Cash loan calculator

A cash loan calculator, that is, a quick and effective estimation of installments of any cash loan at the bank. Calculate the amount of the loan installment to find out what a cheap loan is . Is this true? Well, it’s not quite like that, unfortunately.

It’s not? After all, in the network we find various calculators, search engines and comparison engines? ” Calculate the lowest installment! “,” Cash loan calculator with the best installment! “” The lowest installment! Calculate! “…

Let’s start with this What is a cash loan calculator? It allows you to estimate the amount of individual loan installments by choosing the amount of the loan and the loan period. In addition, you can select several additional options, such as the type of installments or insurance.
Combine several ash loans into one loan

We can distinguish several loan calculators. It can be a cash or consolidation loan calculator. As well as a mortgage (residential) and car loan calculator. Individual banks on their websites also have tools that allow you to estimate the amount of the installment.

Cash loan calculator

Cash loan calculator

Well, here we come to the heart of the matter, that these tools do not allow you to search for the best cash loan or bank, or to calculate loan installments, as some people think. Browsing through many websites, you can find, for example, such information:

“The installment calculator allows you to calculate the cost of the loan” – NOT TRUE

“This is a tool for calculating loan installments” – NOT TRUE

“There are more or less complex calculators” – TRUE

“When looking for a mortgage, the best way to calculate the installment and choose the best loan is to use a mortgage calculator” – NOT TRUE

“They are a good tool to quickly check what the banks offer” – TRUTH

You could definitely write an opinion about loan calculators, but that does not make much sense. It should be remembered that it is really only:

Simulator of loan installments

Regardless of whether it concerns cash loans or housing loans (in this case, it is a real simulation of installments …). On many bank websites where we can find the so-called the loan interest calculator can be found more or less the following information:

Calculate the loan installment

But of course, such a loan calculator can be used to check the choice of banks (limited, just like our time – we will not check all banks), and the comparison of banks’ offers and loans may serve as additional information in the decision-making process.

Installments calculator

We are looking for a cash loan of PLN 10,000 for 5 years . A few calculators and choose the first bank, whose calculation of installments we will take into account: a cash loan at Alior Bank .

Interest loan calculator no. 1: Nominal interest rate 5%, commission 0%, APRC 5.12%. Installment amount PLN 299.71 .
Calculator 2: Nominal interest rate 4%, commission 16%, APR 10.73%. Installment amount 213.63 PLN .
No. 3: Nominal interest rate 9.4%, commission 5.5%, APR 12.68%. Installment amount 222.19 PLN .
No. 4: Nominal interest rate of 5%. Installment amount PLN 251.62 (Source: pozyczka.aliorbank.pl)

And how? Can we count any calculations as reliable? Certainly, the calculations directly from the bank are the closest, but remember what has been written above …

A short report on calculators clearly indicates that it can not be treated as the cheapest loan simulator. This is, once again, it is worth emphasizing, a list of banks and their loan proposals. It allows you to read the information on a specific product, estimate the amount of installments (in a large approximation) on a monthly basis.

The calculator is also a quick opportunity to contact the bank by sending a short contact form. It’s the bank representative who calls us, and in some cases we can arrange a consultant’s visit at home.

As in the case of many search engines and comparison engines, also in this case, one should be sensible to the results of searches and comparisons. This is only help, not an objective tip, which bank to choose.

Loan despite annual contract

 

In the case of a loan in spite of an annual contract, it is possible to exclude compromises in the contractual terms and to choose an offer which in its scope matches the ideas of the borrower. Who compares and gives an overview of the numerous offers on the free financial market, encounters without problems and long search on a favorable offer with numerous advantages.

It is best to choose a loan in spite of an annual contract, which is flexible in the general conditions and thus makes it possible to change the repayment at any time without bureaucracy and additional costs.

An online comparison to transparency

An online comparison to transparency

Diversity dominates in the free financial market. Therefore, it is hardly possible without a comparison of the various offers, to exclude an expensive loan despite annual contract and to focus on targeted to the applicant suitable offers. Since the comparison is free and requires no waiting time, it is the optimal basis for a decision and precludes a wrong orientation or choice without the necessary knowledge of the free financial market.

The diversity offers wide possibilities and extends to loans from private investors, as well as favorable offers from foreign banks. Only if a loan optimally suits the applicant and excludes compromises can one guard against a wrong decision and thus protect against debt. Flexibility is an important basis for a loan despite an annual contract.

Even if favorable interest rates are certainly a criterion that should not be underestimated, these alone do not provide any information about the relevance of the offer to the needs of the borrower. The comparison can be fixed on its own criteria and decide to look at both the interest rates and fees, as well as the contractual conditions in comparison and so make an informed decision for a favorable credit.

A loan despite annual contract with urgent wishes

If the car is broken, an urgent and unforeseen invoice has to be paid or if another wish is to be met, this is not always possible with the available budget. Anyone who chooses a loan on the free financial market may prefer an offer with 24-hour authorization and immediate transfer to the borrower. The application is made directly in the form provided by the lender and sent online to the lender.

By eliminating mail or making a personal appointment with the lender, it is easy to prefer instant loans and avoid long waiting times. As creditworthiness can not be used as collateral, lenders accept a variety of other collateral on the free financial market. With property or insurance for the old age, but also with overridened savings plans or a guarantee you can easily predestined for a grant and the immediate payment of the sum.

Types of Loans

Loan contracts come in all sorts of forms and with varying terms, ranging from simple promissory notes between friends and family to more complex loans such as mortgages, autos, payroll loans and student loans. Banks, credit unions and other people lend money for meaningful but necessary items such as a car, study or home. Other loans such as small business loans and for retirees are available only to groups of people.

Regardless of type, each loan and its payment terms is governed by federal guidelines to protect consumers from unpleasant practices such as excessive interest rates. In addition, loan duration and default terms must be clearly detailed to avoid confusion or possible legal action.

In the event of default, the terms of recovery of outstanding debt shall clearly state the costs involved in collecting the debt. This also applies to the parts of the promissory notes. If you need money for an essential item or help make your life more manageable, it is good to familiarize yourself with the types of credit and loans that may be available to you and the types of terms you can expect.

Loan Modalities

Loan Modalities

The two basic categories of consumer credit are open and closed credit. Open credit, better known as revolving credit, can be used repeatedly for purchases that will be paid monthly, although it is not necessary to pay the full amount due each month. The most common form of revolving credit are credit cards, but overdraft and personal loans also fall into this mode.

Closed credit is used to fund a specific purpose for a specific period of time. They can also take a form of a financing because consumers are required to follow a regular (usually monthly) payment schedule that includes interest, until the principal is paid off.

The interest rate for loans and financing varies according to the lender and is closely linked to the consumer’s credit score. Generally, there may be certain guarantees for the payment of the loan, especially if it is the financing of a property, such as a car or house. In these cases, the lender can take the item from who is doing the financing to pay off the debt.

Understand the different types of loans and see how to take advantage of each of them. (Photo: Loan Data Corp)

Types of bank loans

Types of bank loans

Types of loans vary because each loan has a specific intended use. They can vary by time period, how interest rates are calculated, when payments are due and by a number of other variables.

Student Loans

Student loans are offered to college students and their families to help cover the cost of higher education. There are two main types: federal student loans (FIES) and private student loans. Loans funded by the federal government are better as it usually comes with lower interest rates and more favorable repayment terms to the borrower.

Mortgages

Mortgages are loans distributed by banks to allow consumers to buy homes that they can not afford in advance. A mortgage is tied to your home, which means that you run the risk of being mortgaged (having the home taken by the bank) if you are late on payments. Mortgages have among the lowest interest rates on all loans.

Car Loans

As mortgages, car loans are tied to your property. They can help you pay for a vehicle, but you run the risk of losing the car if you miss the payments. This type of loan can be distributed by a bank or the car dealership directly, but you should understand that although the concessionaire’s loans may be more convenient, they usually carry higher interest rates and end up costing more overall.

Personal Loans

Personal loans can be used for any personal expenses and do not have a specific purpose. This makes them an attractive option for people with outstanding debts, such as credit card debt, who wish to reduce their interest rates by transferring balances. Like other loans, personal loan terms depend on your credit history.

Loans for retirees

Financial institutions have loan programs available for retirees and their families. They are usually payroll loans, tied directly to the retirement benefit. However, they are loans with lower interest rates and advantages.

Small Business Loans

Small business loans are awarded to entrepreneurs and aspiring entrepreneurs to help them start or expand a business. Among the sources of loans for small businesses, BNDES deserves special mention.

Loans with financial

Financial loans, other than paycheck cases, are short-term, high interest loans designed to fill the gap from one paycheck to the next, used predominantly by people without financial planning who live from paycheck to paycheck. We strongly discourage consumers from contracting these loans because of their high costs and interest rates.

Payroll loan

Public employees, pensioners and retirees, as well as some private sector employees, can obtain payroll loans, with the installments directly discounted from the salary.

Consolidated Loans

A consolidated loan is meant to simplify your finances. Simply put, a consolidated loan pays off all or several of your outstanding debts, especially credit card debt. This means less monthly payments and lower interest rates.

Loans from friends and family

Borrowing money from friends and relatives is an informal type of loan. This is not always a good option because it can hurt a relationship. To protect both parties, it is a good idea to sign a basic promissory note.

Cash Advance

A cash advance is a short term loan against your credit card. Instead of using the credit card to make a purchase or pay for a service, you use a bank or ATM and receive money to be used for whatever purpose you need. Note that interest is high and there may be a fee charge for the service.

Loans with attachment

You can pawn goods like real estate, cars, jewelry, or use them as collateral on loans. Interest is generally lower, but you need discipline in payments to avoid the risk of losing your asset by not repaying the loan.

Where to get loan?

Where to get loan?

Whenever you decide to borrow money – be it to pay bills or buy a luxury item – make sure you fully understand the agreement. Find out what type of loan you are getting and whether you are linked to any of your belongings. Also, familiarize yourself with your repayment terms: what your monthly obligation will be, how long you will have to repay the loan, and the consequences of missing a payment. If any part of the agreement is not clear to you, do not hesitate to ask for clarification or adjustment.

The best place to apply for loans are reputed financial institutions. Financials rarely have better conditions, but it is good to research to compare rates. Above all, be prepared for the payments and plan your financial life so you do not have to use the loan again.

Any questions? Leave comments your questions!