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If at this point, you find yourself reading this article, this means that you might need a loan. In this case, you are in the right place. Regardless of what kind of loan fits your needs the best way (there are student loans, auto loans, secured loans, and unsecured loans), you always have to be prepared for the regular payments that you will have to face in advance. For that purpose, people came up with loan calculators.
What Is A Loan Calculator?
For those, who are interested in loans, loan calculators will be especially useful. The main purpose of such a calculator is to calculate the approximate monthly payment that the person interested in the loan will have to pay.
One might also need to know the total interest of a loan in advance. Under total interest, people usually understand the general overpayment one will have to make during the entire period of the existing loan.
Basic Information Required For Calculations
For those interested in loans, usually, it is also important to calculate the monthly payment amount to repay the loan.
So that the machine could perform these computations, you have to provide some loan-related information at first.
- First of all, the calculator has to know the overall loan amount. Think of how much money you need for your needs. Or, if you are doing house or car repairs, talk to the master — he or she might navigate you in the world of prices.
- Once you enter the loan amount in the corresponding field, provide the loan terms. The loan term is usually calculated in months or years — this is the amount of time you need until the final repayment comes.
- The next step is establishing the interest rate. If you have already had an opportunity to explore the question, the chances are that you know what people understand under the interest rates. If not, the interest rate is the sum you have to overpay monthly — in a sense, and this is payment for the services a lender provides you with.
When these three basic components of calculations are established, you can find out the monthly payment you will have to make. Monthly payments are the most popular choices among borrowers; however, not the only possible ones. For smaller loans, you might need to pay every week or every two weeks; for the bigger ones — every quarter or every half of the year (rare cases).
Existing Calculator Options
Technologies allowing to calculate the loans might be loan-type-specific. In other words, there are options for those who are planning to take a mortgage, a car loan, or any other kind of credit.
Keep in mind that frequently if you want to take a serious loan, you might need to have a good credit score. Sometimes, to create a good credit history, people use credit cards — this is an easy and available way to increase credit score.
- What is Credit What is a Credit Score Bank of North Dakota
https://collegehandbook.bnd.nd.gov/what-is-credit-what-is-a-credit-score/ - Reps Adams Stevens Ross and Williams Introduce
https://adams.house.gov/media-center/press-releases/reps-adams-stevens-ross-and-williams-introduce-legislation-deliver - Credit Issues USAGov
https://www.usa.gov/credit
The minimum amount of down payment for a conventional loan is 3% of the loan amount. However, as a rule, this figure is higher, because credit history and other factors are taken into account, which increase the risks for the lender and require appropriate compensation.
A USDA (United States Department of Agriculture) loan is a mortgage loan with no down payment issued to U.S. citizens for the purchase of real estate in rural and suburban areas. As a rule, the target audience of USDA loans are people with incomes below average, who cannot afford to buy a house in urban areas, as well as people who, for some reason, are unable to conclude a standard mortgage agreement.
The thing is, the Department of Veterans Affairs doesn't confirm the loan but makes specific requirements that appliers must follow to obtain the VA guarantee. One of those requirements strictly limits the amount you can loan based upon a formula called your 'debt to income ratio' or just 'debt ratio.' This parameter is a percent-denominated value which is calculated by dividing exact debt obligations by your monthly income.
A subprime loan is a loan that is accompanied by a high level of risk for the lender. Most often the cause of high risk is the status of the borrower (poor credit history, low income, etc.) or the terms of the loan (no collateral for a high loan amount, poor quality of collateral).
A jumbo loan is a mortgage for the ammount that exceeds the Federal Housing Finance Agency's approved loan limits for a particular state. Real estate prices vary greatly in different regions of the United States, so the limit above which a loan acquires jumbo status ranges from about $400,000 to $800,000.
By saying 'bad credit loans' we mean loans for people with bad credit history or no history at all. As a rule, they involve higher interest rates and more restrictions when compared to regular loans. The reason is that bad credit history means more risks creditor. Yeah, that simple. By the way, 'bad credit loan' is an unofficial name for such type of loans, so don't expect to find them among credit companies' services.
A secured loan is a loan that is secured by some assets. The asset is actually the security for the loan. Security is necessary because the amount in the case of a secured loan is usually high. The security helps the creditor to remain secured in the process of repaying the money owed. And that is why it is called a secured loan. Because of the fact that the creditor is secured, he or she may rest assured about the funds, even if the amount is huge. As a result, an interest rate for secured loans is much lower than for unsecured ones.
Predatory lending is the practice of issuing loans with extremely high interest rates. Predatory lending methods include direct deception of borrowers, aggressive sales techniques, taking advantage of borrowers' financial unawareness, confusing contractual terms, and so on. In some countries, predatory lending is illegal.
An FDA (Federal Department of Agriculture) loan means a government low-interest loan system designed for people who are unable to take advantage of a standard mortgage. The main features of FDA loans are that there is no down payment and that the borrower may only purchase a home in clearly designated rural or suburban areas.
First of all, you need to know under what scheme you have to pay the loan: annuity or differential. Each of the schemes has its own formula, which can be found in a couple of seconds on the Internet. The repayment scheme is spelled out in the contract. You also need to know the basic terms of the loan, including the interest rate, and any additional payments.
Contrary to popular belief, getting a loan to a person with a bad credit history is quite possible. There is even such a term as a 'bad credit loan'. Not a single financial institution directly advertises such a service, but in fact many of them work with problem borrowers. The only significant nuance: because of a bad credit history, creditors have to hedge themselves by increasing the interest rate and tightening the conditions.
Obviously, an interest rate, as well as other conditions of personal loan may differ significantly depending on a number of factors, including the amount of the loan, a borrower's credit history, annual income, etc. If you examine the range of values, the interest rate on a personal loan can vary from 2% to 40%. However, on average we can talk about the range of 10% to 20%.
There are several classifications of loans, so let's consider the most common one. According to it, there are three loan categories: bank, commercial and state. In its turn, bank loans are divided into personal, mortgage, loan on overdraft, factoring, forfeiting and intrabank loans. Commercial loans may be of the following types: signature, trade and advance. Finally, the state category is subdivided into state loan, subventions, grants, transfers and state tax loan.
Most companies try to maintain a positive reputation in the market and conduct a transparent lending policy. However, there are some that are interested only in increasing profits. Often under the guise of favorable programs they use hidden fees, additional commissions and unreasonable fines, which lead customers to a debt pit. There are many parameters that may underline such companies. Among the main ones are the following: solvency and sufficient liquidity reserve, size and structure of equity capital, quality of the loan portfolio, information on the management, reputation and information transparency. You should also check for information on the company at Better Business Bureau and similar resources.
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