Loan Calculator – Is it worth switching loans?
If you are borrowing money, then you not only want to make sure that you borrow the right amount for you, but that you are getting the best deal possible.
There are a variety of loans out there that you can choose from when you need to borrow money. Some will be designed for longer term borrowers, some will be designed for those who have poor credit ratings, some will be designed for other lending.
One thing that many people who take out loans will often consider is whether or not they have the best loan for them. Particularly if you feel that your interest rate is particularly high and it is not reducing the overall borrowing amount as much as you would like it to.
In order to find the best deal possible, you may decide to spend time researching into all the different loans that you can take out and comparing which one is going to be the right one for you. This is one way to make sure that you are getting the best deal possible for your money, however, do you have the time to spare to spend doing this?
Chances are that you don’t. So, if this is true for you, then it may be worthwhile looking at other ways that you can save money when borrowing money.
Your loan switch calculator has been designed to do just that for you. It looks at your current loan, interest rates and repayments, comparing it to other loans out there. The thing to remember before you begin this process is that you will need to find out from your current lender how much your settlement figure will be on your loan.
This is because the lender is likely to not only charge you the full borrowing, but also a settlement charge, this is usually a maximum charge of two month’s interest. This amount will then be what you need to enter into the calculator to find out where the best deal is for you.
Once you have this information, you can see where you will be likely to save money. Not only on your monthly repayments, but the amount of money that you pay in the long term too.
Want to make sure that you are getting the best deal for your borrowing? If you do, then you may find that this loan switch calculator is the right tool for you. Designed to help you to save money when you borrow money, this is the ideal tool for anyone who has a loan and wants to save cash in the long term.
Loan Calculator – How much will it cost?
When you need money in a hurry, perhaps to cover an unexpected vets bill, car maintenance or a bill that you didn’t plan for, then you may turn to a loan calculator.
Loans are a different debt option which can help you when you need a small amount of money, particularly if that is quickly too.
One of the first questions that you will find yourself asking when you are looking at applying for and arranging a loan, is how much you can borrow? However, the next question that you are likely to consider is how much that lending will cost you?
As with any loan or financial agreement, there will be an interest rate applied to the money that you borrow. This interest rate can vary depending on where you are borrowing the money from and the type of loan or credit agreement that you are taking out. It can also depend on the risk factors that are taken into consideration when you take out the loan, particularly your own credit rating.
This interest rate is charged on top of the repayment that you need to make on your loan, meaning that whilst you may be making payments each and every month, not all of that money will be instantly reduced off your balance. This should always be taken into consideration when applying for a loan, or any other form of credit agreement.
You may notice that compared to other forms of borrowing, the interest rate charged against your loan is higher. This is down to the nature of the loan. Loans are only ever designed to be for a short period of time lending option, which is reflected in the interest rate that is charged.
You should also take into consideration any other charges that can apply for your loan, this vary from arrangement fees at the very beginning, to charges and fees for paying your repayments back later than the designated date.
Want to know how much your monthly repayments are likely to be? Then our useful loan calculator can help you to ensure that you know how much you need to budget for each and every month.
The thing to remember about debt, and loans in particular is that you should only ever plan to borrow as much money as you can pay back. This not only is the borrowing amount in full, but also the interest that will be charged during the duration of the loan.
Loan Calculator – How much can I borrow?
When it comes to borrowing money, no matter the reason, one of the things that you are likely to want to consider is how much money you can actually borrow.
Whilst many people think it is simply a case of entering how much you want and then being given the money, this isn’t always the case. In order to calculate your borrowing amount, the lender will look at your personal details, your risk factors and of course your credit rating.
Not only this, but one of the most important things to think about is your affordability to make the repayments back on what you borrow. The last thing that the lender is going to want is to lend money to someone who then cannot pay it back. They want to ensure that repayments, and of course the sum of money that has been lent, is paid back over the period of time that was set out in the initial application.
If you only want to pay off your loan quickly, then you may find that the amount of money that you can borrow is lower. This is to ensure that you can make the repayments that you need in order to stop yourself falling behind.
Of course, if you are able to borrow over a longer period of time, then you are likely to find that the amount that you can borrow will raise, after all, this means that you will have more time to pay off this larger sum.
When it comes to loans, they are designed to offer a quick lending solution. You may find that that this means that the amount that you can borrow is much lower than some of the other forms of loans that you can take out.
Whilst you may prefer to borrow the higher amount, you should always remember to borrow the amount of money that is right for you. That you can pay back with ease and that won’t land you in some financial difficulty.
So, if you need some cash in a hurry, but not sure how much you can borrow, then check out our loan calculator to see how much you might be able to borrow.
Loan Calculator – Compare Loans to Credit Cards
When it comes to borrowing money, sometimes you are going to need the funds quickly.. If this is the case for you, then you are going to need to consider whether or not a loan or a credit card is going to be the best method to obtain those funds.
Both of these forms of borrowing have their own benefits and drawbacks and it really depends on the amount that you want to borrow and how long you are looking to take to pay it off.
Credit Cards offer flexibility, not only in the amount that you borrow but how you pay it off also. You can use a credit card to pay for things online or in a shop and many of them have a 0% interest rate for a set period of time. However, once this time is up, you may find that the interest rate rises considerably and if you pay only the minimum amount off each month that you may find that it will take a considerable amount of time for you to pay off the money that you have borrowed.
Loans are incredibly easy to set up and usually you can have the money that you need in a very short space of time. Paid directly into your bank account and ready to be used for whatever you need it to be. These particular forms of loans are suitable for those who have a bad credit rating.
The only thing to remember with loans is that they are designed to offer an option for credit. This means that they often have a high interest rate, which can lead to you paying back a lot more money than you originally borrowed. Particularly if you do it over a long period of time.
Not sure which one is right for you? This is incredibly common when people are thinking about credit and which variety is the right one for you.
Only too happy to help that you borrow the right money, from the right place, we have put together this helpful calculator for you to use. We hope that you find that our loan calculator is the tool you need in order to find the best option for you. Incredibly easy to use and with everything that you need to allow you to compare the two options open to you. Using this you can decide which one that you want to take out and how long it could cost you in the long run.