How to use a Loans Calculator

Often, choosing the right financial product to suit you involves hours of research, as you try to understand all the terms and conditions and compare costs to get the best deals. You go through exactly the same thing when you start to search for the best loans to take out, and it can be exhausting, exasperating and time-consuming.

There is now a very simple thing you can do to hunt down the best loans on the market. The solution is to use a loans calculator.

What is a loans calculator?

Generally speaking, a loans calculator is a simple online tool which allows you to work out how much a loan will cost you. However, there are a few different types of loans calculator, some which allow you to calculate the monthly costs of a loan and some which help you find the cheapest loans.

Some loans calculators have sliders to allow you to narrow down your requirements and play around with loan amounts and time periods to find the best deal.

What information will I need to use a loans calculator?

• The total amount you are thinking of borrowing
• The amount of time over which you intend to pay the loan back (i.e. 12 months)
• Your credit rating – usually you will only be asked to provide an estimate of your current credit status, such as ‘good’, ‘fair’ or ‘poor’

Where can I find a loans calculator?

Loans calculators are available and free to use all over the Web. You can find them on financial advice websites, as well as on the websites of loan providers themselves.

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