Banking competition provides cheaper loans
Completely new figures from Good lender show that borrowers in December 2017 saved up to 46% just by obtaining loan offers from several banks. The savings are the difference between the total amount to be repaid at the most expensive and cheapest loan offer that the user received when applying through Good lender.
The size of the savings depends on the size of the loan
“ Saved up to 46% just by obtaining loan offers from several banks
Individuals who have borrowed between DKK 10,000 and DKK 49,999 have, on average, saved 17% by obtaining more loan offers and choosing the cheapest. For loans between DKK 50,000 and DKK 99,000, borrowers saved an average of 10%, while the savings on loans between 100,000 and 300,000 were on average 13%, on the total amount to be repaid.
Known model in other Nordic countries
The model for obtaining loan offers is known from several Nordic countries. Especially in Norway and Sweden, it is common to compare several loan offers via a so-called loan broker before borrowing. So far, Good lender is the only one in Denmark that offers Danish borrowers to obtain more offers by simply filling out a single application, where traditional services require the applicant to fill out an application with each bank and to make a comparison between the offers catching up.
The December figures show that this model not only saves time, as users only have to fill in one application, but actually also money.
We also know it from other industries
Few Danes go directly to the airlines’ website and buy a ticket to Paris, for example, when the holiday is to be booked. While in Denmark we are used to comparing prices before buying air travel, hotel accommodation, or when we need to renovate the bathroom, it is still a new phenomenon when it comes to loans.
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