To understand best how debt loans calculator works, it is best to have an illustration. The first thing that you need to consider is how much you want to borrow. Let’s say that you want to take five thousand pounds and you want to consolidate for 2 years. By using a debt consolidation loans calculator, the results will mean that you’re monthly cost of two-hundred and twenty one pounds. The total amount payable will be five-thousand, three hundred and four. The APR in this case will be 5.9%.
Take another example whereby you want debt consolidation of the same amount and the APR is 7.6%. Your monthly cost in this respect will amount to 155 pounds. In total, you will pay back 5587 pounds which will be repayable in 36 months .the interest rate will be 4.7% and your total fees payable will be 212 pounds. The figures have been rounded of here but there decimal points depending on how your calculator is configured.
Why you should be looking into debt consolidation loans
The debt consolidation is one way in which you will be able to save a lot of money. Those with multiple student loans and credit card loans will find that there are companies willing to offer them great rates with quick and flexible repayment plans.
The peer to peer lenders are known to bypass the banks so that they can afford you the loans at unimaginably low interest .Please note that you will not even need to pay any application fees .Quick processing of the loans mean that you will have your money wired to your account on just infer 48 hours.
Paying off ones loans has never been as easy with debt consolidation loans as availed to you these selected companies. Since you are not paying anything extra, why not go for one and enjoy the immense benefits that come with it.
The interest rates which come with this kind of debt consolidation loans are low and the fixed rate [personal loams is a boon to those who are worried about the escalating rates of interest which make the cost of the loan too much to bear.
They are quick
You will realize that the loan is pretty quick to have it [recessed as you wait. At most, you will only have to wait for no more than 48 hours before the processing is done. These are working days so you don’t count the weekends and holidays.
No others costs
For those who are wary of hidden costs, you will find that these costs are not applicable here and that what is indicated as the amount to be charged on the interest is all that there is.
Credit score is not affected
Even if you receive a personalized quote for the debt consolidation loans, you will rest assured that you do not have to worry about the credit score.
Early settlements or overpayments do not apply in this kind of loan.