The amount of USD 20,000 is quite a large sum allowing you to buy an unforgettable holiday or buy a car of several years. If you do not earn enough, to be able to save that amount, if you want to spend it, you must take a loan from the bank. To receive a 20,000 loan we will have to meet a number of formalities because banks are not willing to easily share such funds with people who have doubts about their timely repayment. It is also an amount that can be hard to get in various parabanks or loan companies. Despite this, loans in this amount are still very often chosen by customers. Also for online loans.
20,000 loan – What conditions must be met to obtain it?
Banks are currently very cautious when it comes to granting loans amounting to tens of thousands of dollars. They are bound by law, which imposes such an obligation on them. Therefore, when applying for a loan of this amount, we should have stable employment with a fairly high salary and minimum permanent obligations. Being employed on a mandate contract, we will be slightly worse in the eyes of the bank applying for such a loan. If we are entrepreneurs employed in the b2b system, we will have to provide certificates from ZUS and Tax Office, as well as PIT tax returns. In all cases our history will be checked in BIK and KRD.
What makes up the total cost of the loan?
When taking a cash loan in a bank, we must be aware that we always give back more than we borrowed. This difference is the cost of the loan or in other words: the bank’s earnings. It usually ranges from 10 to 20% of the loan value, although extreme cases may occur when the APRC is several or even 40%. The total cost of the bank consists of the commission for its granting, the bank’s margin and the WIBOR premium determined daily around 11. The margin and commission are fixed values and cannot be changed during the loan repayment. However, the WIBOR premium amount has an impact on the loan installment during repayment. It is worth looking for promotional offers from banks for new customers. In such cases, we may come across offers with zero interest or no commission, which significantly reduces the monthly loan installment.
Cash loan comparison
To find the best cash loan offer, it’s worth using the online credit comparison website. Thanks to this solution, we will not be forced to browse through the offers of all banks. All the most important information can be found in one place. What’s more, after providing information on the loan amount and repayment length, we will receive an estimated amount of installments in all banks. The results are sorted in order from smallest to highest installments. Of course, information is provided about the amount of the APRC and the amount we will repay throughout the installment payment period. Comparison of these data will allow us to choose the right bank. After completing the application, we will receive more accurate calculations on its website.
Loan USD 20,000 – What is the installment amount?
It all depends on when we decide to pay back the loan. It is known that the longer the repayment period, the smaller the installment but the higher the total cost of the loan. And so by accidently paying off a loan of 20 thousand dollars in 2 years, we will pay about 1000 dollars a month, which is quite a good offer. However, if we can not afford such an installment, we can decide to pay back, for example, 4 years or 48 months. In this case, the monthly installment will be half as much and amount to about USD 500. Some of the banks will even allow us to repay the loan within 10 years. We will repay 120 monthly installments of USD 200-300. Unfortunately, we will eventually give back to the bank an average of USD 30,000, i.e. the entire loan amount increased by 50%! Which option is more profitable? Everyone must answer such a question individually. Not everyone can afford to pay monthly installments of USD 1,000, but on the other hand, it is a pity to pay USD 10,000 over ten years.
Payday deposit for USD 20,000
In the event that the bank gives us a negative response to the loan application, we will have to use loan companies (so-called parabanks). Their approach to granting loans is less restrictive than in the case of banks and we can get a loan even with a negative history in BIK and not very high income. Unfortunately, such companies specialize in small loans reaching several thousand dollars. Those offering USD 20,000 are scarce. If we take advantage of such an offer and pay the whole amount within four years, we will give the loan company another USD 20,000, i.e. a total of USD 40,000 with a monthly installment of almost USD 900.