When taking out a loan, it is also extremely important to compare different loan providers. Here are loan calculators that involve a large number of banks and credit institutions in their search. By entering the marginal data, i.e. the desired loan amount and the term, the search engines filter out the respective providers and list them in an increasing order.
The amount of the effective annual interest rate and the fees incurred when taking out an 11,000 USD loan differ significantly depending on the provider. With an exemplary loan amount of $ 11,000.00 that is to be paid over 48 months, there is already a price difference of almost $ 700.00 compared to only three providers.
Find the best loan provider
Best Bank is the cheapest provider for taking out an 11,000 USD loan. If you take out a loan of $ 11,000 with a total term of 48 months, you will pay back a sum of $ 12,130.64 including all fees. The bound borrowing rate is 4.23% plus a 2/3 interest rate of 4.99%. The calculation example shows a monthly repayment rate of 252.72 USD. A processing fee does not apply to the Best Bank.
Another provider that recommends the price for taking out an 11000 USD loan is Lite Lender. Under the same conditions and a net loan amount of $ 11,000.00 with a term of 48 months, costs of $ 1,476.26 are incurred. This is due to the raised 2/3 interest rate of 6.50% and a processing fee that is 3.00% of the loan amount. The monthly cost of the rate at Lite Lender is 259.92 USD. The total amount of the loan, including all fees and interest, is $ 12,476.26.
Credit Cream Bank NV has proven to be the last credit provider in this sample calculation. The total cost of the loan already shows a significant difference from the previous providers. Although Credit Cream Bank NV does not charge a processing fee, the total cost of the loan is $ 12,809.44. If the loan amount is spread over 48 months, the provider assumes a 2/3 interest rate of 7.95%. The bound borrowing rate is set at 4.41% for the entire term. The monthly rate for taking out an 11,000 USD loan is thus 266.86 USD.
General requirements for lending
In order to take out a small loan from one of the aforementioned credit institutions, the borrower must have a permanent place of residence in Germany. In addition, the terms and conditions stipulate that the borrower has a fixed employment relationship. The 11,000 USD loan requires the borrower to be of legal age. The calculation example of a loan comparison does not mean that the loan actually comes about. As soon as the cheapest provider has been filtered out with the help of a credit calculator, an application must be made to the chosen provider. This examines the borrower’s information sustainably and decides in the course of the check whether the borrowing is approved. A negative Credit Bureau entry can lead to the refusal of the 11,000 USD loan. Most providers do not stipulate the use of the loan, but can be entered in the loan application if the borrower so wishes.