We have all heard about them. Payday loans, payday advance, salary loan, payroll loan, short term loan or cash advance loan. Many names but the overall idea is the same: providing a small, short term loan to a borrower. For some they are complicated, for others a quick fix needed. Either or, they can be very difficult to understand, and in some cases they are not under many jurisdictions. This can mean that interest rates can be high and even more importantly the annual percentage rate.
The annual percentage rate (APR) is an important term to understand when applying for a short term loan. It is the interest rate for a whole fiscal year expressed by a percentage. It covers all real financial costs in applying and having a short term loan. It is thus not about the interest rate, but also the costs of establishing the loan and insuring it.
This can be quite difficult for people to understand unless you have some sort of financial background or education. This is where a Danish company enters the scene.
Admill: the overview you need.
For some a quick or short term loan is a necessity. In this case, it is important to understand all terms and conditions, so you will know the exact amount you are borrowing and at what cost both prior to the loan, monthly and annually during the loan. This allows the consumer to understand the exact costs of a loan, when it is affordable and when it simply is not affordable to take. A Danish startup called Admill has understood this consumer need. Therefore, they have provided the website called Tjek-laan.dk. This site provides an overview of the loan market. At the same time, it offers filters for you to find a provider that fits your needs. More importantly it allows you to understand what you are signing up to. This is important for you to understand the amount of money you will pay for the loan you will receive. When it is a short term loan, this amount of money can be very high and even unreasonable.
Having an overview allows you to understand who these providers are, and that you should not choose them as your loan provider. At the same time you can find a provider that does not require enormous annual percentage rate and who provide the amount and time you need. The market is tricky, so it is all about understanding it and having the overview needed for this understanding.
Other overviews provided by Admill for the Danish market.
Admill was founded in January 2017, and this was also when the previously mentioned website was in the air. This was quickly followed by a website providing overviews of broadband providers and subscriptions. After this and until now more websites have come from the Danish Admill office. They have provided Danes with an overview of unions and unemployment funds. They have also provided a website with overview of all Danish suppliers of “meal boxes” or door deliveries of recipes, ingredients and even ready made meals for people who might not enjoy cooking or who are too busy to spend time buying groceries, developing interesting recipes and even cooking.
Admill has created even more websites than these. What is identical to all of them is that they provide overviews. Overviews for a more clear understanding of products and suppliers in the market. It is a jungle out there, and consumers need to be able to make the right decisions without feeling scammed or misled, and without ending up with the wrong product or service.
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admin, Khareem Sudlow
