Since the new online credit companies began operating under the supervision of the bank , there are more and more people who prefer this alternative to the traditional banks since the processes are faster, paperwork is reduced to a minimum and can even be ask for free mini loans or even if you are in a delinquent file. Now, do you know how to calculate a loan?
How to calculate a loan online?
Do not worry, as you are not the first to ask this question, we have decided to help you by explaining the two options that you have at your disposal so that you can choose the financial product that best suits your personal needs: calculate a loan manually and calculate A loan automatically.
Calculate a loan manually
The first thing you should do is know what is the TIN and the APR. The Nominal Interest Rate (TIN) refers to the percentage of the amount of the mini-loan that the online loan company will charge you for the money borrowed. This index is usually between 5% and 10%, but the good news is that there are currently a good number of companies that offer a TIN of 6.95%; which is not bad if we compare it with what was being demanded until recently.
As for the Annual Equivalent Rate (APR), it refers to additional expenses that companies may or may not include in a financial product next to the TIN. It usually includes:
- Commissions: the most common in this industry are the study (in disuse) and the opening.
- Amount that is requested: keep in mind that it is not the same to ask for a fast loan for a large amount than a small mini-loan.
- Repayment term: how long are you going to pay your credit online.
Calculate a loan automatically
With all the technology you have on your computer or mobile phone, why don’t you use a free online tool to help you calculate your loan? Currently there are different loan simulators or comparators in which you will only have to specify the money you need and the time in which you want your loan and instantly all the legal companies that meet your expectations will appear. You won’t even have to explain why you need the money!
Once you review the TIN and APR you simply have to select the option that suits you best and begin your online loan application process. This procedure is carried out quickly and if you meet the financial risk profile of the selected company, in less than 24 hours you can have your credit online.
Normally the only papers that will require you will be an official document (ID, Passport) and a bank statement with the latest expenses and income. Remember that in addition to having a phone number and bank account, as the whole process is done online you will also need to have a valid email address
One of the advantages of using an online loan simulator is that you can also find free loans of up to 300 dollars or more (without interest) and that you can receive more additional information as if you can request micro loans , without payroll, without collateral, etc.