditions for obtaining a larger loan.
The duration of unsecured loans usually varies between 1 and 15 years.