Why is it more expensive to amortize personal loans in a long term?

Image result for loanOne of the advantages that entities usually offer when they want to “place” one of their personal loans is the possibility of repaying it in a relatively long period (6, 7 or even 10 years) by paying comfortable installments. Certainly, if the amortization period of a consumer credit is longer, the amount of the installments will be less, but what those entities do not tell us is that in the long run we will pay more money in interest .



How the term affects the price of personal loans

To know the price of personal loans, it is recommended to look at the interest rate and other costs such as commissions or linked products. However, it is often forgotten that the reimbursement period also greatly influences the final price of a personal loan, since the more years it takes to repay it, the more interest will accrue and, therefore, the more expensive it will be , although the amount of monthly fees is lower. Therefore, it is always advisable to find a balance to return our personal loans in the minimum possible time paying a reasonable fee.

Example of the price of a consumer credit for 4 and 6 years

Let’s see how the repayment term affects one of the cheapest personal loans in the market: the Cofidis Project Credit . If we ask € 15,000 to this lender to, for example, buy a car, the interest applied will be 6.86% APR , whatever the reimbursement period chosen. In this case, if we choose a repayment term of 4 years, we will pay 48 monthly payments of € 356.77, while if we return this consumer credit in 6 years, we will pay 72 monthly installments of € 253.23.

At first glance, it may seem that we pay more to pay back in a longer period, because the amount of the fees is lower. However, if we reimburse this personal loan in 6 years, we will end up paying the entity € 18,231.77, while if we repay it in 4 years, we will pay a total of € 17,124.56, which represents a saving of € 1,107.21 in interests As you can see, reimbursing personal loans in a slightly shorter period is an important saving.

Other factors that make personal loans more expensive

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Although the term of reimbursement can significantly increase the price of personal loans, we must also pay due attention in the following aspects:

  • Interest rate applied : it is the percentage that is applied to the capital to be owed and that establishes the quotas that we will have to pay to the lender entity. In November 2015, the average interest on personal loans was 8.70% APR (according to the Bank of Spain), so if we want to obtain financing at a good price we must find a loan with that interest rate or lower.
  • Commissions : are the compensations that some entities charge as remuneration for their services. The most common are the opening, study and early repayment commissions.
  • Related products : to access some personal loans we will have to contract other products that can make the loan more expensive, such as insurance or credit cards.
  • Payment to third parties : in high-value loans , entities may require signing the contract before a notary as an additional guarantee. In this case, the fees of this professional will be added to the final price of the loan.


The smell of money

Billionaire Donald Trump launches a colony that ensures that smells of wealth

Image result for donald trump

The misery has a persistent smell, which is usually the same anywhere in the world. Postwar Spain smelled of misery: for Cela, the country stank of onions; for Gil de Biedma, the stench of poverty was felt in the subway; for Vázquez Montalbán, that filthy aroma was that of a sweaty sock. Enrique Puig used to say that things changed the day the children began to smell the Colonia Lavanda, which their family made. But, what does richness smell like?

Billionaire Donald Trump claims to have found the answer and is about to put on sale the perfume Success by Trump (Success). The colony that supposedly gives off a feeling of richness is composed of juniper, red currant, coriander, ginger and bamboo leaves. The launch will take place at the Macy’s store in New York next day 18, but American viewers have begun to see the ads where Trump appears, but also Ximena Navarrete, elected Miss Universe a year ago.

Trump’s appearance does not encourage him to buy his perfume: someone who, to hide his baldness, ends up scratching his neck and dyeing his brown hair does not buy a bottle of cologne. But this man who appears in Forbes magazine as one of the great fortunes of the world knows that, at least in the United States, millionaires are a mirror in which the rest want to look at themselves. Trump himself has published several books on how to get rich, which have turned out to be true best sellers. One of them, entitled How to get rich, was summed up in a phrase his mother told him: “Trust in God and be honest with yourself”. A beautiful sentence that invites you to have faith and not to make barbarities, but that does not provide much clues on how to expand the current account.

Trump is an archetype of the winner: a middle class character, he inherited a modest real estate business until he turned it into a great company. At the end of the nineties he owned a lot of skyscrapers, dream hotels, casinos in Atlantic City and even his own airline. The crisis of 1992 put him on the ropes, a situation aggravated by the divorce of his wife Ivana, which cost him a kidney. And he ran out of his ship, without his planes, without his game castle and even without the apple of his eye: the New York Plaza hotel. But, when they thought he was dead, he managed to revive the empire and rebuild his fortune. So euphoric was he that he could not think of anything else to do his own reality on television, called The Apprentice, to discover entrepreneurs who then hired in their companies.

After so much money he is convinced that the time has come for him to turn it into a scent. Trump thinks like the Roman poet Juvenal, who two thousand years ago wrote: “Money smells good wherever it comes from”.

Stock Exchange and Investments

What is Volatility in the Stock Market? In itself, volatility is not a word that sounds too good, it is always associated with changes, insecurity and risks. In this article we will talk about volatility in the stock market and if it really is a negative thing in the financial world. Stock market volatility and statistics Modern portfolio management increasingly uses statistical control tools to try to anticipate market movements and control possible losses. At the statistical level, volatility is called standard deviation. When we study some data, we tend to do arithmetic means to conc … Read more >>

With Degiro the options of the small investor increase

With Degiro the options of the small investor increase One of the big problems for small investors when it comes to buying and selling shares is commissions. Although online banks have lowered rates, they are still high for people with small investment capacity. DeGiro’s tariffs solve that problem and now customers who want to make short-term purchases and sales with amounts of € 1,000, € 2,000 or € 3,000 can now make money in short terms, even in the intraday. To buy or sell any value of the Spanish stock market DeGiro applies a commission of € 2.00 .. Read more >>

Take € 50 cash with ING Broker Orange

€ 50 cash with ING Broker Orange ING launches a new promotion in its Broker Naranja service, for which it gives € 50 to people who contract the broker service and make a purchase or transfer transaction for a minimum amount of € 1,000 before October 31, 2018. Winning the € 50 is very easy since you only have to contract the Orange Broker, something that does not involve any type of cost, and make a purchase operation in shares or ETFs for an amount of at least € 1,000. It also serves to make a transfer of values ​​for a minimum amount of € 1,000. The only condition to take the € 50 is that you do not … read more >>

Get up to € 800 with the Self Bank account

Up to € 800 with Self Bank funds If you open a Fund Account in Self Bank before December 31, 2018 you can take up to € 800. The promotion consists of the return of 10% of the investment fund management fee, up to a maximum of € 800. The 10% refund is valid both for contracting and for the transfer of investment funds. In Self Bank you can choose between more than 2,500 investment funds of national and international managers. Surely you find the funds that best suit your investment profile among such a wide offer. The management fee in an investment fund is .. Read more >>

How to diversify your investment with ETFs

How to diversify your investment with ETFs One of the maxims when investing in the stock market is usually to obtain a diversification of our assets to reduce as much as possible the existing risk by opting for a single security. In this article we are going to see how to diversify the investment with the Exchange-Traded Funds -ETFs-, or Quoted Funds. Characteristics of ETFs These publicly traded funds have a very specific peculiarity, and this is that they try to reproduce a certain stock index. It can be a general or sectoral index, national or foreign. The replica of the index is usually by means of the physical replica, .. Read more >>

Commissions that brokers apply when investing in a stock market

Commissions that brokers apply when investing in a stock market With the difficulty of getting a good return on our savings today, the range of options is increasingly wide and perhaps, for a few points of return, we are willing to take some risk, even to lose part of our capital. In this context, investments in equities have become more attractive. Investing in the stock market has a very small cost compared to other types of investments such as real estate. When we decided to start our immersion in the complex and fascinating world of investments, there are many factors that we must keep in mind. Read more >>

How to buy shares of listed companies If you are reading this article you may be thinking about getting started in the world of stock market investment and want to know the first technical steps that are necessary to do so, or it is also possible that even knowing how to do it, look for some general advice to buy stocks. We are going to try to offer you some data in both fields that allow you to know how to buy shares of publicly traded companies in a comfortable, simple and safe way. Benefits of the Stock Exchange of the companies Perhaps the first thing you should know is why a company decide to quote in Bol .. Read more >>

What is the PER of an action (Price-benefit ratio)

What is the PER of an action (Price-benefit ratio) The analysis of companies is the basic tool to approach a technical purchase based on objective data. With this simple calculation we can see the ratio between the price of an action and the benefits it generates, hence its name “Price to Earnings Ratio”. And therefore, determine if the action is expensive or cheap at that time. This fact forces us to understand what the PER is that is used in the sale and purchase of shares listed on the Stock Exchange. PER concept In other words, the PER indicates the number of times that the profit figure is within the price of the .. Read more >>

Taxation of profits obtained on the Stock Exchange

Taxation of profits obtained on the Stock Exchange It is clear that the investment in the stock exchange aims to try to get as many benefits as possible. We always think about the purchase and sale prices, but it is necessary to take into account the taxation of the profits obtained in the Stock Market, since the corresponding taxes can reduce the desired benefits to a greater or lesser extent. Most known products of the Stock Exchange The Stock Exchange is a regulated market of purchase and sale in which a great variety of products or values ​​are handled. The price of each value is set taking into account the supply and demand of the same. Understand the 

What risks are combined deposits

 In a market like the current one with low interest rates, many investors are looking for new products that provide a minimum return with the lowest possible risk. That’s why the combined deposits are in vogue. In this article, we will explain what advantages and risks these combined deposits can have. But, first of all we have to know the different types of deposits offered by banks. Types of Deposits Traditional Deposits The traditional fixed term deposit has been in other times, and probably continues to be, the main product

How To Make It Worse Money On Your Own – The E-Commerce Solution

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Don’t Max Out Any Line of Credit. Another 30% of your score is a result of the quantity of available credit that gets. It very good to stay under 50% of your available credit-20-30% is terrific. Don’t close outlines of credit either-even if you need to use each of them. Having credit there for you will help to boost that credit report even increasing.

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