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What’s the Best Way to Use the Loan Repayment Calculator to Get the Most out of it? Examples and Contact Information

 Do you need to borrow money? You are not sure if your income is enough to afford the cost of a loan? The best strategy to be sure you won’t incur in debt is to use a loan repayment calculator to know how much money you will need. Fortunately, in this article we’ll make reference to different types of calculators some companies offer, how to use them and, we’ll even show some examples. Besides, there’ll be some contact information from these companies.

    Nowadays, this tool is offered by the vast majority of lending companies. No matter what type of loan you need, there’s a great chance you find an online calculator to work with. The calculator usually reflects the monthly payment amount but, it can also show how much you can afford. This second option works for higher loans like, for instance, home loans. If you get to know beforehand how much money can you afford, you can look for a house valued among that quote.

What are the calculators available?

    There are plenty of calculators but, the most popular are these three: Affordability Calculator, Payments Calculators and, there’s even a Comparative Calculator. The first option will help you find out the loan size you can afford. This means, before requesting the loan, you’ll know how much money can you request. The second option will assist you on the installments, which means, if you already know the amount of money you’ll ask, you can calculate how much money you will have to pay every month. And, the third option will give you a hand to compare between two lending companies in order to choose the best alternative.

What information do you need to submit?

                A) Affordability Calculator: in order to know how much money you can spend, you will be asked to inform the bank about your income and expenses and, the term you would choose for your loan. With all this information detailed, you will get the answer you need.

                B) Payments Calculator: if what you need to know is how much money you need to spare per month to repay the loan, you will need to inform the calculator about the price of the purchase and, the terms of the loan like, the quote, repayment, interest rate and, for some cases, if you plan to make some extra payment.

                C) Comparative Calculator: this calculator can be seen as a little more complicated because it needs personal information about you. However, you don’t need to worry because I’ll help you understand the process. On one side, you have to complete some personal information – name, date of birth, residential status – and, o the other side, some financial information – earnings, employment. Besides, you have to specify what you want the loan for and, the purchase price. Finally, you may have to select the lending companies you want to compare so, the calculator will show you which is the best deal you can acquire.

Examples:

I’ll make use of the online calculators BetterBond Home Loans offers in order to clarify how they work.

+ Let’s imagine you earn 85000 rands per month and, you spend 9000 on expenses. Providing you get an interest rate of 10% and, you would like to repay the loan in 20 years, this amazing tool would reflect you can afford to pay around R 25500 each month for a loan amount of R 2,642,427. Of course, you can change and try different terms until you reach one that fits your pocket.

* Now, if you have the purchase price – let’s say R 900000 for the sake of this example – then, you have to clarify the loan quote and, again, the term. But, apart from this, you can make additional payment so, imagining you decide to choose a 20 years repayment term and, R7500 as additional monthly payments and, if the interest rate is10%, your installments would be 16,185.19 rands and, you can save around 870,426.16. As you can see, you have the chance to save a considerable amount of money if you take enough time to go over your financial situation and, try to get the best deal.

What are the benefits this company offers?

In the following list, you’ll find some great advantages for BetterBond clients:

                    * Applicants must be pre-qualified. This allows them to know the cost of the loan beforehand.

                    * There’s a friendly team of assistants ready to help along the whole process.

                    * BetterBond’s applicants save time applying only once with them and, this entity will be in charge of getting the best deal.

                    * After getting the offers, the applicant is the one to decide who which entity wants to work with.

                    * This extra services they offer do not have extra cost for BetterBond’s applicants.

How can you get in contact with BetterBond?

Now, I’ll list some contact information for BetterBond



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    + The Headquarters can be found in the city of Randburg, specifically in the suburb of Blackheath. It’s placed at 299 Pendoring Road, Block 9. This office’s phone number is 08 60 55 55 40.

    + Another BetterBond branch is located in the suburb of Arboretum in the city of Bloemfontein. If you live in this area, you can go to Collins Road 7 or, dial the number 43 07 888.

    + For South Africans living in Pretoria, you can go to 1257 Embankment road, first floor in Centurion suburb.

    Before ending the article, I want to show you some information about another lending company that offer lower quotes in case you need less money for less time. I’m referring to Wonga Loans:

Wonga contact

08 61 96 6421

Wonga email

za.customercare@wonga.com

Working Hours

From 7 to 19 on weekdays, 8 to 13 on Saturdays.

Minimum quote

500 rands

Maximum quote

4000 rands

Quote for existing customers

80000 rands

Repayment

6 months top

    To sum up, when South Africans decide to get a loan, they want to make sure they’ll be capable of cancelling the debt on due time. Online calculators are the best alternative to accomplish this. So, don’t hesitate on using the different options explained before and, request your loan.

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Leave your questions or comments

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Questions and Answers

Does my employment status affect the rate?
Usually, companies take as much information as they can to process the loan and rates. Your type of job may have an impact on the cost of your loan.
If I use the online calculator does it mean I’m applying for the loan?
No, after obtaining the results, you’ll be shown the option to apply in case you still want to do it.
How’s the rate calculated?
There are many factors involved in the rate of your loan but, you must know that the higher the quote and, the longer the time to repay it, the higher the rate you’ll get.

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(4,33) / 3 Ratings

Rating: 4
Comment: Thanks for clarifying the different payment calculators.
Rating: 5
Comment: When I knew the monthly installments, I could organize my expenses better.
Rating: 4
Comment: I want to find the best rate!

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