Loan 9000 USD: Bank A, Bank B and comparators

 

Loan 9000 USD: which are the most advantageous loans for you?

Loan 9000 USD: which are the most advantageous loans for you?

The loan target of 10 thousand USD represents a widely demanded figure for both personal and finalized loans. Even more so, when one needs to request a lower sum, like a 9000 USD loan, one has the certainty of being able to count on a vast offer. However, a wide choice does not necessarily imply that it will be easier to find the cheapest offer based on one’s needs.

How to make the search easier?

How to make the search easier?

Before seeing any system to make the research phase lighter and easier, it is necessary to give a meaning to the condition of ” advantageous loan “. For some it will be a matter of funding to be obtained very quickly, given the urgency with which they must respond to a need for greater liquidity, while for others the advantageous term must be strictly referred to the economic point of view. For others, however, the possibility of relying on an easier-to-manage loan, which for example allows to review the installment or change the duration, could be more valuable.

Of course, the fact that speed is more important than the economic advantage (or vice versa) ends up influencing the type of channel that must be followed for research. Even the use of online comparators is only partially able to make up for this type of need, especially in the case of portals that encourage a targeted search that can only be changed later. The advantage that comparators can offer is therefore to be found in the dedicated conditions that can be negotiated between the company that manages a comparator (which also performs the function of mediator), and the bank or financial company that agrees to propose a specific offer.

Surely an online reconnaissance simplifies at least a part of the research process, but you must have clear ideas in order to know how to then make the selection so as to best respond to the condition that you are actually looking for.

How to evaluate convenience?

How to evaluate convenience?

We cannot avoid making a comparison between the TAEG rates applied by different loans. In this regard it may be interesting to consider, for a loan of 9000 USD, three proposals coming from the same bank, but through different channels. In particular, the reference bank is Bank A, which by virtue of a long militancy in the provision of online loans and following the entry into the Bnp Paribas group (to which also the BNL belongs), today is one of the most present credit institutions in the provision of personal and even finalized loans.

All the proposals therefore refer to a loan of 9000 USD and a duration of 60 installments. In particular we analyze the Taeg rate depending on whether you contact directly Bank A, through the 1-click loan with Bank B, or through the intercession of a very well known online comparator. We specify that this is a situation reported as a mere example. In fact, over time, rates are subject to changes both due to the effect of the market and the choices made by the office in charge of defining financing strategies. In particular, the data reported were taken on 08/30/2017.

Simulation directly with Bank A

Simulation directly with Bank A

Using the direct simulator of the Bank A site, and selecting the amount of 9000 USD and the duration of 60 monthly payments, the data obtained are:

  • installment of 180.20 USD;
  • Tan fixed 7.46%;
  • Taeg 7.72%.

Simulation through the Bank B 1 Click financing

Simulation through the Bank B 1 Click financing

If you do the calculation using the Bank B tool under the same conditions as in the previous example, you get instead the following conditions:

  • installment of € 179.80;
  • Tan fixed 7.35%;
  • Taeg 7.76%.

Making the comparison it is impossible not to notice that the installment remains slightly lower, even if the Taeg is altogether higher. The motivation is due to the fact that the fixed Tan starting rate is lower and that the TAEG rises due to ancillary costs related to the loan. Precisely for this reason, if it is assumed that the loan will be repaid before the ‘natural’ maturity, a solution should be chosen that provides for practically no preliminary investigation or management costs.

Simulation using a comparator

Simulation using a comparator

Through the Bankate comparator, setting the same data used in the other two cases, namely 9000 USD and 60 installments, with Bank A you get an installment of 180.10 USD per month, for a Taeg of 7.71% and a fixed rate Tan 7.45%. It may be surprising that with respect to the direct supply by Bank A itself this ‘way’ could still be economically more advantageous.

Which one is more convenient?

Which one is more convenient?

In a hypothetical ranking, the Bank B proposal (with data collected on 08/30/2017) could be the one offering the installment with a lower amount. So not always going directly to the source guarantees the most advantageous offer. Not only, when possible, it is advisable to take advantage of promotions or conventions that, especially on the web, can frequently be encountered provided that they know how to search and keep themselves as informed as possible.

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