If you need money for an emergency and your only option is a personal loan, the best thing to do is to take that money from recognized and regulated companies or institutions. One of the most popular options in Mexico are the Coppel loansmore specifically, the credits of BanCoppelespecially personal loans.
You should know that the product BanCoppel Personal Loan It is granted in national currency and can be requested 7 days a week during the hours that the branches of this bank in Mexico operate.
How much do you pay for a loan of 10 thousand pesos in BanCoppel?
In this case, we are going to talk about a hypothetical case of requesting $10,000 pesos in a BanCoppel personal loan, for which you are going to choose a payment term of 24 months. In this case, the scenario would be the following:
As you can see, there will be 23 fixed monthly payments of $911 pesos, and in month 24 you will pay $797 pesos, for a cumulative total of 21,750 pesos. That is, for that loan of $10,000 pesos you will pay 11,750 pesos in interest.
Otherwise, if you pay those $10,000 pesos in 12 months, your payments would be 11 monthly installments of $1,304 pesos, while in month 12 you would pay $1,088 pesos. In total, for the loan of 10 thousand pesos you would pay an extra of $5 thousand 432 pesos. Look at the following table:
As is clear, personal loans from BanCoppel and from most of the country’s financial institutions charge high interest rates.
For this reason, our recommendation is that before going for a loan option, compare the one that best suits you in terms of the global amount of interest that you are going to pay.
In addition, since loans are such expensive money in terms of interest, it is best that you use that money for really important things like fixing up your house or investing in a small business and not for luxuries or fun.
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