This bank loan is available from USD 50,000. However, the maximum loan amount is only USD 100,000. This loan is therefore intended to finance smaller expenses or to purchase less expensive equipment for your home, apartment or garden.
Non-purpose consumer loan from Loan and Credit
One of the main conditions associated with the provision of a consumer loan from Loan and Credit is to have a current account with this bank. If you do not have one, you must have it set up before applying for a loan. In addition, you should receive at least 3 months of your payroll or other regular income from this account from Loan and Credit.
Thanks to this condition, consumer credit from Loan and Credit is not very suitable for the “non-clients” of this bank. Opening a new account and letting you send your income there for three months just for a loan of 100,000 dollars is probably not worth it.
So if you do not plan to change your bank, then it is probably wiser to deal with the loan differently. For current clients of Loan and Credit, this is certainly an interesting offer to raise money
Loan terms and conditions from Loan and Credit
The loan limit for this loan can be in the range of 50 – 100 thousand dollars. The maturity period can then be chosen within the range of 12 – 60 months (ie 1 to 5 years). The basic interest on this loan from Loan and Credit is 8.5%.
If the loan is approved successfully, the bank automatically deducts a one-off fee of 1.5%, but at least USD 300. For this loan, you also pay an annual management fee of $ 30 per year ($ 30 per month).
Alternatively, fees for maintaining a bank account with Loan and Credit may be included in the cost of the loan. A variant of a personal account called Good Finance will cost you at least USD 240 per year.
What do I need to do to get this loan from Loan and Credit?
As mentioned above, this offer targets primarily existing clients of the bank who want to borrow up to USD 100,000 for current expenses. The terms and conditions of this special purpose loan include a minimum age of 18 years, having an account with Loan and Credit and your regular income must also be paid to this account.
Based on your income, the bank then determines your ability to repay. Additional requirements for securing this loan should not be needed, but it depends on the individual assessment of the client.