Every people seeking a loan hopes to find the best possible loan – nobody likes the interest. When you use Prospero, you can compete with one application.
Before the loan brokerage service, the person applying for the loan had to contact the banks themselves to find out where to find the most favorable loan. Today, however, this is conveniently handled by using loan brokerage services.
Prospero is a loan brokerage service that lets you bid for loans for free.
How is this possible?
Prospero does not charge the applicant anything, as the company receives its fees from banks and lenders. In this case, the applicant does not have to pay extra costs.
A single application can bring the applicant several loan offers with different terms. When examining offers, it is worth considering the repayment period and the current annual interest rate of the loan.
The annual percentage rate of charge is the interest rate plus other costs associated with the loan, such as the opening fee and the account management fee.
When applying for a loan, you should pay more attention to the current annual interest rate, rather than just the interest rate.
Additional costs can also easily come from ordering a paper invoice, for example. It is therefore a good idea to ask your lender for the possibility of e-invoicing, which will reduce costs again.
It is not a good idea to force the loan period long, as it can bring surprisingly high additional costs. This is because many loan providers charge a monthly loan management fee.
Often this is a fairly small amount, but in the long run a small amount can be surprisingly large.
For example, a USD 5 account management fee will add as much as USD 300 in 5 years.
To avoid any misunderstanding, Prospero clearly discloses the current annual interest rates and costs of its loan offers to its customers. The company has a Key Flag token and adorners to data protection laws, regulations and requirements.