20K Loan Over a 3 Year Period – 13% Interest

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

26 biweekly payments in the year
306.21 per week

———————————

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

Monthly

Total amount to be paid = $24,007.58
Total amount of interest = $4,007.58
Payments once a month = $657.74

12 payments in a year
657.74 per payment

————————————

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

Note the difference in the amount of interest paid over the 1 year period, and notice the difference in how much was paid off the principal loan.

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This was written by . Posted on Monday, July 12, 2010, at 8:00 am. Filed under Personal Loans. Tagged 000, 13 percent, 20, 20k, 3 years, biweekly. Bookmark the permalink. Follow comments here with the RSS feed. Post a comment or leave a trackback.

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6 Responses to “20K Loan Over a 3 Year Period – 13% Interest”

6
Matt Says:
April 17th, 2012 at 8:56 am
Im looking for a 20K loan for debt consolidation. I would be willing to go 13% interest rate. Im in Indiana
5
Jane Says:
March 13th, 2012 at 9:08 am
I need to borrow 20K for an investment. I am willing to pay a 15% for 3 year.
4
Kimberly Says:
October 24th, 2011 at 12:24 am
Not sure if this went the other time, but looking to secure a personal loan with you of $20,000 to franchise a business that I need help with getting into. Would need the personal secure or unsecured loan as soon as possible. i recently went through a bankruptcy and realize the interest rate will be high no matter what. I reside in the state of Washington.
3
Kimberly Says:
October 24th, 2011 at 12:18 am
I am looking to borrow $20,000, to help with funding a franchise I would like to own. I would like to be able to borrow as soon as possible. I would like to get a personal loan. I just went bankrupt over mounting medical bills, and would like to provide a better future for my family. Right now because of bankruptcy I know Interest will be high, but I am prepared to pay it, so secure or unsecured doesn’t matter with the loan per say. We currently live in the state of Washington. Thank you for your time.
2
Joe Says:
February 28th, 2011 at 7:09 pm
Looking for 20k-30k to help fund franchise start-up. 2 principle partners have over 15 yrs experience in this business and expect a positve cash flow in first quarter of business. Great investment!
1
Adonay garcia Says:
February 22nd, 2011 at 10:05 am
Need a 20 k loan quick to save a investment
property

Subprime Lending - For People With Poor Credit Scores