Is borrowing haram? | Cheap Loan
Taking out a loan is haram in most cases. Why? Because paying interest on a loan is out of the question. But in some cases you can hardly do otherwise. For example, to study, drive a car and purchase a home. These three examples often involve high costs that you cannot pay from your savings. Then you should consider a loan, even if you pay costs. But did you know that there is a way to save on those costs? We tell you in this article how exactly.
Check with your personal bank
Banks nowadays all have an extensive website. You can already find a lot of information on it. Be sure to read this if you are planning to take out a loan. You can also perform a loan simulation without obligation. With this you calculate the amount of the monthly repayment. That amount is a sum of capital and costs that you must repay to the bank. The APR is also mentioned for a simulation. This abbreviation stands for Annual Cost Percentage. A handy thing to compare banks in terms of costs.
Simulate your loan
You can therefore compare other banks with that percentage and you should definitely do that. Since it is about a loan you often have to pay off for months or years. And then it can only be as beneficial as possible for you. The loan simulations can be performed free of charge via the bank’s websites, you don’t have to worry about that. You also save a lot of time because you don’t have to go to every bank branch separately. So sit down at the computer and surf directly to a bank website.
Weigh this against other banks
If necessary, start with your regular house bank, there you already have a few services running and you can keep everything under one roof. But if you can find better conditions somewhere else, then you should certainly not stop borrowing there. It is ultimately about the cost of the loan and that is ahead of the rest. It is also not the case that you have to move all your banking matters with you. You can leave everything and take the loan with another bank. All as you wish.
The internet teaches us a lot and we have to make optimal use of it. Taking out a loan these days is easy, but you first have to do some research. Compare until you see a good offer and then proceed to apply for the loan.