Are you looking for a loan of USD 2,000 and don’t want to take advantage of the very first offer despite the small loan amount?
Our borrower provides all the important information for borrowers who also think carefully about “small” loans. Learn how the money is quickly available without paying high overdraft rates.
If banks reject your credit requests, but you need the loan, we will inform you about current offers that still offer serious credit opportunities.
A 2000 dollar loan – a well-considered decision pays off
With a loan of 2000 dollars, nobody makes an unmanageably high repayment obligation. Small amounts of credit tempt you to act lightly. Card payment minimizes the perception of how much money has actually been spent on purchases. The overdraft facility allows the checking account to overdraw about two monthly salaries. With an average net income of 2000 dollars net, it is 4000 dollars overdraft facility.
Credit card providers grant a loan in a similar way. The current account in most households comes with a Visa card or Mastercard. Nevertheless, it is worth making a decision carefully. The overdraft facility in Germany costs between 12 and 17.5 percent overdraft interest. The interest rate for a Visa or Mastercard loan is around 15 percent.
Once the account is in the red, the way back is difficult. For a loan of 2000 dollars, 14 percent effective interest, the borrower pays interest of around 280 dollars per year. Cleverly hidden in short billing periods, interest of USD 23.34 per month is not noticeable. Only a loan comparison shows how expensive a convenient loan is even with small sums.
Credit comparison – 2,000 dollars overdraft versus installment loan
Loan offers at interest rates that are independent of creditworthiness are really safe and generally binding. Every borrower who has sufficient creditworthiness to obtain a loan receives this interest rate. If a loan amount of USD 2,000 were requested via a free credit comparison, the credit comparison shows 1.79 percent effective interest as the cheapest offer. (As of June 2016).
With a normal income, no excessively long terms are necessary for a loan of USD 2,000. Payments could be made in 12 to 36 monthly installments, but 24 payments should be enough. During this term, the loan calculator calculates the monthly installment at USD 84.88. The loan calculator shows the total cost of the loan at USD 37.20. For better comparability, at 12 months it would be only 19.29 dollars.
The credit via the overdraft facility or the credit card costs a whopping 280 dollars in interest in 12 months. Even rescheduling just USD 2,000 in loans could save USD 260.71 in interest per year. Or maybe an even more impressive number? For 1 year overdraft interest, the interest on the installment loan can be paid in the same amount for 14.5 years.
In view of these figures, does anyone dare to doubt that thoughtful action pays off even with small amounts of credit? Probably everyone is now considering how quickly their own overdraft facility would be possible.
Fast installment loan – small loan via Good Finance
Online installment credit has always been known for its interest rate advantages. However, in the past, it was not uncommon for a credit procedure to take up to 10 working days before the money could be paid out. The quick credit from the Internet was slowed down by the Post-ID procedure. The legislator prescribes the identity check, it cannot be avoided. But the postal route would be dispensable.
If a loan of USD 2,000 is requested today, the borrower has the choice. He can speed up the process extremely if Good Finance is chosen for the legally binding application. An employee calls the borrower via Skype and video telephony within 30 minutes to check their identity. The ID card and the requested documents are held up in front of the camera.
The identity check is completed after a maximum of 5 minutes. The application is considered legally binding and the bank can begin the final credit check. From 10 days until the approved loan can be paid out, many providers have now become 48 hours. Only the overdraft facility is even faster, but that should be compensated for because of the interest costs.
2000 dollar credit – despite weakened creditworthiness
All of the above information is of little help if regular credit institutions see problems with lending at a loan amount of USD 2000. Problems arise when the score shows a recognizable credit risk. Not even a past personal misconduct has to be decisive. Even with a clean Credit Checker, the score can be negative if comparison groups prove the risk.
The case often arises when the borrower’s neighborhood does not represent the best address. Or the employer does not have the best reputation because it is a temporary employment agency. In this case, a maximum loan of USD 2,000 would be possible through a guarantor or co-applicant. But, modern placement offers know serious alternatives.