Would you like to borrow 15,000 dollars but are unsure of the costs it entails? It is very relevant to familiarize yourself with the level of costs and interest rates when you want to borrow money and this is no exception.
It will always be the individual credit rating that determines the price, but your choice of provider and their interest rates have a lot to say. Good Finance has therefore reviewed what it can cost to borrow USD 15000 online. See more here.
Loan example with different interest rates
We have made two different loan examples where the amount in both places is 15,000 but where the interest rate is quite different. This to show what impact it has on what it costs. It provides a healthy insight and shows why you should always research the market and obtain more offers.
You can easily compare and borrow 15000 right here .
We have set a number of fixed parameters for our review, as it is necessary to be able to calculate costs, OPP levels, etc. Here is the framework:
- Credit amount: USD 15,000
- Maturity: 18 months
- Starting fee: USD 800
When calculating these factors, you should know that the maturity can also affect what it costs to borrow 15000. The longer you have the money, the more expensive it will be for you.
See also a previous article focusing on the 20,000 credit amount: What does it cost to borrow 20000?
Consumer loans with 10% interest
Here’s what it will cost you to have $ 15,000 over an 18-month period:
- Cost: $ 2,068.64
- Nominal interest rate: 10.38%
- OPEN: 18.11%
- Monthly benefit: USD 948.30.
Consumer loans with 14% interest
At the same starting point, just with higher interest rates, you will pay the following:
- Cost: $ 2,585.63
- Nominal interest rate: 14.75%
- OPEN: 22.86%
- Monthly benefit: USD 977.07
All figures, interest rates and calculations are indicative (fictitious) made to show the impact of interest rates on your costs.
The difference is about USD 500 and that is really what you can save by making a diligent effort. It can be your savings if you apply 2-4 different places. Almost always there will be a difference between the offers made and thus money saving.
Another observation is that it really only costs you around USD 2,585
To have the money for 18 months. That’s probably less money than most would think. It doesn’t have to be extremely expensive to look for money online if you just get a reasonable interest rate. It is your prestigious task as a consumer. Especially for the sake of your own personal finances.
Good Finance hopes you have become wiser about what to expect if you would like to borrow $ 15,000. There may be difference and money to save, but it doesn’t have to be more expensive than that.
Many Danes are price conscious in general, but not always when seeking funding. That’s a mistake, because it’s actually one of the things that has the biggest impact on your personal finances. You should therefore always do yourself the favor.