The Basics of Using a Loan Repayment Calculator in South Africa
Applying for a loan means that you either need extra cash for your business or you need extra cash for personal needs, such as for paying rent for the month, paying for a medical emergency or even for home renovations.
There are a number of things you should keep in mind before applying for a loan, such as:
- You need to know your credit score
- You need to be clear about why you are applying for the loan
- You need to know the right places to apply
- You need to know how much you can afford to repay on a monthly basis
This is where using a loan repayment calculator can be useful.
What are the benefits of using a loan repayment calculator in South Africa?
You can save time
The loan process can be long and stressful- only if you allow it to be. By using a loan repayment calculator you can easily understand how much you’ll be paying. Instead of wasting time on lengthy phone calls with bank consultants, you can simply use a loan repayment calculator.
You can work out a budget that can handle your loan repayments.
Know your options
By using a loan repayment calculator you have better insight into just how much you’ll be repaying in interest and fees. You can also make more accurate comparisons.
You have the option of working out how much you will pay each month on different size loans, with different interest rates.
You can use the loan repayment calculator as a guide to determine your monthly loan repayments.
It’s important that you confirm with the bank or lending institution what the actual loan repayment amount is, because the amounts on the calculator are just estimates.