What is Loans15?
Loans15 is a loan comparison website in Sri Lanka that collects important information about loan offers. Here you will be able to view the most popular loan companies in Sri Lanka, which offer favorable loan conditions to both new and regular customers.
Thanks to Loans15, a customer can receive an offer within seconds.
Why compare loans?
It is very common for people to compare prices when shopping in a store. Comparing prices helps to better understand which offer is more beneficial and better meets the needs of a particular person.
In order for the borrower to be sufficiently informed, the loan comparison must be correct. Correct and clear information about a service benefits both its consumers and service providers. Information about lenders on our comparison site is regularly updated, so we have the latest information and the latest offers from credit companies. By comparing different lenders, you have the opportunity to choose the lender with the lowest monthly payment, lower interest rates, larger loan amount and longer repayment period.
When comparing loans at Loans15, you can view very important information about loans, such as:
- The minimum and maximum loan amount offered by the specific lender
- The maximum amount of the first loan
- Loan repayment term
- Maximum Annual Percentage Rate (APR)
- Commission fee
- Requirements for borrowers
- Total cost of the loan
Loans15 - so convenient and simple!
Thanks to Loans15, comparing loan offers can be done very quickly and easily, and an online loan can help fulfill your dreams and wishes! Choose the necessary criteria (loan amount, repayment period, monthly payments, interest rates) and view the companies that are most suitable for your chosen criteria.
By using the loan comparison on our portal, you will not be charged any additional fees - the loan comparison is available to absolutely everyone free of charge! It is important to add that you can use the loan for any purpose.
If you have any questions or doubts, for example, about delayed payments, you will definitely be able to find the answers on the lender's website. Often, lenders offer a "Frequently Asked Questions" section on their websites, where you can find answers to various questions.
Penalty or renewal policy information
Late payments reduce your chances of getting a loan in the future. Lenders have the right to ask you to pay penalty interest for late payment. Borrowers who do not repay the loan correctly lose the opportunity to receive discounts in the next application.
Paying off your loan on time contributes to a good credit score, which increases your chances of getting better loan terms in the future.
Annual Percentage Rate (APR)
The annual percentage rate is the total cost of the loan, expressed as a percentage. The calculation of the annual percentage rate does not include the costs associated with non-fulfillment of the obligations specified in the loan agreement.
Maximum percentage interest rate (APR): 365%. Loan term: from 62 days to 12 months. Calculation example (representative example): Loan of RS 50 000 for 6 months, monthly payment RS 8 948, total amount RS 53 688, annual percentage rate APR 15%.
Additional Associated Fees
Many or all of the products we offer are from our partners, from whom we may receive commission. This may affect the placement of offers and whether a product is included in the comparison. However, this does not affect our ratings.
In addition to obvious costs like interest and repayments, there may be hidden fees that ultimately make a loan more expensive than it initially appears. These hidden costs are not always obvious and can take many forms.
One of the most common hidden costs is a processing fee. Some lenders charge a fee for reviewing a loan application, which is added to the loan amount and interest. While this practice is criticized and sometimes restricted by law in many countries, it is important to consider this when taking out a loan.
Insurance premiums, especially for residual liability insurance, are another issue often overlooked. These insurances are designed to protect both the borrower and the lender if the borrower is unable to service the loan for reasons such as illness or unemployment. However, the cost of such insurance can be high and may significantly increase the overall loan expenses.
If a borrower wishes to repay a loan early, prepayment penalties may apply. These fees are intended to compensate lenders for lost interest income.
Additionally, a special repayment fee may be charged. While some loan agreements offer the option of special repayments without any additional fees, other lenders may impose a charge.
The overall cost of a loan may also be affected by an adjustment to the interest rate on variable-rate loans. If the base interest rate increases, the cost of the loan will also rise.
Therefore, it is crucial for borrowers to carefully review all aspects of a loan agreement, considering not only the nominal interest rate but also any additional fees and charges, to get a true understanding of the total cost of the loan.
Loans15.com does not issue loans and is not a lender. Loans15.com provides consumers with free information on the special terms of a lender's loan agreement and other relevant information. On the website, the peer-to-peer lenders have a special license to provide the consumer credit service.
