It’s so easy to get a 3000 USD loan.
A 3000 USD loan is a typical and popular small loan for many customers, which is particularly suitable for debt restructuring. There is room for maneuver in the checking account again and the high overdraft interest can be avoided.
A detailed comparison is also worthwhile with such a loan amount.
At Cream Bank, 2/3 of the customers paid an effective annual interest rate of 9.99%. This relatively high interest rate is hardly surprising, since a long term combined with low loan amounts increases the relative costs. Interest from 4.29% would only be possible if the creditworthiness was very good. In absolute terms, this means that USD 75.46 must be paid back each month and totaled USD 3,621.85 at the end of the term.
Online credit shows that this is also a bit cheaper. The online bank passes on the low administrative costs directly to the customers. For such a 3000 USD loan, the majority of the debtors have to pay 6.5% interest. Given that 10.9% could also be possible, the costs are therefore quite low. With the assumed 6.5%, 70.89 USD must be paid monthly. The total cost is 402.62 USD, so you can save more than 200 USD compared to the first offer.
An interesting offer is also available from Lite Lender. At 7.95%, the required interest rate for 2/3 of the customers is still moderate. For particularly creditworthy customers, this interest rate can drop to up to 4.35%. This would reduce interest and fees due to almost half. Under realistic conditions, a 3000 USD loan from Lite Lender costs 493.48 USD. Converted to the monthly rate, 72.78 USD must be paid.
Second borrower improves the chances of a 3000 USD loan
Apart from the term, which was assumed to be 48 months for these offers, the creditworthiness of the debtor alone determines the conditions for the 3000 USD loan. The basic rule is: the more money the debtor has available, the cheaper the loan. In order to reach the range of the partially advertised 4%, however, an income would have to be available that would quickly make a 3000 USD loan uninteresting due to the small loan amount.
The sometimes very high interest rates, which two-thirds of customers have to factor in, are probably related to the low income. But even if around 10% has to be paid for such a 3000 USD loan, the loan for debt restructuring can be worthwhile: Up to 16% is often due for the overdraft facility with a checking account.
It is important, however, that current income minus monthly obligations allows repayment at all. Regular income that does not come from labor income is also taken into account. This includes rental income as well as income from investments. In addition, the debtor’s age must range from 18 to about 58 years.
The banks see older borrowers as a risk that no one will pay for the loan if they die. If the situation is critical, then a second borrower can ensure an increase in creditworthiness. However, both debtors are jointly responsible for paying the debt.