Calculate your payday loan and get money quickly Today, the diversity of micro-finance organizations allows you to choose the loan conditions that are most convenient for you. It is often difficult to make the right decision because of complicated cost calculation systems. For your convenience, we have developed a special calculator for calculating online loans and interest on late payments.
The loan interest calculator is a convenient option that allows you to calculate exactly the amount of the loan as a whole, that is, taking into account the amount of the payment and the possible delay in the overpayment. The total amount and the amount of the overpayment for a micro-credit appear separately – this option allows you to assess the situation and choose the most profitable company on its own.
How to calculate the interest rate on a loan using a calculator
This service is fully automated. To calculate the interest in the online loan agreement, you must specify the following:
Loan amount (dollars), Credit term (days).
To apply for your quick loan, click on the “Request” button, fill out the form and that’s it.
In a few minutes, it will be known if your application was accepted online.
Totals will be shown below, below the table where you entered the data. With the help of a loan calculator, you can save on loans without fear of spending more money than expected.
The basic rules for calculating interest in a loan contract are:
The micro loan company must provide its customers with extensive information on its website. When concluding a loan agreement, be sure to pay attention to the following information:
The loan amount is the amount that is required to solve your financial difficulties. As a general rule, it ranges between 50 and 900 dollars, although in the first request the amount is limited to a loan of 300 dollars.
Interest rate – interest accrued for the use of money
Term of the loan: the time during which the client is obliged to return the funds provided.
Formulas for calculating late payments and penalties in case of breach of other mandatory contract conditions must also be indicated.
If the money loan is not returned within the specified time, this delay will incur an additional cost and possible penalties.
Formulas for calculating interest on a loan:
As a general rule, customers borrow about 120 dollars. We offer you, for example, the calculated interest and the possible delay, focusing on this amount. The initial data are as follows:
- The loan amount is 120.
- Loan term – 7 days
- The interest rate is 1%
- Overdue loans – 5 days
- Interest rate in case of delay – 1.1%
The calculator calculates the commission amount and the total amount to be returned, regardless of the delay.
The amount of delay can easily be calculated from the formula:
(Loan amount x Interest rate in case of delay x number of days overdue) / 100% = (USD 120 x 1.1% / day x 5 days) / 100% = USD 6.6
Calculate your loan on the online calculator : it is very convenient! If you pay the loan on time without delay, you will have one of the lowest commissions in the market: only 1%!