Considering the large number of financial companies (including banks) present on the market, a question that arises is how to find the one that is actually most convenient for our needs? The task is indeed arduous, as there are many parameters to evaluate and the variability of the solutions is considerable. Let’s try to understand something about it by finding the best funding for the amount of 5000 USD.
How to choose the best loan
One of the first parameters to be evaluated is undoubtedly the nominal annual rate TAN, or the interest rate that the credit institution applies to the capital and which determines the amount of the installment.
In reality, another parameter should also be considered, namely the APR which takes into account the nominal rate but also the accessory costs which often have a significant impact in any case. By accessory expenses we mean all those costs of managing the file, such as preliminary investigation, installment management, insurance, stamps and so on.
Then there is the number of installments to consider. This has a significant impact on costs. If you spread the loan over several installments you will certainly have a lower installment but you will see a higher rate applied and therefore overall you will pay a higher total (see also Immediate online loans).
Finally check carefully the presence or absence of the insurance. Many credit companies consider it mandatory, others optional. The advice is to have it counted. You will thus have greater protections.
Best loan for an amount equal to 5000 USD
Let’s consider a typical case, starting from the assumption that it is a fair sum, so without guarantees (with the exception of borderline situations such as those of the new born fund) it will be difficult to obtain the promotion of your request. Employee with permanent contract who requires the sum of 5000 USD to be repaid in 60 installments. We consider the case of optional insurance.
Best loans: Spin Lender and Across Lender
- Spin Lender applies a fixed TAN of 8.6% with Taeg of 9.1%. As far as expenses are concerned, we have zero preliminary costs, 16 USD stamp duty and annual expenses contained in 3.2 USD. Ultimately for a request of 5000 you will pay 6187 USD with a monthly amount of 102.58 USD.
- Across Lender remains at these levels with Tan of 5.91% and Taeg of 7.61%. Ultimately you will pay a total of 6090 USD with an installment of 97.40 USD.
The two credit companies excel even if you decide to insert the insurance policy, in which case the monthly payment rises to around 102 USD for both financial companies.