Whether a loan amount of 8,000 USD is still included in small loans or medium-sized loans differs between the individual financial institutions and their regulations. It goes without saying that an 8000 USD loan is subject to stricter lending terms than a loan of around 2000 USD. Last but not least, it is only possible for a few consumers to switch to the overdraft facility with a required amount of 8000 USD, since the limit is usually much lower.
Basic conditions to get a loan amount of 8000 USD
The basic requirement for an 8000 USD loan is that the borrower can repay the monthly installments with his disposable income. The amount of the monthly installments can in principle be reduced by extending the term of a loan agreement, but only a few financial institutions approve maturities of more than ten years for consumer loans. As a rule, it is advisable to take out an 8000 USD loan for two, since in this case the labor income of both applicants is liable for the repayment. The prerequisite is that both people have sufficient working income. The self-employed and employees of temporary employment agencies make sure that the bank they select does not generally exclude them as loan customers when applying for a loan of over 8,000 USD.
This is the case with some institutes and is usually the result of the terms and conditions published on the homepage. The inclusion of the entire income and not just the wages from the main job also makes it easier to take out a loan of over 8,000 USD. The approach of the individual credit banks in calculating their income is carried out in different ways and can in most cases also be found on the bank’s website. If the information is not clear there, you can ask for an anonymous call. Swiss financial institutions grant Credit Bureau-free loans, so that even negative entries do not generally prevent the loan being taken out.
However, your maximum loan amount is 5000 USD. Nevertheless, an 8000 USD loan without Credit Bureau is possible by the loan seeker submitting the application through an intermediary. Such a person will carry out his work seriously if he only demands an appropriate commission for successfully submitted loan applications and in no case preliminary costs. A private loan of over 8000 USD is possible in principle, but it needs to be subscribed by more than one lender. In order to reach the required number of credit signatories, careful information on the purpose is essential, because private individuals prefer to base their decisions on the specified use of funds and social criteria.
Compare the costs
With an 8000 USD loan, the different interest rates of the individual institutions are more important than with lower amounts. For this reason, consumers make a cost comparison before signing a loan agreement for a sum of eight thousand USD. In addition to the interest costs, when deciding on a specific provider, consider the extent to which repayment can be made flexibly. The right to early repayment makes sense with a loan amount of 8,000 USD, as does the option to suspend at a rate per year if required.
For some banks, both agreements are part of a credit agreement and justify a reasonable interest premium over the cheapest loan offer. The key indicators for the price of a loan are the effective annual interest rate and the total costs. The credit costs inevitably increase with the term, since the interest for the 8000 USD loan is due annually.