A consumer loan is your easy solution for getting money for what you just need, that’s what the word implies – a loan for consumption. However, consumption is a broad term, but it should be understood here as an opportunity to get money here and now for a purchase, or as a loan that increases one’s financial situation during a period of time, after which the money must be repaid at a later date.
This may be when the economy has improved or there is a lower need for consumption.
How does the consumer loan from the coop differ from others?
What separates the consumer loan from a regular home loan or car loan is that there is no need to provide any security for the loan taken out. This basically means that you get full ownership of the money and can use it for whatever you want, without the bank having to look you in the seams.
Therefore, a consumer loan is typically used to speed up the process and allows you to buy what you want. There may be times when there may not be time to save – for example, to use a computer to start a study.
What do you get with a Coop consumer loan?
As mentioned, a Coop consumer loan gives you the opportunity to borrow up to USD 100,000, of which there is freedom of choice.
The maturity depends on how much money you borrow, but it can be between 1 and 8 years, with an APR at the time of writing of 10.9%. This means that if you take out a loan of 20,000 and have a maturity of one year, for example, the total amount you have to pay will amount to USD 21,079.21.
What are the requirements for a Coop loan?
To be approved as a borrower, it requires that you live in the country and that you are not admitted to RKI. You must also be able to pay off the loan with a monthly payment.
If you can meet this, you have the opportunity to apply for a Coop loan of 20,000, 30,000, 40,000, 50,000, 75,000 or 100,000 dollar. However, when you apply, Coop will do a credit assessment of you to find out if you are able to repay the money. The credit rating will typically be completed in a very short time.
Compare consumer loans
A Coop consumer loan is just one among many consumer loans. If you want to easily compare the various loans, then they offer you the opportunity to compare different loan providers and you can therefore choose the offer that suits you best.
Simply enter the amount you want to borrow and the loan period for this, and you will get an overview of different providers.