Credit 50 thousand

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  • November 9, 2019
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Do you need a loan of $50,000 to finance the purchase of a car or the renovation of an apartment? The best option is to take advantage of the bank’s offer and take out a cash loan for any purpose. In this article we will try to present a financial product which is a cash loan, we will show its good and bad sides and we will try to help you choose the best offer for a loan of 50 thousand USD.
What is a cash loan and what influences its cost?
By cash credit we mean making certain funds available to us by the bank in the form of a transfer to a bank account or withdrawn in cash at a bank outlet. We are obliged to pay these funds off more than once within the time limit specified in the agreement. Such a reference is otherwise the total cost of the loan. Usually it is from 10% to 20% per annum and we will have to return the increased amount to the bank if the loan is repaid in 12 installments. The cost of the loan includes interest rate constituting the bank’s margin, WIBOR contribution (the rate at which the banks borrow money among themselves, currently about 2%) and commission for granting the loan. If you decide to take out a loan, it is worth looking for promotional offers in which banks completely renounce interest or commission.
How to obtain a loan?
In order to obtain a cash loan we will have to submit a special application on the bank’s website. It is necessary to provide them with all your personal data, of course, true to the truth. We will need to provide your PESEL number, ID card number, address of residence, registration and other data.
The next steps in filling in the application will be to provide information about the source and amount of our income resulting from employment. The more stable the employment, the better. It is ideal to have a documented employment contract for an indefinite period of time or to be employed in the recently popular b2b system (i.e. running a sole proprietorship). In the case of a loan for 50000USD our income should be quite considerable. It is possible that the bank will refuse to grant us a loan if our income is below the level of 3000USDnetto. It is also very important that we have fixed expenses of our household and whether we have any dependants. If we are currently paying other obligations, we must also indicate them in the application form.
All this influences the bank’s decision to grant us a loan. The banks will also be happy to check our credit history with the office, a special institution established in the 1990s to store and make available data on borrowers.
Credit calculator – Credit 50,000
In order to find the best offer for a loan of 5 0 thousand USD, it is worth using various credit calculators. They are available on the websites of individual banks, but they contain only the offer of this particular bank. To check the current proposal and the amount of the possible installment in all banks we should use a credit comparison engine, which aggregates data from all banks in its system. After giving the amount of 50000USD and the period in which we want to repay it, the system will within a few seconds calculate the possible installments in all banks and will give the total cost of credit for all options. It will not be a binding value, of course, but only an estimate. Detailed calculations will be obtained by filling in the application form on the website of a specific bank.
Credit 50 thousand for one year
By borrowing USD 50,000 from a bank and paying off the entire amount within a year, we will not pay much more in overall terms. Of course, in percentage terms, because the amount will still be a large sum. In the promotional offer of one of the banks we will pay only 2000USD more, which in the case of the amount of 50000USD is not too much. Unfortunately, the monthly installment in such a case will amount to over 4000 USD, so such a loan will be available only to the best earners, who will have the appropriate creditworthiness to allow the installment in such an amount.
Credit 50 thousand for three years
Taking the same credit with a repayment option extended to three years, we will significantly reduce the amount of the instalment. In this case, it will amount to only 1600 – 1700 USD. However, it is obvious that we will pay much more in the final analysis for such a loan. It will not be only 2000USD but 6000USD in the most favorable option and 13000USD in the most expensive one. As you can see, this amount increases quite significantly with each extension of the loan repayment period.
Loan 50 thousand over ten years
The option to repay within 10 years is the last resort. It allows for a significant reduction in the amount of the instalment, as it will amount to only about USD 600. Unfortunately, the total amount of USD 20 – 30 thousand more than we borrowed will be transferred to the bank.

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