Do you need a loan of USD 50,000 to finance a car purchase or refurbishment? The best option will be to use the bank’s offer and take out a cash loan for any purpose. In this article we will try to present the 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.
Online loans for poor credit: visit our website
To obtain an online loan for poor credit, we will have to submit a special application on https://www.mandello.org/ website. It is necessary to provide in them all your personal data, of course truthful. We will need to provide your PESEL number, ID card number, residence address, registered address, and other details.
The next stages of completing the application will consist of providing information about the source and the amount of our employment income. The more stable employment, the better. It is ideal to have a documented employment contract for an indefinite period or be employed in the recently popular b2b system (i.e. conducting sole proprietorship). In the case of a USD 50,000 loan, our income should be quite large. It is possible that the bank will refuse to grant us a loan if our income is below USD 3,000 net. The constant expenses of our household and whether we have any dependents are also very important. If we are currently repaying other liabilities, we must also indicate them in the application.
All this affects the bank’s decision to grant us a loan. Banks will also be happy to check our credit history at BIK, a special institution established in the nineties to store and share data on borrowers.
What is a cash loan and what affects its cost?
By cash loan, we mean that the bank has provided us with some funds in the form of a transfer to an account or paid in cash at the outlet. We undertake to repay these funds with more than the time specified in the contract. This interest is the total cost of the loan. Usually, it amounts to 10 to 20% per annum and we will have to give the bank an increased amount if the loan is repaid in 12 installments. The cost of the loan includes the interest rate being the bank’s margin, the WIBOR premium (the rate at which banks borrow money between themselves, currently around 2%) and the commission for granting the loan. If you decide to take out a loan, you should look for promotional offers in which banks completely abandon interest or commission fees.
Loan calculator – 50,000 loan
To find the best offer for a loan. It is worth using 0 thousand different loan 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 any installment in all banks, we should use a credit comparison engine that aggregates data from all banks in its system. After providing the amount of USD 50,000 and the period in which we want to pay it back, the system will calculate any installments in all banks within a few seconds and provide the total cost of financing for all options. Of course, this will not be binding, but only an estimate. Accurate calculations will be obtained by completing the application on the specific bank’s website.
50,000 loan for one year
By borrowing USD 50,000 in the bank and paying off the whole amount during the year, we won’t pay much more in general. Of course, as a percentage, because in the amount it will still be a large sum. In the promotional offer of one of the banks, we will pay only USD 2,000 more, which at USD 50,000 is not a great deal. Unfortunately, the monthly installment, in this case, will be over USD 4,000, so such a loan will be available only to the highest earners who will have adequate credit standing allowing such an installment.
50,000 loan for three years
Taking the same loan with a repayment option extended to three years, we will significantly reduce the installment amount. In this case, it will amount to only 1600 – 1700 USD. However, it is clear that we will pay a lot more at the end of this loan. It will no longer be only 2,000 USD but 6,000 USD in the most favorable option and as much as 13,000 USD in the most expensive option. As you can see, this sum increases significantly with each extension of the loan repayment period.
50,000 loan for ten years
The option of repayment within 10 years is the last resort. It allows you to significantly reduce the installment amount, as it will be only about USD 600. Unfortunately, we will give back to the bank 20-30 thousand dollars more than we borrowed.