30 thousand loanOn November 19, 2019 by Elliot Carter
In recent years, the overall debt of Poles has increased significantly. Annually, we are indebted for over USD 30 billion and the total debt has long exceeded USD 600 billion. As it turns out, the majority of this amount are cash loans from banks. They usually amount to several thousand dollars, but there are also loans for larger amounts, such as a loan of 30 thousand dollars. To receive it, you need to meet slightly more conditions than a small loan of several thousand. Banks have recently become more cautious and are more thoroughly screening their clients before granting such loans. What are the conditions for obtaining such a loan? How much will it cost? Where can we find the best offer?
How do you get a 30,000 loan?
To get a loan of this amount, we should earn over USD 3,000 net per month and not repay too many loans at the moment. The situation will not be improved by a high-limit credit card or revolving credit on a personal account. The smaller the fixed monthly commitments, the better for us. Earnings that we obtain should come from permanent work under a contract of employment, preferably for an indefinite period or be employed in the b2b system. If we are employed on a loan order contract it can be definitely harder.
After completing the online application, the bank’s website will verify all the information provided therein and our credit history in BIK. In the application we will have to specify in what period we decide to repay our loan. This has a direct impact on the installment amount and, consequently, on your creditworthiness. The smaller the installment, the greater the chance that we will get a positive decision. Unfortunately, the smaller installment ultimately means that we will give back much more money to the bank than we borrowed. Let’s check how it looks in practice.
How much does the loan cost? We are looking for the best offer.
Before we start looking for the cheapest cash loan for USD 30,000, we should know what really makes up the total cost of the loan. The total cost is expressed as the APRC (annual real interest rate). This means the total cost of the loan on an annual basis. It consists of the bank’s margin, WIBOR premium and commission for granting the loan. In total, it is usually a value in the range of 10-20%. We often come across a larger commission if the interest rate is lower. There are also cases when banks completely abandon the commission for a higher interest rate.
30,000 loan for 24 months
Taking a 30,000 loan from the bank and paying it back in two years (we omit the option with a 12-month repayment period due to the very high monthly installment) we will give the bank an amount increased by 3500 or 6000 USD depending on the value of the APRC in the given bank. In the cheapest option, our installment will be almost 1,400 dollars, in the most expensive option it will be higher by just over USD 100. On a monthly basis, this is not a big difference. In the end, however, it becomes visible.
30,000 loan for 36 months
The situation changes slightly if we extend the repayment period to 3 years or 36 months. Admittedly, the monthly installment will drop to around USD 1,000, however, we will repay the bank the whole amount from USD 5,000 to 8,000. This is already a fairly large percentage of the base loan amount of USD 30,000.
30,000 loan for 120 months
If we want to reduce the amount of the monthly installment to the maximum, we can decide to repay the loan within as many as 10 years in 120 monthly installments. Not all banks offer this option. However, if we find such an offer, we can even count on a rate of USD 350, giving the bank up to USD 12,000 more than we borrowed. In the most expensive option, the installment can amount to over USD 400 and we will give nearly USD 20,000 more to the bank. As you can see, this loan does not pay off as customers at all.
Credit or payday pay?
In the case of loans for a smaller amount, we can apply for a payday loan at a loan company if we get a negative answer from the bank. However, when it comes to the amount of USD 30,000, it will be difficult for us to find the right offer. Such companies specialize in borrowing small sums of several thousand dollars. There are offers for a maximum of 25,000 USD, but there are only a few. It will be difficult for us to get more money. However, if you decide to try your hand at a loan company, let’s be prepared for the fact that the monthly repayment installment for such a loan will be much higher than the installment at the bank and in the event of late repayment, the costs may increase avalanche due to various types of penalty fees and interest.