The € 5,000 payday loan is a small loan from the perspective of the banks, which the borrower can use for any purpose. Such consumer loans for free use offer many banks, because at present, the interest rates are particularly favorable. Before a 5000 euro microcredit consumers should always carry out a condition comparison. You can easily compare the interest rates offered by individual banks with our loan calculator. Also check which costs are incurred for different terms. You will get a good first impression below under current conditions for this loan amount. You will find that the conditions of online banks are on average more favorable than those of the branch banks. This is not surprising: direct banks that sell their products online do not maintain an expensive store network with downtown real estate and employees, thereby saving enormous costs. They pass on this cost advantage to consumers in the form of cheaper interest rates.
Of course, the conditions of the online banks (direct banks) differ among themselves, as you will see in the Manucrediter credit comparison. The differences are noticeable in the monthly installment and in the total costs. Please note that you must always choose the same conditions if you want to compare the conditions of several banks. That would be the loan amount and the term. Then determine what the monthly rate and the total cost are at a given interest rate. In addition, collateral provided and your credit rating affect interest rates if the Bank offers a credit-based interest rate. For example, civil servants and civil servants have a high credit rating. Your existing obligations (mortgage, other loans, concluded rental, leasing or cell phone contracts) also affect your credit rating as a consumer.
What can you use a 5000 Euro payday loan for?
A € 5,000 installment loan is typically taken on by consumers to finance purchases such as furniture (including kitchen furniture), hi-fi equipment, a dream trip or even a smaller car (usually a used car). Debt rescheduling is also a possible use. The most common uses of the 5000 Euro loan are:
- Home furnishings and / or renovation
- Purchase of a motor vehicle
- debt restructuring
- Disposable detachment
As a rescheduling loan, this loan is worthwhile if you receive an extremely cheap interest rate through an online bank, which is significantly lower than that of your current financing. Note, however, that the debt restructuring will only bring you a cost advantage if you can replace current loans without prepayment penalty. In most cases, this is now possible with smaller loans, but you should make sure to get that in your credit agreement in advance.
There are of course other uses for loan amount. Many consumers also use the € 5,000 loan for liquidity bridging or further education. Last but not least, this sum can be used to finance larger celebrations such as a wedding or a round birthday. In addition, with the 5000 Euro credit you can finance some more exclusive consumer electronics (via a consumer credit ) or for sports activities.
Current Interest Rates & Monthly Rates (04/2019) for 5000 Euro Payday Loans
Table 1: Exemplary credit calculations for 5000 Euro installment credits
|running time||interest costs||Total cost of credit||monthly rate|
|12 months||from 18,63 €||from 5018.63 €||from 418,22 €|
|24 Months||from 35.88 €||from 5035.88 €||from € 209.83|
|36 months||from 53,18 €||from 5053,18 €||from 140.37 €|
|48 months||from 70.51 €||from 5070.51 €||from 105.64 €|
|60 months||from 87.88 €||from 5087.88 €||from 84,80 €|
|72 months||from 105.30 €||from 5105,30 €||from 70,91 €|
|84 months||from 122,75 €||from 5122.75 €||from 60,99 €|
For the example calculations, we use the cheapest interest rate currently available in our calculator. This is currently at 0.69% pa. Please note that your individual interest rate depends on your credit rating! Do you want to know how high the interest rate is with you? Just ask for a free loan request through our online loan calculator. Within a few minutes you will receive your individual credit offers.
5000 Euro Payday Loan: What should you pay attention to when applying?
The first focus is on the interest rate. Consumers will always look first at the terms of a bank with the lowest interest rate offered. Note, however, that most interest rates are assigned on a credit rating basis and the interest rate shown in the advertisement does not have to apply to you personally. Banks are obliged to present the average interest rate for most borrowings in addition to this best interest rate, the price regulation prescribes. Also, orient yourself and consider how your personal credit rating is. If you have a very good professional status as an official ( here you can get our civil servants’ credit) or an employee, either in the civil service or in a large company, you can count on very good credit ratings – but only if you have not too many payment obligations are charged.
The total cost of borrowing will decrease if you are able to repay your loan in a relatively short period of time. Although this increases the monthly rate, the overall interest charge is smaller. If you feel unable to do so, choose a longer repayment period, but look for a loan offer that allows for free special repayments and maybe even free early repayment. You will also find such offers in our loan calculator. You can significantly reduce costs if you are able to repay such special repayments within the credit period.