Bank loans may be your first choice when you need to borrow money for a brake. This is because the cost of the bank's loan products is clearer and more understandable than elsewhere. But there's a problem. The bank lends $100,000. I'll tell you the answer to that。

A bank loan for $100,000

If you go to the bank to apply for a loan of $100,000, if you need a mortgage, it depends on the type of loan you apply for. If it's a credit, you don't have to offer a mortgage; but if it's a mortgage, you have to take out a house, a car or something. But don't be afraid! It's not impossible to apply for a $100,000 loan from a bank, but it's possible to do so by meeting the following three points。

First of all, your personal correspondence is going well, and you have to be an honest man. You know, banks value your personal credit. 100,000 is not a small amount. If your credit rating is good, they'll give you the loan. The bank will primarily look at your historical repayment records, letters check records, debt ratios, etc. As long as there are no poor repayment records for the last two years, your letter of demand will be fine。

Secondly, you have to have the ability to repay. Of course, banks are trying to make sure that their money returns safely. They'll look at your income and liabilities to judge your ability to pay. If you have a steady job and income and enough to repay the loan per month, you can expect to get their loan. The bank may need you to provide proof of work, bank bills, etc。

Third, you have to have some assets. This is not a condition, but if you can prove that you have some assets, such as real estate, automobiles or large deposits, the banks will be assured that the chances of passing the loan approvals will increase。

HOW MUCH INTEREST DOES A BANK LOAN COST? IT SHOULD FIRST BE UNDERSTOOD THAT THE CURRENT ONE-YEAR LPR RATE SET BY THE CENTRAL BANK IS 3.85% AND THE FIVE-YEAR LPR RATE IS 4.65%. ON THIS BASIS, BANK INTEREST RATES ON LOANS USUALLY FLUCTUATE BETWEEN 101 TP3T AND 241 TP3T. IF YOU BORROW $100,000 AND PAY BACK WITHIN A YEAR, IN THEORY, INTEREST WOULD RANGE BETWEEN $1,200 AND $2127。

Does it feel like the interest on the loan is low? But don't forget, these are just theoretical calculations. If you apply for a special type of interest-free start-up loan, a student-leaving loan, or a Provident Fund loan, interest is calculated on the basis of specific policies and bank regulations。

In any case, if you borrow $100,000 in a bank and choose to pay it in 12 instalments, interest is still low. But if you're borrowing through some car finance company or online micro-credit software, you might have to pay more interest than the bank。