Interest Rates Personal Loans 2019: Average Figures and Which Ones Are the Best among Banks

 

On this page we will see the interest rates that are applied to personal loans available for 2019 . Let’s find out what the average figures are so that we can orient ourselves when we are looking for convenient financing. Finally we will see which are the best personal loans between Poste Italiane, Inpdap and the main banks .

Personal Loans Interest Rates 2019: average figures available on the market

If you are looking for a personal loan and are considering the best product on the market for 2019, the first thing you need to know is that there is absolutely no better financing. The ideal personal loan depends on the needs you have , which can be of different types.

If, for example, you have particular urgency in receiving the money you are requesting then you will have to orient yourself towards fast loans, if instead you want a super light installment you will have to look for the company that allows you to set a longer duration.

In this article we will deal in particular with the best personal loans available for this 2019 in case the main feature you are looking for is to be particularly convenient . What you need to evaluate when you calculate a quote in this case are obviously the interest rates that will be applied.

For the less experienced, we remind you that for any financing, two different interest rates are set: the Tan , which is the annual nominal rate , and the APR , which is instead the annual global effective rate . What is the difference between these two rates? In particular, the Tan is the percentage of interest that we will have to pay on the capital that will be loaned to us by the bank to which we have turned. However, the costs we face for our financing are not limited to interest .

A very important aspect to be assessed is in fact that of all the other expenses foreseen by the company’s regulations for the financing offered, which concern for example the costs of opening the case , the management costs , the collection costs of the installment and not only. All these expenses are added to the interest to create a “fictitious” interest rate which is the APR. The latter is very important as it allows us to effectively evaluate the convenience of one product over another based on all the expected expenses.

Having clarified these aspects related to the evaluation of the convenience of a personal loan, we can see what are the average figures available on the market for 2019 . The average interest rates applied by banks and financial institutions are periodically published by the Bank of Italy on its official website. These are defined for each form of financing. In particular for the classic personal loan the average APR applied is 9.64% .

This percentage is slightly lower in the case of targeted credit , given that in this case the average interest rate applied is 9.18% . Another type of personal loan that is in great demand in 2019 is the transfer of one fifth of the salary or pension . In this case the average global interest rate depends on the amount we are going to request: for sums of money up to 15,000 dollars we have an average APR of 11.59% , while for amounts above this threshold the average APR is of 8.24% and therefore decidedly cheaper.

What are the best personal loans based on the interest rates applied?

So far we have only assessed the average interest rates applied for 2019 by banks and financial companies operating in Italy. It is certainly useful to take a look at these average figures as they allow us to visually assess whether a personal loan, or even a loan between private individuals, can be considered convenient or not based on whether the APR is at above or below the average threshold.

However, to find the best personal loan available for 2019 it can be very useful to request some quotes from the main companies. In the following paragraphs we will analyze some of the main products, reporting the interest rates applied Tan and APR in order to evaluate their convenience. However, we remind you that often, at a slightly higher rate, additional services can be provided that are particularly useful, such as the jump or the exchange rate. For this reason , interest rates may not be the only aspect to be assessed in a loan.

Personal Loans: Italian Post Office interest rates

The first loan we want to analyze is the one offered by the Italian Post Office . The product you need to look for to find all the information you might need is the BancoPosta Personal Loan . On the page of the post website dedicated to this product, special offers are published periodically reserved for the company’s customers. In particular we are presented with some examples of estimates useful to know the interest rates applied. Obviously, if you want to know the interest rates for the BancoPosta loan you want to receive, simply go to any post office to request a detailed cost estimate.

For holders of a BancoPosta current account with crediting of salary or pension, for example for a loan request of 17000 dollars and choosing a reimbursement in 78 months , the interest rates applied will be a fixed Tan of 6.95% and a APR fixed rate of 7.32% . In the case in which the customer has not chosen the credit on the BancoPosta Current Account, the salary or pension the conditions of the 17000 euro loan will be very similar, with a 6.95% Tan and a 7.23% APR . Finally, as regards the holders of an Ordinary Name Postal Savings Book or a Smart Postal Savings Booklet, we are presented with an example of a 15,000 euro BancoPosta Loan estimate. With a duration of 72 months the interest rates applied are a 7.95% Tan and a 8.31% APR .

Financing for employees and pensioners

Financing for employees and pensioners

Another very interesting product as regards the interest rates applied is the INPS loan, formerly INPDAP . It is in fact a facilitated personal loan for employees and pensioners enrolled in the unitary management of credit and social benefits. In particular, two different solutions are presented on the INPS website, which respond precisely to two different needs we may have. Inps personal loans available for 2019 differ in small loans and long-term loans .

The difference lies in particular in the duration of the loan and in the amount we can request. For each year of our repayment plan we will be able to request a net monthly salary of our salary or our pension. Consequently the maximum amount that can be requested with Inpdap loans is not fixed but depends on our monthly income and the duration of the loan we want to request. The difference between the two forms of personal loan is obviously also in the interest rates applied, which in any case will be particularly convenient.

Small INPS loans can last from one year to four years. This is perfect financing for not particularly high amounts, which among the main features is that of providing decidedly light installments. As far as interest rates are concerned, for small INPS loans ex INPDAP we have a 4.25% Tan , while administrative expenses amount to only 0.50% .

The multi-year loans can instead be five-year or ten-year, and therefore allow us to request significantly higher amounts of money. From the point of view of interest rates, the conditions are even more convenient: in fact, a 3.50% TAN is applied to which administrative expenses must be added of 0.50% and the risk fund premium which will depend mainly on age of the customer and the duration.

Personal Loans: online quote calculation with interest rates

 

Personal Loans: online quote calculation with interest rates

Among the major banks and financial institutions that offer personal loans at very favorable conditions we have Agos Ducato . Turning to this company we can request up to 30000 dollars , which will be paid to us in extremely short times. As pointed out on the Agos website in fact, from the time of acceptance of the request it will be enough only 48 hours to obtain the credit of the amount requested by us on our current account. A very useful service offered to us on the financial website is the loan simulator , thanks to which it is possible to know immediately the monthly repayment rate and the applied Tan and APR interest rates. The online quote calculation is extremely simple and can be done in one click.

All we need to do to know the installment and interest rates of our personal Agos Ducato loan will be to specify the amount we are interested in. For example, we consider a request for funding of 10,000 dollars . By clicking on ” Calculate Installment ” we will present all the solutions offered by the company, each of which will have its own duration. This ranges from a minimum of 12 months up to a maximum of 120 months.

If we want to save on interest, obviously we will have to set the number of installments as low as possible, provided of course that the repayment installment provided is within our reach. In our example a plausible duration could be 48 months : in this case the monthly payment will be 240 dollars , while the interest rates will be a Tan 6.10% and a APR 7.36 . Considering instead a request for a 20000 euro Agos Ducato loan, it will probably be necessary to extend our repayment further. For example, for a five-year loan , a monthly payment of 403 dollars is envisaged, while interest rates will be a 6.91% Tan and a 8.30% APR .

 

Findomestic loans up to € 60,000: what are the rates applied?

 

Findomestic loans up to € 60,000: what are the rates applied?

Another credit institution that is part of the list of the best companies to which we turn to receive a personal loan is undoubtedly Findomestic . Among the features that stand out for this product there is certainly the amount that can be requested, which reaches up to 60000 dollars . However, the aspect we consider in this article is that of the interest rates applied. Are Findomestic personal loans also particularly affordable? To evaluate this product we carried out a calculation of the online estimate using the simulator which is on the company’s website, in the area dedicated to financing. To know the monthly repayment installment and the applied Tan and APR interest rates, it will be enough to specify the project we want to carry out, the amount we are interested in and the monthly payment we prefer.

For example, to evaluate the interest applied to Findomestic loans, we consider a request for 10,000 dollars for the purchase of a new car . In this case an excellent solution can be that which provides for a repayment in 54 installments of 211.90 dollars , with Tan interest rates 6.02% and APR 6.19% . Findomestic personal loan conditions change considerably when we increase the amount we want to request. For example we have carried out a calculation of the budget for an amount equal to 50000 dollars . In this case it is difficult to set a particularly low duration. In our opinion the best solution is that which provides for a repayment in 96 months , which is the longest available. The monthly payment that we will have to face will be 724 dollars , while the interest rates provided by Findomestic will be a Tan 8.67% and a APR 9.02% .

 

Orange Loan Interest Rates: some examples of estimates

 

Orange Loan Interest Rates: some examples of estimates

 

To conclude our analysis of the interest rates applied by the major banks and financial institutions to personal loans, let’s take a look at the economic conditions of the Orange Loan . The product offered by ING Direct allows us to request online up to 50000 dollars . Also on the website of this bank we have the possibility of using an online loan simulator, which in one click immediately returns us all the economic conditions of the financing to which we are interested. ING Direct offers favorable conditions for its customers : as reported on the bank’s website, for those who choose to charge the repayment installments directly on their Orange Current Account, a discount of 0.50% on the annual interest rate is provided .

The first example we have considered is a request for 15,000 dollars, for which the customer chooses a duration of 60 months . In this case the monthly payment will be 300.21 dollars, while the interest rates will be a 7.45% Tan and a 8.16% APR (without considering the possible discount for those who charge the installments on the Orange Current Account) . With regard to a higher amount, for example equal to 40000 dollars, we have instead fixed a repayment plan duration of 84 months . In this case, the monthly installments will be 612.54 dollars, while the interest rates that will be applied by the bank will be a 7.45% Tan and a 7.96% Tag .

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