A loan of EUR 20,000 is a good option when there is a need for a larger loan. There are few consumer credit services on the market with EUR 20,000, albeit considerably less than small-scale express and consumer credit companies. The EUR 20,000 credits mainly come from a range of loan brokerage services that bidding for loans on behalf of the customer and looking for the most appropriate financing solution.
There are a few credit services on the market that lend up to € 20,000 without collateral or guarantors, and the purpose of the loan is not sought when applying for a loan. The car or the house is thus not needed as a pledge of the loan and the guarantor does not have to ask the familiar or relatives. Although the purpose of the loan is not to be justified when applying for a loan, it is advisable to take the credit only for a carefully considered need. With a loan of EUR 20,000, the payment period is usually long, up to 10 years, so you must commit to repaying the loan for a long time.
A loan of EUR 20,000 is not available to all applicants. By law, credit can only be granted to an adult borrower, but loan services may have additional, higher age limits. Some of the loan services offer loans to people over the age of 18, but 20 years is a typical age limit, especially for larger loans. If the applicant has a valid payment defaults, no loan can be granted at all. Loan services always check the applicant’s credit information when applying for a loan, so without a clean credit, you should not apply for a loan. Finnish loan services generally grant loans only to residents of Finland. The loan cannot be granted abroad, so the loan is not available without permanent residence in Finland. Moreover, in practice, the applicant for a larger credit is always required to have a sufficient number of permanent staff. The EUR 20,000 loan is such a large consumer credit that probably all loan services require regular income from its applicants. For example, income from earnings or pensions is recognized as income. The required amount of income varies depending on the loan service and the loan amount requested.
The loan service makes the applicant a personal credit risk assessment that the final loan decision is made. It is estimated that the loan will be granted at all and at what rate. The interest rate of a positive loan decision may vary according to the credit risk assessment, whereby lower credit risk applicants receive a lower interest rate than applicants with a higher credit risk. Occasionally, the applicant may also be granted a lower amount of loan.
A EUR 20,000 credit can be applied for a variety of purposes. For example, home renovation is a typical need for a loan of EUR 20,000. Another general need for a larger loan is the combination of loans, whereby several smaller quickcuts and consumer credits are combined into a single loan. One big loan is easier to manage than many small loans. Reducing one loan will also be less expensive than shortening several smaller loans.
Applying for a loan is easy, as a loan of EUR 20,000 can be applied for online, just like smaller loans. Since a larger loan requires regular income, the application form also asks for information on, for example, the workplace and income and any other loans.
A preliminary loan decision is usually made soon, even during the same day. The loan decision can be accessed at home and consider whether to accept the loan agreement. The money is usually credited to the account within a few business days after the signed loan agreement has been delivered to the credit provider.