Example: Jan finishes his basement
Jan has around $10,000 set aside to refinish his basement. As the project progresses, he realizes he’s over budget and needs another $9,000 to pay for contractors and supplies. With an excellent credit score of 810, Jan heads to his bank and is approved for $10,000. He uses the extra $1,000 as an emergency fund to cover any unexpected expenses.
Loan amount | $10,000.00 |
Loan type | Personal loan |
Interest rate | 5.00% |
Loan term | 2 years |
Additional fees | Origination fee of 3.00% ($300.00) |
Monthly payment | $438.71 |
Total loan cost | $10,729.13 |
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.