Before applying for a personal payday loan, it is convenient to use tools such as a loan calculator, also called a loan simulator. This tool allows the person who is thinking about whether or not to apply for a loan, make a simulation without any risk or commitment, since the result is simply proof of how that loan would look. Through the simulator you can calculate the loan that best suits your needs and personal circumstances.
In Moneyrank Lenders we put at your disposal an online personal payday loan calculator so that you can choose the amount of money you need between 750 and 5,000 dollars, and the fees in which you want to pay it back, within a minimum period of six months and a maximum of 48 months Its operation is so simple and intuitive that almost no need to explain it. But as there are always points to clarify, here we explain everything you need to know about this tool and our fast credits.
Our borrowing capacity must never exceed 35% of monthly net income minus fixed expenses
The first thing you have to be clear about is that the Moneyrank Lenders page scrupulously complies with all the security requirements established for you to request and receive your money quickly without changes. The second is to know your borrowing capacity.
That is, how much money we can allocate to pay our loan without jeopardizing our financial capacity. As we already told you in this blog, usually the monthly loan fee should not be above 35% of the net monthly income that we have left after subtracting the fixed expenses. However, this percentage may vary depending on the personal situation of the applicant, although this would be the maximum to avoid problems when paying the loan.
The loan simulator or calculator is based on the requested amount and the duration of the loan. Based on these two variables, calculate the monthly fees to be returned
In 3 simple steps you can simulate what a personal payday loan would look like using the loan calculator. We detail them below:
STEP 1: Choose the loan details
The personal payday loan calculator is the first tool that the user finds as soon as they access the Moneyrank Lenders page. It consists of two sliding bars: in the first ( ‘I would like to request’ ) the applicant can choose the amount in dollars he needs and in the second ( ‘To be returned in’ ), he must indicate in how many months he plans to reimburse it .
STEP 2: Calculate the monthly fee to be returned
Immediately below will appear the indicative amount of the monthly fee to be paid – since as we indicate “it is not a final offer” and “depending on the creditworthiness analysis, conditions may vary, including principal, fees of the loan and interest-.
STEP 3 See how much you will finally pay with the corresponding interest
A detailed breakdown appears in the amount of this installment indicating the amount of the loan, the number of installments, the Nominal Interest Rate or TIN (the price paid for the money borrowed), the Annual Equivalent Rate or APR (includes the nominal interest rate , commissions if any and the term of the operation) and the total to be returned.
In this regard, it should be remembered that the maximum online credit offered by Moneyrank Lenders is 5,000 dollars, with an APR ranging from 24% and a TIN from 22%.
If in a first simulation the amount of the resulting fee is not to the applicant’s taste, he can try all the simulations he wants in the personal payday loan calculator until he finds the combination that best suits his financial situation.
The final request will be more or less likely to be accepted depending on the proposed conditions and the personal situation of each user.
The resulting simulation and the sending of an offer are not binding. Once the calculations have been made, the user can proceed to make a formal request by pressing the ‘Request your loan’ button that directs you to the application form that you must complete with your personal data and your identity verification and send.
As minimum requirements, you must be of legal age, have a valid identity document, an online bank account, email and mobile phone. All essential data to verify the identity and our economic situation. Once the information has been submitted, the Moneyrank Lenders algorithm will analyze the situation of each applicant individually before determining whether or not to grant the credit. The process will take only a few minutes.
In this regard, it should be noted that the use of the personal payday loan calculator, the resulting simulation and the submission of an offer are not binding at all. Our loan offer may be accepted or denied. Moneyrank Lenders will only give credit once both parties have reached an agreement in which the borrower’s ability to meet the loan is proven.