What is a loan calculator?
A loan calculator is a technical device on the Internet that can be used to calculate the amount, term and interest rate of loans. Depending on the design of the system, calculations can be carried out for different types of credit, with a selection menu here offering, for example, the options car loan, home loan or installment loan.
There are loan calculators that work with a fixed interest rate or there are also systems that allow this value to be freely entered. Based on the amount of the desired loan amount as well as the selected interest and the term, the exact amount of the installment and the accrued amounts and interest to be paid can be calculated.
Where can you find loan calculator?
Corresponding loan calculators are available both on independent platforms and on the part of banks and credit intermediaries. Independent platforms offer the opportunity to find out about many different products, whereby a selection of various offers is usually shown here.
Computers at banks and brokers are more used to advertise their own products, so that the interest rates of their own institute are primarily specified here. However, credit calculators are also operated by consumer institutions, since this enables independent comparison of costs. They serve as security for loan seekers, since the current interest rates are always available here. The computers are all based on the same mathematical principle and are usually checked several times.
Learn more about loan calculator
It must be ascertained that corresponding credit calculators are not subject to verification. This means that they are not checked by an independent standardization institute. The calculators offer a personal comparison, but are not representative and therefore cannot be used as the basis for credit negotiations.
They are only used as a sample calculation and are not intended to provide the template for a loan agreement. Loan calculators for debt rescheduling loans are to be seen here as a special form, because they show the user what benefit he can get by combining loans. A different calculation basis is therefore used here.