Loan Calculator
Finding an affordable loan makes it easier to obtain financial stability. This loan calculator can help you determine future monthly payments and interest charges.Using this loan calculator will help you make an informed decision before taking on more debt. It will help you make sure you can afford the monthly payments on the new loan.
How to use it?
Loan amount: place here the total amount you wish to borrow.
Number of months: The number of months in which you wish to pay your loan.
Annual Interest Rate: The percentage you will pay each year to interest.
Payment Method: if you will initiate your first payment on the first day you receive the loan or after 30 days
A BETTER FINANCIAL FUTURE IS POSSIBLE
Choosing the right term on a loan
The word term refers to the length of time of a loan
- A short term will result in higher monthly payments but will reduce the total cost of the loan
- A long term will give the borrower the option to reduce the monthly payment but will increase the cost of interest
Types of loan & Common Terms
It is always recommended to save up some money before making a large purchase. But in real life, that is not always possible Before you take a loan, you’ll need to understand what type of loan you should look for:
Car Loans
This is a type of secured loan that can be used to buy a vehicle. Term can vary between three to seven years.
Personal Loans
Repayment terms between 2 to 7 years. Can be used for about anything except for education.
Student Loans
Are used to pay for tuition, fees and living expenses at certain accredited schools. There are two types of student loans: federal and private.
tips
Useful information
Do your research and compare the interest rates offered by different banks. Getting an affordable interest can make a significant difference in the total cost of your loan.
Applying for a loan can be frustrating when too many requirements are needed. Reduce your effort and look for a lender that offers simple and easy-to-meet eligibility criteria.
Ask and check for any fees or processing charges, bounce charges, penal interest and other fees. Additional fees can cause you to end up spending more than you intended to.
A good credit score will give you access to better rates and terms.
Making many credit applications in a short period of time can send a trigger to lenders, making you look look like a credit risk. Leave a window of 6 months between applications.
