If you want to start your own business, you have to expect costs. Offices may have to be rented. Maybe IT equipment is needed. A homepage may also have to be created. You have to advertise your new offer or company. If you have no savings, a loan is inevitable. A 13,000 dollar loan for self-employed can help. But what conditions do you have to expect?
Loan for the self-employed 13,000 USD: that’s what the banks understand by that
When you apply for a 13000 dollar loan for the self-employed, you need to know one thing. Banks understand this to be a special purpose loan. A loan for self-employed persons of EUR 13,000 is a commercial loan. Accordingly, you must prove that you are actually spending the money as requested. In return, however, you also get better interest rates than a free-use loan.
13,000 USD loan for self-employed: You have to expect this interest
The interest on a loan for self-employed persons of 13,000 USD is very good. The best APR comes from the Bank of Scotland. It is 1.95 percent. You will receive it for all terms from 24 months (2 years) to 84 months (7 years). For twelve months (1 year) you have to expect 1.99 percent effective interest. The offer comes from Loan plus Bank.
At best, you pay 2.48 percent effectively to Salader for 96 months (8 years). For 108 months (9 years) to 144 months (12 years) term, the best annual percentage rate is 3.95 percent. It comes from extra credit.
You can see from the values that there is a great advantage in shorter terms: overall, interest rates are lower. In return, you have to live with higher rates.
Loan for self-employed 13,000 USD: Some examples of monthly payments
One question should still burn under your nails. What do the above explanations about the 13,000 dollar loan actually mean for self-employed persons? What monthly installments can be expected? What should you shoulder for what duration?
At best, you would have to pay back 1094.94 USD for 12 months. You only get the best interest if you have a strong credit rating. If your credit repayment ability is weak, it can increase significantly. The rate burden drops significantly for 24 months. At best, you pay after 552.64 USD.
You may find the best offer of term and interest rate for 84 months. The best rate is 165.59 USD. Then the interest rates rise, which affects the monthly installments. For example, at best, you would pay 113.06 USD for 144 months. With the 13,000 dollar loan for self-employed, you hardly save compared to 84 months per month, but you pay significantly more interest.