The online loan calculator in 2021 allows you to evaluate several offers from microfinance institutions, calculate interest and find a really profitable offer, taking into account individual parameters in real time, without leaving your home. Using the service allows you to compare programs, calculate fines and decide what amount is better to borrow so that further payments do not greatly affect the family budget.
Online calculator features
A creditworthiness calculator is an automated service that allows the client to know in advance the amount of the loan overpayment and the total amount of the payment to pay off the debt. This information will help in the following cases:
- When choosing a loan. You can compare the real overpayment on your loan in different companies, depending on the offered rates and other conditions, and then choose the most advantageous offer;
- When assessing their financial capacity to repay the loan on time. The client can compare in advance the amount of the upcoming payment with the incomes expected in the near future and, if necessary, make adjustments to the loan parameters. Correctly selected loan term and amount help to avoid delays and associated negative consequences (damaged credit history, etc.);
- When checking the conditions of the lender for hidden fees. It is enough to compare the amount of the payment indicated by the microfinance organization in the contract and the amount obtained by self-calculation using a calculator. If they differ significantly, there is a high probability of discovering hidden fees or imposed paid services. You need to find out this information in advance or look for a company with transparent conditions;
- When refinancing your current loan. Using the calculator, you can find out how much the overpayment will be under the current contract, and then compare it with the interest on the refinancing proposal. Knowing the amount of overpayment for the old and new loan, you can easily calculate the real savings and make an informed decision about refinancing.
In addition, after the calculation is completed, the calculator will show you a list of profitable offers from lenders. The client will be able to immediately choose a microfinance organization, review detailed lending terms and proceed to submitting an online application and receiving money. All lenders from our network are licensed and work legally.
What parameters are used for the calculation?
The online loan calculator performs all calculations automatically. When determining the amount of the overpayment and the total payment on the loan, the following parameters are taken into account:
- loan amount – the amount that the client plans to borrow from the microfinance organization;
- loan term – the number of days of using the borrowed money;
- rate – interest charged by the lender for 1 day of using borrowed money;
- interest-free period – the period during which the client is not charged interest for using the funds of the microfinance organization (available only in some companies).
The more correct the information is indicated by the borrower when requesting a calculation, the more accurately the system will prepare the calculation of the cost of an online loan.
How to calculate interest on a loan
Using a calculator, you can calculate the interest on a loan in a few seconds. To do this, you do not need to look for a calculator, complex formulas and perform calculations manually, but simply fill out the form. You need to indicate information about the loan that you plan to get (term, amount, rate and interest-free period), and then click on the “Calculate” button.
The calculation will be prepared automatically in 1-10 seconds.
It is recommended to use a calculator before applying for each loan. Loan terms can change at any time, and this will help to always choose favorable lending conditions, avoid hidden fees and keep overpayment to a minimum.