A cash loan of USD 10,000 for a period of 24 months
Recently, a bank appeared on the market. It offers many interesting commitments. One of them is cash loan.
Cash loan for 24 months
Let’s check how it will look like taking out a cash loan for USD 10,000 with a loan term of 24 months. Each of the monthly installments will be equal to USD 500. The total liability will generate a total cost of USD 2,000. At the end we will have to give the bank a total amount of USD 12,000. The cost of credit is not very excessive. This offer includes borrowings from USD 2,000 to USD 50,000. This is not a very large amount range, but due to the minimum formalities that must be met, this offer will appeal to many borrowers. The loan period, which can be spread, is from 4 months to a maximum of 72 months, see the best offers.
Fixed interest rate
A very big advantage of the cash loan is the guarantee of a fixed interest rate, which means that throughout the entire loan period the installments will be the same and there will be no situation when they increase. The nominal interest rate here ranges from 8.85% to a maximum of 10% per annum. The commission for granting such a loan is calculated on a case-by-case basis and ranges from 6% to a maximum of 12% of the amount borrowed. The preparation fee is not charged as part of this offer and there is no purchase of other mandatory products offered . The loan repayment account is also kept completely free, which is also important because paying for it would be a higher cost for us. However, one must take into account that early repayment is possible, but not free. If we have less than twelve months to pay us back, the commission will be equal to 1%, in other cases it will be half as much. Changing the repayment schedule is possible, but you will have to pay USD 50 each time.
Loan documents and costs
The costs associated with extending the loan period and in the case when the bank sends us a letter reminder are set individually. We will not get this commitment as proof. It will be necessary to provide the bank with a certificate issued by the employer regarding the employment and remuneration of the borrower. The bank accepts such documents as: employment contracts for an indefinite and definite period, pensions and pre-retirement benefits, as well as pensions, income from own farm, but also very importantly the income obtained abroad which in many banks is not taken into account attention. The bank also accepts as a source of income the borrower’s mandate or specific work contracts, managerial and seaman contracts, as well as agency contracts and appointments to uniformed services. No consent is required for taking out a loan, regardless of the amount of the commitment.