Consolidation loan calculator
A good way to find out what installment loan consolidation loan can be determined by a bank is to use professional tools to compare different banking products. http://mm24mm.com/fast-payday-loans-online-uk-you-can-get-payday-fast-loans-up-to-1000/ has more information
For this purpose, calculators for the cheapest consolidation loans were created. How do they work? Just enter a few details and the system will automatically generate a list of results tailored to the borrower’s needs.
In the Consolidation Loans Calculator on the SumMoney website, specify the type of loan (e.g. car, cash, housing), loan amount, interest rate and the number of months to be repaid. This information should be provided for each type of liability you want to consolidate. And what do the results obtained in the cheap consolidation loan calculator look like?
A bank offering a given banking product, interest and commission amount, APRC value, installment amount and total repayment amount are indicated. All these data are placed one below the other, thanks to which conditions in individual banks can be compared quickly and easily.
In addition, the consolidation loan calculator allows you to fill out the form, which allows you to contact a SumMoney expert who will help you assess whether the selected banking product is right for you and present the formalities related to the commitment.
How to calculate the installment of a consolidation loan?
To find out how to calculate the installment of a consolidation loan, it is best to use the calculators provided for it. Before, however, you need to know what determines its height.
The first thing to consider is the loan amount, and the amount and type of interest rate. An important factor will also be the bank’s commission, which increases the cost of liability. The loan installment will also determine how long the debt repayment period will be.
Consolidation loan calculator – interest rate and APRC
A very important feature of the cheapest consolidation loan calculators is that in addition to the interest rate, they also specify APRC. It is a value specifying the Annual Real Interest Rate, which shows the actual cost of the loan. This is possible due to the fact that the APRC takes into account not only the interest rate, but also the commission, preparation fees, insurance and all additional payments related to incurring the debt.
What does it look like in reality? When checking the consolidation loan calculators, it can be seen that, for example, interest rate of 4.99% is offered at Bank X, whose APRC is 9.79%. Bank Y, on the other hand, prepared a consolidation loan with 5.99% and RSSO 8.94%. In the second case, although the interest rate is higher, the offer is more favorable and the total repayment amount is lower – this is because the bank uses additional fees at a more attractive level, which means that the APRC is lower. Therefore, you should always pay attention to this indicator.
On the other hand, when checking and comparing credit offers on the websites of individual banks or branches, customers pay attention primarily to interest rates. By this they can pay more, despite the existence of more favorable banking products.
Comparison of consolidation loans using a calculator
Comparison of consolidation loans on the Internet thanks to specially prepared tools allows you to quickly and conveniently check which offers are most profitable for you. In addition, the consolidation loan calculators calculate the installment amount and show the total amount to be repaid.
However, you should be aware that this is only a simulation, which, although accurate, may differ from the final proposal specified by the bank. This is because the final repayment time and installment amount are affected by your creditworthiness, which is checked very carefully. The bank may find that it will provide you with financial assistance, but to protect yourself, it will reduce your monthly installment while increasing their quantity. And the longer the repayment period, the more expensive the loan will be.
In which bank should I check the consolidation loan installment calculator?
Individual banks also publish loan installment calculators regarding their banking products on their websites. They can be used after making a preliminary selection in the general cheap consolidation loan calculators. And which banks are most often chosen by borrowers? PKO and Meteor Bank often appear in the consolidation loan rankings.
Thanks to the PKO consolidation loan calculator you can find out what the current interest rate on the loan is and how much the minimum and maximum amount of the liability can be.
In addition, for this banking product you do not have to pay an additional fee for early repayment, and most importantly – having an account with PKO is not a prerequisite for obtaining financial assistance.
The Meteor Bank consolidation loan calculator allows you to check what the debt terms are, what the maximum amount of debt can be and when the funds are withdrawn. It is also possible to get extra cash for unforeseen expenses.