If you want to take a 7000 Euro loan, you should take some time to compare offers. Because with such a sum are between cheap and expensive offers quickly hundreds of euros cost, which can be saved over the entire term.
At the Camibank, 4.29 – 9.99% interest is due for such a loan, with a maturity of 48 months. As is generally the case, this is already the effective interest rate. All fees are already included. However, how high the interest rate for the customer actually is depends on the individual’s creditworthiness. In fact, the majority of customers have received the 7,000 euro loan for 8.19% – which sounds less favorable. The single monthly rate is 170.55 Euro. The debtor will incur a total cost of € 1186.82 for the loan – a figure that should be undercut.
Candidate for a cheap 7000 euro loan
Credither would be a candidate for a cheap 7000 euro loan. Here only costs of 939.44 euros. Because the annual percentage rate for the majority of borrowers is only 6.5%. This saving also has an effect on the monthly installments of just € 165.40. As a minimum, Credither gives interest rates of 4.4%. The lender probably also benefits from the favorable business structure. The processing fees are low, but customers have to do without personal advice.
CredEur Bank also tries to lure with low effective interest rates. With a good credit rating and a maturity of 48 months 4.69% should be possible. The maximum rate is given by the Frankfurt bank at 11.95%. In fact, 2/3 of the customers receive a € 7000 loan for 7.95%. Every month 169.82 euros have to be paid, at the end of the term the customer has paid 8151.46 euros.
Banks review income and expenditure
This comparison clearly shows how important a good credit rating is for a € 7000 loan. A high default risk immediately causes rising interest rates. The criteria are manifold: An inquiry is obtained from credit bureau and the creditor is classified in a rating. It is of course disadvantageous if there are notes about defaults on old loans. Thus, the prospects for a € 7000 loan are suddenly negligible. But even if all registered loans are paid, that is no guarantee for a commitment. Too many current payment obligations threaten over-indebtedness, which the banks want to avoid in any case. To enforce their claims, reputable banks require solid financial planning.
Not only does a regular income have to be available, the monthly costs must not be too high either. Basically, the debtor must therefore have enough leeway to be able to repay the € 7000 loan. The banks use general empirical values for this purpose. If you do not receive a loan or have to pay high interest rates, you should conclude the loan agreement with a second borrower. The credit rating increases as a result, the credit costs decrease.