In recent years, the general debt of Americans has been growing significantly. We are already indebted to more than USD 30 billion a year, and the total debt has long since exceeded USD 600 billion. As it turns out, most of this amount is made up of cash loans in banks. They usually amount to several thousand dollars, but there are also loans for larger amounts, such as a loan of 30 thousand dollars. In order to obtain it, one needs to meet a little more conditions than in the case of a small loan of several thousand people. Banks have recently become more cautious and screen their customers more thoroughly before granting a loan of this amount. What are the conditions for obtaining such a loan? How much will it cost? Where can we find the best offer?
How to obtain a loan of 30 thousand USD?
In order to get a credit of this amount we should earn over 3 thousand USD net a month and not pay back too many credits at the moment. A credit card with a high limit or a revolving credit on your personal account will not improve the situation. The smaller the fixed monthly commitments, the better for us. Earnings we earn should come from permanent work on a contract of employment, preferably for an indefinite period of time or be employed in the b2b system. If we are employed under a loan agreement, it may be much more difficult.
After completing the online application form, the bank’s website will verify all the information provided in it and our credit history in the office. In the application we will have to specify the period in which we decide to repay our loan. This has a direct impact on the amount of the instalment and thus on the creditworthiness. The smaller the installment, the greater the chance that we will get a positive decision. Unfortunately, a smaller instalment in the final settlement means that we will give much more money to the bank than we borrowed. Let’s see how it works in practice.
How much does credit cost? We are looking for the best offer.
Before we start looking for the cheapest $30,000 cash loan, we should know what the real cost of the loan is. The total cost is expressed as the value of the APRC (annual real interest rate). This means the total cost of the loan on an annual basis. It consists of the bank’s margin, WIBOR and commission for granting the loan. In total, it is usually a value between 10 % and 20 %. Often, in the case of lower interest rates, we come across a higher commission. There are also cases where banks completely give up commissions in favour of higher interest rates.
Loan 30 thousand USD per 24 months
Taking a loan of 30 thousand USD from the bank and repaying it within two years (we omit the option with a 12-month repayment period due to a very high monthly installment) we give to the bank the amount increased by 3500 or 6000USD depending on the value of APRSO in a given bank. In the cheapest option our instalment will amount to almost 1400 USD, in the most expensive option it will be higher by slightly more than 100 USD. On a monthly basis, this is not a big difference. In the final settlement, however, it becomes visible.
Loan of 30 thousand USD for 36 months
The situation changes slightly if we extend the repayment term to 3 years, i.e. 36 months. Although the monthly instalment will fall to around USD 1,000, we will repay the bank in the total amount of USD 5,000 – 8,000. It is already quite a big interest on the base amount of the loan amounting to USD 30 thousand.
Loan 30 thousand for 120 months
In case we want to reduce the monthly installment as much as possible, we can decide to repay the loan within 10 years in 120 monthly installments. Not all banks offer this possibility. However, if we find such an offer, we can count on a rate of 350USDoddając to the bank as much as 12000USD More than we borrowed. In the most expensive option the installment may amount to more than 400USDa to the bank we will give almost 20 thousand USD more. As you can see, such a loan does not pay off at all for us as clients.
Credit or loan?
In the case of loans for a smaller amount we can apply for a moment in a loan company if we get a negative answer from the bank. However, when it comes to the amount of 30000USDracza it will be difficult for us to find a suitable offer. Such companies specialize in borrowing small amounts of several thousand USD. There are offers for a maximum of 25000USD but there are only a few of them. It will be difficult for us to get a larger amount of money. However, if you decide to try your hand at a loan company then let’s prepare for the fact that the monthly installment of repayment of such a loan will be much greater than the installment in the bank and in the case of late repayment costs can rise exponentially due to different types of penalty fees and interest.
Credit 30 thousand
