Charlotte NC
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$4000 Loan In Charlotte NC

Antoine needs a $4000 loan to cover unexpected medical expenses. Even with co-pay medical insurance he still has a bill of over ten thousand! He and his wife had saved for medical expenses and other emergency expenses but not enough to cover this one! He still needs to borrow $4000 to cover the remainder.

He could charge the last bit on his credit card, however he cannot pay the full balance when the monthly statement is due. The interest rate would be as high as 21%, which is a lot higher than a personal loan. The charges would be on the entire amount that he applied to his credit card even though he would repay some of the original amount that he charged to the card.

He and his wife both have a good credit rating and should qualify easily for a loan. He wants to repay the loan over two years and is looking for a loan of less than 9%.

Using these numbers his payments and interest charges would be as follows:

o Loan Amount (principal) = $4000
o Interest Rate = 9%
o Term Length = 2 year
o Monthly Payment = $182.74
o Total Paid Back = $4385.74
o Total Interest = $385.74

Antoine works full time, they have two cars that are paid for and a home with a mortgage. He has not been reported late on any payments so his credit rating is very good. He has some equity in his home and would qualify for a secured personal loan and a lower interest rate. However given that he wants to repay the loan quickly, it may not be worth the time it would take to secure the loan.

He checked with his local bank to see what they would offer. They were not very competitive and only suggested a rate of 14%. While it is better than his credit card, he felt that it was too high. He let them know that he was going to look elsewhere and may come back to them.

Antoine was able to borrow the money and pay all of his medical bills. He even negotiated a discount when he offered to pay cash. He saved over 15% on his total bill, which was a substantial savings. This savings just about paid for the entire loan that he needed. He ended up repaying the loan after two months had elapsed and saved even more money by not having to pay interest charges over the two-year period!

This is a really good news story for Antoine. Not only is his family doing well from a health perspective, he was approved for a loan at an excellent rate, and he was able to negotiate a reduction based on paying cash for his medical bills.

While this sort of thing does not always occur, it goes to show that consumers should always attempt to negotiate a discount when paying cash. The worst thing that can happen is that they will not provide a discount for paying cash.

In many cases paying up front immediately with cash means that the medical agency in this case does not have to spend money on collections and they gain access to the money quickly.

If you live in Charlotte NC and you need a loan regardless of a bad credit rating we hope our web site helps you in some way.