The consolidation loan offered by Bank Good Finance bears interest at 4.99% per annum. For providing it, the bank charges a fee in the form of a commission representing 6% of the amount of the commitment that has been granted.
The range of amounts available under this consolidation loan is a minimum of USD 10,000 and a maximum of USD 150,000. The undertaking may be spread over a maximum of 10 years.
The loan period provided by Bank Good Finance
It is so long that you can easily adjust the repayment of the liability to your financial capabilities. We will not receive a loan if we do not present our earnings statement to the Bank. Let’s check the offer on a specific example.
For the consolidation loan amount of USD 75,000, with a repayment period of 5 years, the APRC will be 7.67% per annum. The loan installments will be USD 1,500 each. The borrower will have to pay back the total amount of almost USD 90,000. The commitment will cost him almost USD 15,000.
Bank Good Credit and its consolidation loan proposal.
The consolidation loan at Bank Good Credit is a liability with a nominal interest rate of 7.99% per annum. There are no additional costs in the form of commission for granting the loan. Here you can consolidate liabilities for a total amount of USD 10-300 thousand. The maximum loan period in which the liability can be repaid in 180 months. For this consolidation loan, we need to set up a personal account at Bank Good Credit.
The borrower’s earnings statement is necessary to apply for this commitment. The borrower choosing this offer has the option of negotiating the loan interest rate. The annual Actual Interest Rate on our liability for USD 75,000, spread over 60 months, will be 8.29% per annum.
Each installment will be 1,520 dollars each. The borrower’s total repayment amount will exceed USD 91,000. This loan will cost over 16,000 USD and it will be a more expensive offer than offered by Bank Good Finance. However, the difference is not very big.