Long-term loans – calculator

To mention non-bank loans, we usually mean popular payday loans with a repayment period of up to 30 days. However, not everyone knows that by using the services of loan companies you can also take out a long-term loan, repaid in monthly installments.

The amounts of non-bank installment loans start at several dozen dollars but end at several or even several dozen thousand. Although their costs are usually higher than the cost of bank loans, they are not as high as they were a few years ago. All thanks to the amended provisions of the Anti-usury Act, which entered into force in March 2016.

According to them, the cost of borrowing money cannot be more than 25% of the loan amount plus 30% of that amount per annum. The cost limits include all fees except interest. Their amount remained unchanged and is currently four times the Good Finance rate, i.e. 10% per annum. Depending on the company, the repayment period of a long-term loan is from a few to a dozen or even several dozen months.

Long-term loan offers – ranking

Long-term loan offers - ranking

Select the type and parameters of the payday 

Payday amount:

Loan repayment date:

Find the best payday loans Good Finance loans 3.8 (75.56%) 36 ratings Loan amount: USD 1,000 / USD 15,000 possible Number of installments: 3 The amount to be donated: 1217 USD Cost of loan: USD 217 APRC 239% Opinion on Good Finance Take a payday loan Extension of repayment Late payment costs Additional information.

It is possible to postpone the repayment date of the loan installment by one month. In the case of a 24-month loan, this option is available 4 times.

A representative example:

The actual annual interest rate (APRC) is 78.6%; total loan amount (without costs credited) USD 7,500; variable interest rate 10%, total cost of the loan USD 8,712 (including commission USD 7,500, interest USD 1,212); total amount to be paid USD 16,212, payable in 36 monthly installments (35 installments of USD 450.33 and the last 36 installment: USD 450.45). Calculation for December 3, 2018. Granting a loan and postponing the installment repayment date depend on prior assessment of the applicant’s creditworthiness. Registration fee (refundable): 1 gr.

Good Credit 3.6 (71%) 40 ratings Loan amount: USD 1,000 / USD 25,000 possible Number of installments: 3 The amount to be donated: 1013 USD Cost of loan: USD 13 APRC 8% Opinion.

    You can extend the repayment:

  • from 6 installments to 11 installments – 1 Postponement of the loan installment repayment date,
  • from 12 installments to 17 installments – 2 Postponement of loan installment repayment,
  • from 18 installments to 23 installments – 3 Postponement of loan installment repayment,
  • from 24 installments – 4 Postponement of the loan repayment date.
    • The lender has the right to take steps to clarify the reasons for delay and enforce payments, which involve making additional telephone contacts, sending you a letter, sending an SMS or a home visit.
    • The lender has the right to terminate the contract and seek a refund of the claim in court or out of court.
    • The lender has the right to sell the claim to a third party.
    • The borrower may be charged with court and enforcement costs.

There are many non-bank institutions on the market that grant long-term loans. If you want to compare the offers of individual lenders and choose the one that best meets your expectations, analyze the above ranking of long-term loans. All companies included in the ranking are proven, reliable and competent lenders. If you want to quickly compare the above loan offers in terms of the minimum and maximum amount, available repayment dates and installment amounts, visit the installment loan subpage and use the loan comparison site.

The order of the companies in the ranking is not accidental. The highest is the most favorable (in terms of costs, level of granting, a sum that can be borrowed, repayment period and speed of procedures) of the offer. In the last column, next to each company, you’ll also find two hyperlinks – one leads to the given lender’s page, the other – to the description of the company.

By clicking the Additional information button you will learn the details of a given offer – terms of accession, award criteria, and other valuable information.

Choosing a long-term non-bank loan

Choosing a long-term non-bank loan

Contrary to appearances, choosing the best long-term loan is not a simple task. Especially that there are many companies offering installments. Individual offers differ primarily in costs, maximum available funding and the repayment period. Before you reach for a long-term loan, analyze and compare individual offers. It may turn out that random selection will cost you a lot.

What to look for when choosing a long-term offer?

When choosing a long-term loan, pay attention primarily to:

      • amount of costs. The costs of taking a long-term loan in the same amount may vary by up to several hundred dollars. When analyzing the offers of individual companies, first of all pay attention to the value of APRC – the actual annual loan interest rate. The lower, the less you will pay for the money you borrow;
      • maximum loan amount. Not every company will lend you several thousand dollars. Especially if you have never used her services before. Before you choose a lender, make sure that the amount you need will be available to you the first time;
      • withdrawal time. Some companies withdraw money within a dozen or so minutes, without having to sign the contract provided by the courier. Others require a personal signature of the document – delivered by courier or prepared for signature at the company’s headquarters. If you want to receive money as soon as possible, make sure which system “Your” company uses;
      • requirements for borrowers. These may be more or less liberal. Although the procedure for obtaining a non-bank loan is definitely more friendly than borrowing money from a bank, some lenders may require additional documents in addition to your ID. If you want to reduce the number of formalities, use the services of the company providing loans as proof.

Loan: longer or shorter?

Loan: longer or shorter?

If you plan to borrow money from a non-bank institution, you will definitely have to choose between a short-term and installment loan.
The most important criterion that you should consider is your repayment capacity. If in 30 or 60 days you can’t collect the whole amount you need, choose a lifeguard instead of a payday loan. It is much easier to deal with repayment of a long-term loan by being able to spread the amount borrowed into several or several installments. Unfortunately, this decision is associated with higher costs than in the case of payday loans. Installment lenders do not offer free financing. You will have to pay for each zloty you borrow.

The next thing to consider is the amount of loan needed. When you reach for a short-term loan, you will not borrow more than a few thousand dollars. Especially if you are a new customer and you have never used a lender before. The maximum amounts of installments range from several to several dozen thousand dollars. Such an injection of cash will allow achieving much bolder goals.

If you are considering getting a short-term loan with a repayment period of 30-61 days, see our comparison of payday loans.

Long-term loans – is it worth it?

Long-term loans - is it worth it?

A non-bank installment loan is a good solution for people who need more than a few thousand dollars to implement their plans. Installment payments will also work for those borrowers who are unable to pay back the loan within 30 or 60 days. By paying off the commitment in installments you will minimize the risk of delays, the effects of which can be not only stressful, but also very expensive.

Non-bank lenders definitely look at less reliable customers than banks. For example, those with a negative credit history in BIK or entered in the register of debtors.

It is worth knowing, however, that the price for a minimum amount of formalities and a simplified procedure for testing creditworthiness are relatively high costs. Borrowing money from a non-bank institution can be much more expensive than borrowing from a bank.

Bank or loan company?

Bank or loan company?

If we consider costs primarily as the selection criterion, the most favorable conditions will be offered to customers by banks. It is worth remembering, however, that the procedure for obtaining a bank loan is usually longer and more complicated than it is at a non-bank institution.

Banks also apply much more restrictive creditworthiness testing rules. If you have an unfavorable credit history in BIK or your data has been entered into the register of debtors, the chances of getting a bank loan are virtually zero. If you want to know how to check your BIK, read the article: How to check your BIK?

Non-bank lenders definitely look at less reliable customers. Many of them provide funding to people with low scores and to those who have been blacklisted as a result of debt. Loan companies also honor various, often non-standard, sources of income.

An installment loan can be obtained by a person who receives income from an employment contract, civil law contract, business activity, retirement or disability pension. Many companies also accept revenues from the Family 500+ program and even maintenance. And for many borrowers, this is a great asset.

Count on mortgages – How much can I borrow and why?

Most of us need to borrow money to buy a condominium or villa. But how big a loan do you actually get? It depends on a number of different factors. Here we find out what the bank weighs into the calculation to determine how much you can borrow for your accommodation.

The mortgage is a loan with collateral in the home. This means that if you do not repay the loan according to the plan that you have agreed with the bank, you may end up for a forced sale of the home to get the bank back its money. The bank’s relatively low risk-taking makes the mortgage rate lower than the interest rate on other loan types.

How much can be borrowed for housing?

How much can be borrowed for housing?

Previously, it was possible to borrow up to 90-100% of the value of the home. In cases where the bank lends 100% of the value of the home and the market value would go down, the borrower would risk lacking collateral for part of the loan. In addition, the borrower would have debt remaining even though the home was sold.

To avoid such situations, Good Credit introduced the mortgage ceiling in 2010, which means that you can now only mortgage the housing to a maximum of 85% of the value. The remaining part, 15%, you have to pay yourself with the help of a cash deposit. You can save the investment yourself, but you can also take a private loan to get it together.

What determines how big a loan I get?

What determines how big a loan I get?

The banks mainly look at the points that are listed below. By looking through your personal finances, the bank can calculate your disposable income. This is what remains every month after ongoing fixed expenses, but also food expenses, for example, have been deducted.

Your income – There is often also a limit on how much loan you can take based on your income, eg. six times your annual income. If you were to earn USD 350,000 a year, you would then be able to borrow at most USD 2,100,000. Of course, how much you earn is a very important factor for the bank when they control your personal finances.

Your Expenses – Your recurring living expenses affect how much money you have to move around. Low expenses are, of course, always preferred from the bank’s point of view.

Other loans – Your current loan also plays a role. If you have a loan on the car, student debt or other loans, it is weighed into the calculation.

Price and expenses for the home – How much the home costs is important for how much the cost of the loan is per month. It also matters how much you can only borrow up to 85% of the value of the home.

How to cope with a rate hike – The bank also expects how you would cope with borrowing costs should interest rates rise. It is not enough for your finances to manage a loan with today’s low-interest rates, if interest rates rise, you should not have to sell the property directly and move. The bank, therefore, needs to take some steps in its calculations if interest rates rise.

How can I improve my opportunities?

By taking the help of a loan calculator you can immediately see what has an impact on how much you can borrow. If you have a co-applicant, maybe a partner or spouse, then the opportunities for a higher loan are often improved, you can apply with two-income instead of one.

How many small loans and credits you have also recorded. It is therefore smart to gather all these into a larger private loan. The monthly cost decreases and in the bank’s eyes, it looks better with a loan instead of many different ones. E-Money is happy to help you if you want to collect your existing loans.

Borrow money with E-Money

Borrow money with E-Money

When you take out a mortgage, it is always smart to compare what you can get for interest rates and terms at the various banks. You should also do this if you are going to take a private loan or a renovation loan. All banks specialize in different types of customers. It is therefore not possible to say that one bank is better than another when it comes to loans. This is why it is important to compare different loan offers to find which bank suits you best!

If you as a private individual go to several different banks to compare the terms, they each take credit information on you. This affects your credit rating and can impair your ability to get a really low-interest rate.

If you choose to compare with E-Money, only one credit report is made. The service is completely free of charge and you do not commit to anything when you make a comparison. Instead, E-Money gets paid directly by the bank or lender when we help them get a new satisfied customer.

Credit for new heating.

As a homeowner, you know that home ownership isn’t just about benefits. Rather, owning a home also means responsibility. Towards the people who live in it and the property. This responsibility begins with maintenance and does not end with the payment of the costs.

So there are always renovation and restoration work that can cost several hundred or even a thousand USD. A good example of this is renovating the heating. If you have to replace the heating in the house or apartment, you can not only look forward to a lot of work, but also to high costs. Fortunately, there are some grant programs that support the measure. A loan for a new heater can also be taken out.

Which way is worthwhile?

Which way is worthwhile?

The renovation or modernization of a heater is complex and expensive. There is probably no doubt about that. Despite all this, many property owners are always amazed at the cost factor that arises and do not even know how to pay these costs.

Therefore, the desire for a loan for the new heating quickly arises. In principle, this is also quite possible. However, every homeowner should inquire about appropriate support measures before taking out a loan. Because these reduce the loan amount and enable inexpensive repairs to the heating system.

It is important, however, that funding is applied for first and then the loan for a new heating system. We have summarized how this works in the following.

What can the bank do?

What can the bank do?

The bank in turn provides a modernization loan or a classic installment loan. In the case of a modernization loan, the bank will be registered as security in the land register. This has advantages but also disadvantages. This is advantageous if, as a borrower, you have no other collateral to offer and therefore the bank cannot refuse entry in the land register.

It is a disadvantage if you are not the sole owner of the property. In the event of default, the bank has the right to auction the property to get its money. This can lead not only to financial chaos, but directly to ruin.

We therefore recommend that you only take out a modernization loan if you have sufficient collateral. Otherwise, an installment loan should be used that is not tied to a specific purpose and therefore does not indicate to the bank that the heating in their own property should be renewed. This brings security to the loan and eases the repayment.

What is the grant good for?

What is the grant good for?

But before the installment loan or modernization loan is taken out as a loan for the new heating system, government grants should be looked at. These are always granted if the new heating can achieve a better energy value for the property. So if the modernization ensures that the property uses less energy.

In order to be able to apply for these grants, a cost estimate from an executing craft company must be available. Wage and material costs must be shown separately. The invoice, which must be paid at the end, must be able to be paid by bank transfer. This is how undeclared work is to be avoided.

Is a loan from abroad worthwhile?

Is a loan from abroad worthwhile?

If you have problems with private credit checker, it is generally difficult to get a loan in Germany. The idea of ‚Äč‚Äčtaking out the loan for the new heating system abroad is therefore quickly understood. Unfortunately, it’s not as simple as this may sound.

On the one hand, because a loan from abroad is only provided as a small loan up to 5,000 USD. A sum that is sometimes not sufficient to renovate or replace the entire heating system.

On the other hand, it can happen that a loan from abroad cannot be combined with the funding. We therefore recommend that you take out a loan in Germany that is secured with a guarantor or a second co-applicant rather than go abroad for the loan for the new heating system.