If you have taken out a payday loan, you definitely want to know what is the amount you’ll have to pay back!
Considered as an essential tool in short-term loan calculation for any borrower, and many payday lenders offer one on their website. So when you apply for a loan from a lending institution, it is important that you should be aware of the amount of interest you’ll have to pay in order to make a more informed decision on the amount of loan for which you wish to apply.
You can calculate how much money you owe by means of a payday loan affordability calculator. Easily use the payday loan calculator for calculating your monthly interest repayments, you can also compare loan repayments over different periods and define what is the most affordable option for your financial situation. The payday loan calculator will provide you a monthly interest repayment over 1 3, 5 months or your respective loan period, and compare them to a monthly repayment period of your choosing.
Using this calculator, you can calculate it to know the total interest you’ll pay, the monthly payments, the interest as a percentage of principal, interest paid in regard to whether it is simple or compounding interest, and other essential functions.
Similar to many online loan calculators, the payday loan affordability calculator is automatic and will give you your answers instantly depending on what you want. With a simple user interface all you need to do is fill in whatever variable you are using and the calculator, whether its the interest rate, principal or the amount payable over a certain period of time. This calculator works out an estimate of the amount of your monthly loans payments and the total annual income that is required in order to be able to repay the loan in monthly installments without any hassles.
In computing your loan variables generally interest rate, principal and amount of time over which the loan has to be paid); the loan calculator assumes that the interest rate will remain constant during the repayment period. The calculator may have a fixed interest rate or will generally depend from lender to lender.
Original Resource : What is Payday Loans Affordability Calculator and How is it useful in taking Payday Loans?