Credit cards more expensive than borrowing!

Although practical in our daily life or during a stay, credit cards can however prove to be very expensive as soon as they are used to make a purchase on credit…

Variable interest amounts depending on the type of loan chosen

Variable interest amounts depending on the type of loan chosen

When you make a purchase through your credit card, you may be offered a refund facility by the merchant with whom you do business.

This merchant is himself in partnership with a company specializing in bank loans. This attractive type of financing generates high interest (often around 12.5% ​​per year). In order to avoid paying exorbitant interest, you will have to repay your balance as soon as possible, which is generally not easy when you have just taken out a loan.

Good Lender be carried out a study by analyzing the rates applied on the various credit cards, as well as the rates in force concerning personal loans. The differences in rates observed revealed that it is much more advantageous to opt for a personal loan, because of the lower interest rates offered than those noted when buying on credit with your bank card. It is therefore advisable to take out a personal loan over 12 months, rather than paying off the balance on your credit card over a period of 6 months.

A purchase on credit via a bank card should only be considered if one is able to repay the loan contracted in less than 3 months.

If you can not repay the amount borrowed within 3 months of the credit contraction via your bank card, it is therefore more prudent and judicious to postpone your purchase.

How to get a loan in the amount of $ 4,000?

How to get a loan in the amount of $ 4,000?

If you wish to obtain the sum of $ 4,000 without paying excessively high interest, calculates the sum of interest when using your credit cards, as well as the interest recorded for a personal loan.

  • Option 1 : credit card with a limit of $ 5,000
    If you decide to repay the capital borrowed over 3 months (repayment in 3 times), you will pay $ 79 of interest. On the other hand, if you opt for a personal loan at Good Finance over 3 months, you will pay $ 36 of interest.
  • Option 2 : $ 4,000 reimbursable in 6 months
    If you decide to repay the capital borrowed in 6 months, you will pay $ 138 of interest. On the other hand, if you opt for a personal loan of 6 months at Good Finance, you will pay $ 63 in interest.
  • Option 3 : $ 4,000 reimbursable in 12 months
    If you choose to repay the capital borrowed over 12 months, you will pay $ 256 of interest. If you opt for a personal loan at Good Finance, you will pay $ 116 of interest.
  • Option 4 : $ 4,000 reimbursable over 3 years
    Do you want to repay your credit over 3 years? Be aware that from the 34th month, you will in any case have reached the end of the zeroing period. This means that in the event of non-repayment of the sums due within 3 years, you will be liable for the total sums required by your lender. You will therefore have to pay the amount due at once.