OHIO LOAN FIND

$20,000 Personal Loan To Pay Back in 3 Years 13%

Today we re looking at  a personal loan of $20,000 over a three year period at a 13% interest rate. The payment frequency is biweekly (every 2nd week). Going biweekly for a loan like this is a smart way to go. This a cash loan that is secured but the borrowers have poor credit rating. Not abnormal these days that s for sure.

The results are below;

Total amount to be paid: $23,949.97

Total amount of interest $3,949.97

Payments: $306.21 biweekly

A typical 20,000 dollar loan would be for a car, truck, motorcycle, educational, or home improvement. Of course some borrowers just want to see what it s like to blow 20 grand on traveling and partying this is of course not the normal borrower, but it does happen it s a crazy mixed up world out there kids.

So you can see that our borrower is paying 612.42 a month in total right? Wrong. The advantage a biweekly payment schedule is is that you pay down your debt, or service your debt faster than monthly payments. Here is math;

Biweekly

Total of $7961.46 against the principal debt in one year of making payments

Monthly

Total amount to be paid = $24,007.58

• 12 payments in a year
• 657.74 per payment

Total of $7892.88 against the principal debt in one year of making payments