A 500 USD loan is certainly among the fastest to obtain in Italy, since it is a very low amount, but not as easily obtainable, since most banks grant loans starting from 1000 USD (For Poste 750 USD). Some discounts are available for students but for the purchase of teaching materials. However, even for the 500 USD loan, as well as for all the loans, it is possible to calculate the installment to be paid monthly in a few minutes. This result can be obtained by using online simulators, which compared to an interview at the bank counter allow you to save time. Let’s see how.
The variables to consider
For a calculation of the fast installment three fundamental variables must be considered: the total amount, the duration of the loan and the interest rate to be applied. Once these data are known, the amount of the installment to be paid can be obtained.
For example, if I want to return 500 USD in 12 months with a 4% rate, the installment will amount to about 43 USD per month, while if the applied rate is around 11% then in a month I will have to pay 44 USD.
At the same rate, however (let’s say 9%), if you decide to pay in 12 months the amount of the installment will amount to about 43 USD, while in 24 months what you will have to pay per month will be about 23 USD.
However, in these cases, it is also advisable to consider the possibility of requesting this type of sum from private individuals (with a loan between private individuals), financial persons who deal exclusively with small loans or consider the possibility of a revolving card (see for example Card Conditions Flexia Unicredit), solutions that best suit the size of the figure, which is very low (which with a bank loan could result in excessive interest expenditure, especially from Taeg).
For this type of digit there are no complete simulators or comparators
Then there are online simulators that can really help you choose the best loan quote. The applicant will only have to enter the total amount he needs, and from there he will be sent to a page which includes all the possible payment options. In addition, simulators can also be found on the network, which also act as comparators. In this case, the user enters the amount he needs and the comparator will immediately know which banks or financial institutions apply the best interest rates, with the most advantageous loan outcomes.
Unfortunately, however, for a loan with a figure as low as 500 USD, it will not be possible to count on comparators or complete simulators, since most take into consideration requests that start at least from a minimum amount of 1000 USD for the calculation. Furthermore, in these simulations the easiest and most accessible alternatives are excluded, which really allow you to obtain the amount immediately, that is, the revolving cards or the possibility of opening a current account with bank credit.