Loan calculator – payday loan installment calculator
The loan calculator is a great way to find the cheapest payday loan online. Thanks to our useful tool, everyone can choose a safe and optimal loan. Using the loan calculator, you can not only calculate the installments of any payday loan in Poland, but also find other attractive offers. Just enter three values:
- The loan amount that will suit your financial needs,
- payday loan repayment period that will suit your options,
- Interest rate – if you don’t know what to choose, leave the default value.
Our loan calculator will show you all the cheapest payday loans for the period and amount you specify. Thanks to the loan calculator on SumMoney, you can choose in many offers and find the best solution. The loan calculator available on our website takes into account all credit costs, such as interest rate, bank commission and all other fees, giving their total amount as the Real Annual Interest Rate. With the SumMoney loan calculator, you make safe and best decisions about your finances.
How do you calculate payday loan installments?
Many people wonder what the installment of the loan they plan to take will be. You can calculate it yourself, but it is not easy. The final amount of installments is influenced by factors such as: loan amount, loan period, interest rate, commission and type of installments. This involves browsing many bank offers and comparing detailed information on a particular loan. However, installments can be calculated using tools available on the Internet, i.e. payday loan calculators.
payday loan installment calculator
The payday loan installment calculator greatly facilitates the approximate calculation of regular repayments. In most such tools, you only need to enter the loan amount, loan period and interest rate. After a while, the entire payday loan installment schedule will be presented. Some calculators also include installments, i.e. equal or decreasing. With the repayments calculated, the most favorable offers of the banks appear. They usually contain information such as interest rate, APRC, commission, total repayment amount and installments. With the online loan calculator, the future borrower finds out which banks are worth going to to determine the details of the contract. Some payday loan installment calculators allow you to contact bank representatives via the website.
Comparison of payday loans
payday loan calculators make it easy to compare products at many popular banks. Specific parameters may vary, mainly commission, APRC or interest rate, and they have a real impact on the installments and the total amount to be repaid. Using payday loan comparison websites makes it much easier to choose the best offer. It also minimizes the time that would have to be spent on browsing offers in many banks and comparing specific indicators. Thanks to the tools for comparing such loans, time is saved and all the best offers are displayed in one place. Not only that, the results obtained can be sorted by importance of the indicator. Loans can be sorted by the lowest or highest interest rate, APRC, commission, total repayment amount or installment.
payday loan – what to look for when choosing an offer?
Potential borrowers usually pay attention to interest, and this is a mistake. The interest rates given by the banks only apply to interest costs. A more important parameter for the borrower is APRC, i.e. the Actual Annual Interest Rate. It affects the total amount to be repaid. The APRC includes a commission, but also additional payday loan insurance.
Most banks offer credit insurance, but this is not mandatory. This does not mean, however, that it is better not to use it at all. It is worth to familiarize yourself with the details of the offer and find out what the insurance offers. Not all of them protect the borrower in case of illness or dismissal. It’s good to know what the bank offers in such unexpected situations.
When choosing an offer, it is also important to familiarize yourself with the additional fees. It is good to know if it is possible to pay back your payday loan early and at what costs. Some banks also charge extra fees for prompts and requests for payment when the borrower defaults on the loan.
When deciding on a payday loan, you should also consider the type of installments. Usually, borrowers decide on equal installments, the amount of which does not change during the entire repayment period. However, the proportions contained in the total installment amount, i.e. the capital and interest part, are variable. You can also choose decreasing installments, which are characterized by high amounts at the beginning of the repayment and decrease with time.
Some banks, in order to attract customers, offer a grace period popularly known as “credit holidays”. This means that the loan is temporarily suspended. It is granted at the customer’s request and can cover a specific number of weeks or months. This solution obviously has pros and cons. The “missed” installment will have to be repaid anyway, in addition it may increase interest. The advantage is the fact that the borrower will be able to relieve the household budget for a limited time without paying a high installment of a payday loan.
Some banks offer various promotions related to taking out loans at their institution. Most often it is cross-selling, under which you can reduce the costs associated with a payday loan by using other bank products, for example deposits or personal accounts.
payday loan – what conditions must be met to get it?
The most important thing for a bank is creditworthiness. It is worth increasing it when planning to take out a payday loan. First of all, financial matters should be sorted out. If the person applying for a loan has any other liabilities in banks, he may think about consolidation, which will combine installments into one lower amount, which will positively affect the assessment of creditworthiness. Debit or limited cards are also at a disadvantage, as the borrower may increase his liabilities at any time.
Banks also check Retrodatabase, i.e. information contained in the Credit Information Bureau. There are both negative and positive data. The former usually concern problems with repayment of liabilities, while the latter, on the contrary – inform about the timely repayment of the loan, which is in favor of the bank, because it gives credibility to the future customer.
To obtain a payday loan, you must also meet a number of formal requirements. You must present an identity card as well as a proof of income to the bank. A fixed-term employment contract and high earnings can guarantee better credit terms, but also increase the amount of payday loans.