Christmas and New Year’s time is a challenge for our household budget. We often borrow money from banks to cope with it. Unfortunately, in the holiday rush, you can make a hasty decision. We checked which loan offer would be the most advantageous.
Christmas fever fully: we buy gifts for loved ones, we plan Christmas Eve meetings and New Year’s Eve trips. Our readers, Karolina and Marek, also do this, asking us to find the best cash loan offer. They want to finance December expenses.
Which bank will borrow the cheapest?
Special period for them – they finally moved into their dream home. Unfortunately, this has significantly depleted their reserves on their account, which is why they want to borrow USD 15,000 from the bank to cope with Christmas and New Year’s challenges (and not only).
They want to pay back the commitment for 4 years. They asked us to find the best offer. However, they set us one very important condition: they want a loan with a fixed interest rate.
We asked the banks to prepare such a calculation. In total, we compared 14 proposals. Our calculations have shown that the total loan costs can range from USD 18,020 to as much as USD 20,332.
Good Finance Consumer Bank, Fine Bank, and Good Credit are institutions that have prepared both for customers who already use the services of a given bank and for customers who do not use the best offers. Customers’ attachment to banks resulted in minor differences in individual offers, but in both cases, Good Finance Consumer Bank turned out to be unrivaled. Accurate calculations below.
The cheapest offer for a customer
Who does not use the services of a given bank was prepared by Good Finance Consumer Bank, in which the total amount to be paid was USD 18,020 and the monthly installment was USD 375.41. All thanks to the interest rate of 3.99 percent. and 9.80% commission
Fine Bank prepared an offer more expensive by USD 1,005. Here, the total cost of the loan reached USD 19,025, and the monthly installment was USD 396.36. An interest rate of 7.95% was responsible for such costs. and a commission of 7.70 percent
The latest offer worth recommending was presented by Good Credit. Here, the difference in the total cost of credit between this and the best offer reached as much as USD 1,261. The total cost of the loan was USD 19,281 and the monthly installment was USD 401.68. This result was affected by an interest rate of 6 percent. and a 12.30 percent commission
Out of 7 calculations for external customers that banks sent us, only at Good Finance Consumer Bank the total amount to be paid slightly exceeded USD 18,000. In other institutions, the costs exceeded 19,000 USD, and in the least favorable offer reached even 20,000 USD. What’s more, the difference in costs between the most expensive and the cheapest offer was as much as USD 2,312.
Good Finance Consumer Bank has also prepared an unrivaled offer for its customers. The total amount to be paid at this bank was USD 18,379, and the monthly installment was USD 382.90. All thanks to an interest rate of 4.99 percent. and 9.80% commission
This time, Good Credit came second, which prepared an offer more expensive by USD 528. The total amount to be paid at this bank was USD 18,907, and the monthly installment was USD 393.89. All thanks to an interest rate of 5 percent. and commissions 12.30%
Fine Bank prepared the last offer worth recommending
The total cost of the loan was USD 19,025, and the monthly installment was USD 396.36. This result was affected by an interest rate of 7.95 percent. and 7.70 percent commission
On the 7 calculations for internal customers, which banks sent us, only in Good Finance Consumer Bank and Good Credit the total amount to be paid did not exceed USD 19,000. In other institutions, the costs exceeded this amount, and in the least advantageous offer even USD 20,000. What’s more, the difference in costs between the most expensive and the cheapest offer reached as much as USD 1,953.