Loan Calculator for Personal & Payday Loans
When you’re seeking a loan, your major concerns may be how much you can borrow and how soon you can get your money. You may be less concerned with the interest rate or repayment period, especially if you’re facing a financial emergency. But evaluating potential loans with a loan calculator reveals details about how much you may potentially pay for certain types of credit. Payday loans especially are revealed to contain shocking details concerning their actual costs. With LoanNow, you’ll enjoy the speed and convenience of payday loans without the sticker shock.
Terminology:
There are five major terms associated with a loan calculator: total loan amount, interest rate, term, loan start date and amount of each payment. Total loan amount refers to the amount that you are borrowing. The loan start date and payment amounts are self-explanatory. Total loan amount is also frequently called the principal. Interest rate refers to the amount that you are charged for borrowing. The term refers to the amount of time that you are given to repay the loan.
Using a Loan Calculator:
To use a loan calculator, simply input the relevant information into the appropriate slots, and the loan calculator does the rest. The result is an amortization table that shows how much each payment reduces the principal versus interest, and the total amount of interest you will pay by the time your loan is paid in full. By comparing different loans with the loan calculator, you can determine which loans provide the best available terms.
Payday Loans:
Using a loan calculator for payday loans is more complex than with conventional bank loans. That’s because rollovers multiply many payday loans into multiple loans, each with a new set of interest rates and fees. To accurately determine what you will ultimately repay, you must use a loan calculator for each rollover.
The LoanNow Difference:
Unlike payday loans, LoanNow does not utilize rollovers. Instead, we work with borrowers who fall behind on their payments to get them back on track. We also schedule our loans with monthly installment payments that are more easily managed than payday loans that demand payment up front payment in full after a week or two weeks. That means you can evaluate the cost of our loans with a loan calculator just as you would with a bank loan. In many cases, you’ll find that our loans are way less expensive than payday loans.
LoanNow is a better alternative for dealing with financial emergencies than payday loans. The proof is in the results of a loan calculator!
