Comparison of loan offers in Bulgaria – why it is important


People go out to borrow for various reasons. The road to the bank can be extremely difficult, especially if it is not in the most common type – working, high-paying, and having property – movable or not. With the changing profile of employed people, more and more financial institutions are showing flexibility and offering offers to both proven and non-permanent users.

Options to compare different types of products can be found in abundance on the web. Like any major purchase, loans need to be carefully scrutinized and compared. Attention to detail and any possible fees that would make the loan more expensive will save you headaches and of course money.

Where can you compare loan offers in Bulgaria?

Where can you compare loan offers in Bulgaria?

There are many players in the credit market. Fast loans have the advantage of demanding small sums of money, while banks have a high preponderance of high loans. And since this is a serious market that binds the consumer with monthly payments for even decades, the variety of products is really huge. If you want to buy a car or repair a home, you can contact any funding institution.

Quick lending companies can sometimes offer up to $ 5,000, and the amount can be much higher with banks. Some institutions offer specialized loans that are aimed at purchasing specific products, such as buying a car or repairing a home. Of course, a purchase can also be made with a standard consumer loan – a matter of customer preference. However, where can you compare loan offers?

  • Internet sites and calculators for each bank / company separately

Financial institutions have calculators or tables that describe the parameters of each product offered. In the most general case, describe the type of loan, the interest, the maximum amount that can be withdrawn, the repayment juice, the need for a security. Depending on the site, the minimum income that the applicant may need to apply for the product may also be described.

Many banks in recent years have focused on offering loans in the form of quick loans. In this way, products offered by banks, but similar to the fast ones in the possible amount of withdrawal and repayment period, were developed. The only difference is that the proposal comes from a bank, not a non-bank institution.

Visiting individual company sites has one drawback and it takes a long time to retrieve data for the product you are looking for. On the other hand, the consumer can easily go wrong and literally get lost in the variety of offers.

When applying from a particular institution’s website, you can see all its terms in one place.

  • Aggregate sites that offer a simplified spreadsheet view of bids

Sites that offer loan comparisons in Bulgaria are often in themselves a third party in lending. They are only an intermediary – ie. this is where the user found the offer he liked best as parameters. The website then links to the address of the institution offering the product.

The benefits of aggregate sites are in the way bids are submitted. They are usually presented in tabular form and the user can clearly see what suggestions he has for the parameters he is looking for. For example, most calculators on these sites provide the ability to calculate based on the specific amount that the customer would like.

For example, if he enters $ 5,000, he only receives the offers that match that demand, showing which of them are special, such as a declining interest rate at the end of the period, an interest-free period, a low interest rate for a certain period of time, etc. .

It is not always possible to choose the monthly installment

It is not always possible to choose the monthly installment

It is often based on different indicators for each bank and can be increased or decreased according to the capabilities of the particular client. The same applies to the term. However, with calculators, the data is given by the user, and then, when the documents are finalized, the bank may offer different contributions or a time limit.

Withdrawing a quick loan has slightly different features than a bank loan. Much more important to the customer here is the approval time, the amount and the return time. A feature of fast loans is the option to offer very low loans – some companies offer as much as $ 50 in credit. As fast lending institutions are much more likely to use bank lending, most of them offer special conditions for the withdrawal of a particular consecutive loan – for example, fifths, sixths, sevenths, etc.

Platforms offering many offers in one place do not lend themselves. They refer to the platform of the respective institution, where the client already adjusts his specific requests – for amount and period. It also provides much more in-depth information about interest and other terms and conditions, if any – such as an additional fee for express transfers, repayment arrangements and late payment conditions.

Statistics on loans in Bulgaria

Statistics on loans in Bulgaria

Starting from the bases for comparing loan offers in Bulgaria, the state of the credit market in the country is invariably reached. As of the middle of last year, according to the BNB Credit Register, a total of over 2 million Bulgarians have loans. However, nearly 5 million loans have been subscribed to the system. These data show that almost half of the working-age population in the country has loans, more than one.

Included in the list are appliances and appliances that are being repaid, because according to the law, this is also a type of credit, although it is more commonly known to consumers as a payment. The total amount of all loans is just over BGN 69 billion, which shows that the loan market is quite serious.

With more than one loan, credit card or payment scheme for appliances or equipment, it is very important to make timely payments to avoid entering a debt spiral.