How to use a personal loan calculator?

Calcula correctamente los gastos de tu préstamo personal

With this tool to calculate personal loans that we provide, we aim to determine without much effort the amounts that you must pay when you request a personal loan.

In addition, we want you to know at all times the Effective Annual Rate (not the calculation of nominal interest, but the calculation of effective annual interest) that is compared with a particular fee and costs.

They are two correlative estimates that provide you with the essential data so that you can negotiate with the entity that offers you the credit, without the figures confusing you.

The administration is simple, you just have to complete the fields that are shown on the screen, on our website it would be the amount and term and we show you an estimate , although it will ultimately depend on the selected lender for your particular conditions.

For other lenders, which you can choose in the quick loan comparison , or for high amounts (up to 60,000 euros), in which case we send you directly to the entity that we consider most appropriate. For these cases, the calculation or simulation will be done directly from its website . We always work with reliable companies of proven quality, they will show you at all times what interests, commissions, and fees you must pay to obtain the consumer loan you need.

Online personal credit simulations

Always before hiring a loan online you must carry out a simulation of how much the personal loan you want to request will cost you , this simulation is always 100% online from the website of the lender you select, or that we recommend.

The credit simulation is very simple, you simply select the amount and term, or terms in which you want to return the money you request. In a few seconds they will present you a proposal, indicating interest, commissions, APR, money that you must pay in each installment, etc.

If at any time it is not clear to you what you should pay for the money you request, you can make use of personal advisers. Almost all online financing entities have personal advisors to help their clients in the credit application process.

If with all this, always before signing any contract, it is not clear to you how much the credit will cost, do not sign any contract and try with another entity. Either selecting it from our credit comparator or searching for yourself online.

Things to keep in mind when using personal loan calculators

There are a series of terms that you have to be clear about when calculating the cost of a loan without questions online:

Interest is the price you pay to get money for a certain period of time.

Payroll Interest Rate or TIN

Basically, the TIN is the type that banks use and transmit to us in the agreements of deposits, advances, credits and mortgages, and that reflects the expense for the change of value of money in a period of time.

The nominal interest rate (TIN) is the fixed rate that is agreed with the entity that lends the money as a concept for the money that is lent, it depends directly on the time that the borrowed money is enjoyed. It is the percentage that the bank takes for the money it gives up .

It is the interest rate that indicates the effective cost of a financial product . As it were, the TIN does not consider any type of cost related to the activity, it is only the interest that has been agreed with the borrower for the operation. The TIN does not need to be annual as the APR can be.

Annual Equivalent Rate or APR

The APR is calculated according to a mathematical formula that takes into account the nominal interest rate, the periodicity of the installments, the cancellation or amortization commissions, and other transaction expenses, such as the opening commission.

The APR does not usually include costs or expenses such as notaries, insurance, or related products such as life insurance that many banks force you to sign in order to grant you the money.

In conclusion, the APR, unlike the TIN, is a very useful index for consumers to know what their lender is offering them and to compare offers .