You need liquidity and therefore you have to apply for a loan, but don’t you know when it will really cost you?
Not sure how to interpret the various items that are shown to you on the information sheets? Don’t worry, read on and you’ll find out how you can get a loan quote that lets you know when you’re going to spend!
Requesting a loan quote is a mandatory step before subscribing to a loan, so as to know the costs and methods of repayment. Funding can be of many types, from personal loans to self-employed loans, to mortgages for the purchase or renovation of a building, up to loans aimed at supporting particular categories, such as young people or new businesses. However, all have in common certain characteristics, on which stands an interest rate to be paid to the credit institution that provides the loan. There may then be additional expenses that will change from time to time, but the interests are a constant that largely contributes to establishing the cost of a loan.
The interest is calculated in the form of a percentage of the loaned capital: another element that contributes to composing the budget will therefore naturally be the amount requested. Another important factor is the periodicity of the installments: the more payments are expected, the less heavy each installment will be.
The details of the repayment terms can be extracted from another important document, which should accompany the quote, when you contact the bank: the amortization plan. This accurately describes the progress of the repayment of the loan, establishing the frequency of the installments and their composition. There are various methods of counting in this regard, which affect the weight of the share of interest on the single installment compared to that of capital actually to be repaid. One of the most popular methods is one that keeps the amount of the installments constant.
However, there are several online calculation systems for estimates , which greatly facilitate this operation and at the same time allow the offers available on the web to be compared with each other. To obtain this result, it is usually sufficient to enter some information about the loan: the amount, the type of employment of the applicant (for example, a temporary employee), the net monthly income and the personal data, including the area of residence. Some websites that carry out the calculation of the loan estimate may require additional information, such as the ownership of a home owned (and possibly a mortgage on it) or a non-prepaid credit card, in addition to the subscription of others funding.