A credit requirement can arise quickly. A larger purchase – for example, the replacement of the broken car – can create a need for a loan. It is then important to carry out an intensive loan comparison between different providers under the same conditions – i.e. loan amount and term – in order to obtain an objective comparison.
The effective annual interest rates that arise for the loans should be checked particularly carefully because over a period of 48 months there can be significant deviations in costs.
The 12,000 dollars loan from Good Credit Bank
Anyone interested in the 12,000 dollars loan from Good Credit Bank will have to pay an effective annual interest rate of 7.95 percent over a period of 48 months. The fixed borrowing rate for the loan amount is 5.94 percent per year. The Good Credit Bank also charges a processing fee, which amounts to 420.00 dollars for the desired loan amount.
A monthly charge for the USD 12,000 loan in the form of installments is USD 291.00. Due to the resulting costs from processing fee and interest, the borrower at Good Credit Bank pays the bank a total of USD 14011.68 for the 12000 dollars loan with a term of 48 months.
The loan over 12000 dollars from Good Finance
The Barclay credit with a loan amount of 12,000 dollars and a term of 48 months provides for an effective annual interest rate of 9.90 percent. The fixed borrowing rate for the loan amount of 12,000 dollars at Good Finance is 9.48 percent per year.
The borrower must plan a monthly installment of USD 196.00 for the loan. In total, a total loan amount including all interest and processing fees is due for this loan, which is then 16462.61 dollars.
Borrowing from E-Money
The 12,000 dollars loan can also be taken out at E-Money. The term of the loan can also be set to 48 months. With a term of 48 months and a loan amount of USD 12,000, the interest of USD 1,410.43 accrues on the entire term. The total loan amount thus amounts to 13,410.43 dollars over the entire term. The borrower must pay 47 installments in the amount of USD 279.40. The last installment amounts to 278.63 dollars. The borrowing rate for the loan is 5.56 percent. This results in an effective annual interest rate of 5.70 percent for the loan.
Lending for the USD 12,000 loan from all three providers is subject to certain conditions. For example, the applicant must be in a permanent position, which results in regular and attachable income. The interest rates are also geared towards optimal creditworthiness.
The Credit Bureau information must also be correct for borrowing from all three providers – Credit Bureau entries lead to a rejection of the loan or – depending on the situation – at least to a significant increase in the cost of the loan for the applicant. It is important to know that loan payments from the three providers may not be suspended once a year, as is often the case with some other providers on the market today. Borrowing is generally possible for the self-employed but is subject to other conditions with regard to proof of creditworthiness.