On the next page, we present a calculator that will help you know how much you will end up paying for your loan. To use it, all you have to do is fill in these simple fields and you will know the total cost of the loan that interests you and how much you would pay in each monthly payment.
In addition, once you make the calculation, you will receive in your email the detailed report comparing your loan with the most economic of the market, to know if it is competitive or not, and also some tricks to increase the chances of granting you financing. Getting a loan can be difficult if your credit is poor.
How the loan calculator works
Although the price of the credits can be compared taking into account aspects such as interest, the annual equivalent rate or commissions, in order to know exactly how much money we will pay, it is essential to calculate what installments we will pay during the selected reimbursement period. For this reason, from HelpMyCash.com we have developed a useful calculator that allows us to know the cost of the monthly installments of a loan with a certain amount, term and interest. Let’s see what are the steps we must take to use it:
- Indicate which is the entity that offers us the credit. Our calculator allows us to select all the lenders that operate in Spanish territory, from banks to EFC or private equity companies.
- Enter the conditions of the loan. We have to indicate what is the amount we want to get, to what term we want to return it, what interest the entity offers us and what are the commissions that it will charge us.
After following these simple instructions, a new window will open showing us the cost of the monthly payments we will pay if we finally hire the loan, as well as the total capital to be reimbursed. In addition, the calculator will indicate if the loan is among the best in the market and will give us alternative options.
What other expenses should I take into account?
This calculator takes into account the costs that are usually provided in the advertising information of the loans, that is, the interest rate and the opening and study fees. However, there are other expenses that we can not know exactly until we contact the entity. We refer, for example, to the cost of the possible linked products that we have to contract to access the credit (insurance premiums, commissions of associated accounts, etc.) or payments to third parties if the bank forces us to formalize the transaction before a notary.
Also, it is also interesting that we look at whether the entity receives the so-called compensation for cancellation or early repayment of the loan. This surcharge is a commission that must be paid in some cases by returning part or all of the principal of the loan before the due date. Therefore, if we foresee that we will be able to repay capital in advance, it is convenient that we contract a loan that does not include this penalty.
How do I know if a loan is attractive?
The calculator itself will tell us if the credit offered to us is among the best in the market or if, on the contrary, there are loans with more attractive conditions. However, we can know in advance if the product we are interested in is cheap or not paying attention to its equivalent annual rate: if it is below 8%, the price of the credit will be below the average of personal loans. In addition, if we want to know which banks offer the cheapest products, in HelpMyCash.com we have a ranking in which we show which are the best loans in the market.