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
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.
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.