Small Loan – how it works?

What can be done with a small Caloper loan

What can be done with a small Caloper loan

Thanks to this financial product, it is possible to liquidate all or part of the amount made available to the credit line on one’s account, then spending the cash to make a wish rather than a project that is particularly important. Starting from a trip, passing through the satisfaction of family needs such as expenses for the home or perhaps the purchase or advance of a car, up to the sustaining of an expense that regards the working environment.

The credit line is linked to the account of the holder and its repayment takes place gradually with monthly installments as it is usual with a revolving card, therefore it allows the immediate support of an expense and the possibility of repayment staggered over time, knowing already in advance when you go shopping and therefore without unwanted surprises.

How the Small Caloper Loan Works

How the Small Caloper Loan Works

This credit line makes available to the customer an amount equal to 1,500 USD, which can be spent at any time for the needs deemed most appropriate. Once affected, this reserve must then be replenished by reimbursing the portion of capital used, i.e. by paying a fixed installment to be paid each month and the amount of which changes in relation to the debit balance, being 50 or 100 USD in any case. The first amount is applied when there is a debit balance between 0 and 1,600 USD, the second for amounts greater than 1,600.01 USD.

The installments are always under control, because they are the same over time and therefore allow the customer to better plan what they will spend, without finding any nasty surprises. Minicredit can be requested, following a traditional investigation, by going to any branch of the Caloper group.

Example of use and refund

Example of use and refund

The credit conditions of 1,500 USD provide an annual fee available from the first year of 20 USD, a maximum APR can reach 23.30% (including 16 USD of stamp duty due and 1 euro for sending paper mailing costs. periodic communication) and a TAN amounting to 16%. Having said this, let’s see a concrete example of the use and reimbursement of the credit line to fully understand its operation.

By using 500 USD to pay for a purchase, the customer will have a repayment plan with 12 monthly installments, in this case the sum of each remuneration to be paid amounts to 50 USD in the first 11 months, while it is 27.14 USD for as regards the twelfth installment, for a total refund of $ 577.14. This sum arises from the use of the credit line and the structured costs as explained above.

Conclusions

In support of the analysis of this financial product, we can say that it is particularly interesting, but before proceeding to its use, an adequate understanding of the operating mechanisms is necessary. In addition, the costs involved are quite high, as always happens with revolving cards, because in essence this is what it is.

In conclusion, when it is necessary to make the purchase of a consumer good, it is preferable to resort to a personal loan or as an alternative to a finalized one, this by virtue of the fact that the interests are generally much lower and therefore the costs to be incurred are more downs.