Small and expensive consumer loans bring a lot of extra costs that can put your family in financial distress. By combining loans, it is possible to reduce the cost of a loan by tens, if not hundreds of dollars, at the monthly level alone. This was also noticed by Linda.
Combine the loans
Linda raised the matter with her husband and the decision to combine the loans was made. Although interest rates on the loans seemed reasonable at the time, Linda later discovered that the interest charges were quite high.
Linda got to know Good Credit for the first time and ended up talking to an expert to combine the loans. The expert was knowledgeable and advised Linda to bid for the loans due to the general low interest rate. At first Linda was a bit reluctant to bid for the loans, but with the service free of charge and the expert helping with the loan application, Linda decided to apply. Offers started coming in almost immediately.
Borrowing costs were reduced
Previously, Linda had paid a 16 percent interest on a $ 10,000 loan, while Linda had almost halved the interest rate to 8.5 percent. Initially, Linda did not believe in the benefits of tendering. In practice, this meant that family borrowing costs were reduced by one hundred dollars a month, with the loan period being extended by only one year. One hundred dollars is a significant sum, especially when there are more young people in the family and money is spent anywhere.
The decision to merge and compete for the loans allowed the family to have room for maneuver now, leaving the old loans hanging, as Linda paid off the old loans immediately after the new loan came into the account. Linda is pleased that she has been able to centralize her loans in one place and she does not intend to borrow any more.
Estimated Monthly Rate
E-mail address CONTINUE TO APPLY *) Example of the cost of a loan: With a credit of $ 10,000 and a repayment period of 5 years, the monthly payment is $ 232.5. The monthly installment includes a $ 5 monthly billing fee and a $ 90 opening fee. The total cost of the loan is $ 13,951.
The nominal interest rate is 12.60% and the effective annual interest rate is 14.9%.
Lenders make a loan offer based on a customer-specific assessment. The actual annual interest rate offered may vary between a minimum of 4.5% and a maximum of 30.6%.
The loan period offered varies from 1 to 15 years. The loan amounts offered are between $ 2000 and $ 60,000 and the loan amount offered may be less or greater than the loan amount applied for. The nominal interest rate offered shall be a maximum of 20% and the other costs of the loan shall be limited to USD 150 or 3.65% of the amount of the loan, whichever is lower.