Use this personal loan calculator to determine monthly repayment and the total costs of your loan.
It’s super easy to use and will give a close estimate of what the banks will calculate.
You’ll then know and have a strategy and better understanding before taking on any loan.
Understanding the loan
It’s always best advised to understand the costs of the loan before you can commit and sign the contract.
Our loan calculator above will assist you in estimating your principal debt (ie. total interest charged + original loan amount).
But most importantly, your monthly installments. You need to know how much you’ll be paying if you want to take up any loan to better plan for your monthly expenses.
How to Qualify for the Loan
The first step to take would be to check your credit report to better understand where you stand with your credit score.
Once that is done, always shop around and compare loan rates before committing to find loans with low-interest rates.
Check your finances: expenses vs income ratio.
It’s important to ensure you can afford the loan amount you want to apply for, otherwise, you’ll have a difficult time paying it back. Which will then affect your credit score negatively.