Loan Calculator – Finding loan offers in the Singapore is not difficult. From newspaper advertisements to surfing the Internet, loans sporting low interest rates and additional benefits to entice borrowers to sign up are literally everywhere. But, when a loan offer claims that it can save ‘x’ amount over the competition, how can you be sure just how much it will save you when applied to your own loan? Moreover, if the deal offered is short-term, how much will the offer’s standard loan rates compare with the loan rates you are currently paying for your loan? The answer to these conundrums is to compare the loan offers against each other, and to do this we need a loan calculator.
A simple loan calculator for you
Average monthly interest
Number of years
Total borrowing cost$0.00
To borrow $0.00 over a year term your monthly payment will be $0.00 at an interest rate of 0.00%.
Making comparisons with a loan calculator
A loan calculator is a clever little web program that is freely available on many loan related websites. The principal behind a loan calculator is quite simple – input the amount of the loan required into the calculator along with the interest rate applied to the loan and the loan duration, hit the ‘submit’ button and you have a schedule of monthly loan repayments. So, for two or more loan offers you can enter the loan parameters into the calculator along with your mortgage balance and get an idea of what a particular mortgage offer will cost you each month, as well as what it will cost you in total over the lifetime of the loan, be it a bank or a licensed money lender
To accurately compare your loan calculator results for different loan offers it is a good idea to print off each set of loan calculations from the calculator and make a side-by-side analysis of them. If the calculator you are using cannot handle multiple interest rates across the life of the loan then you may need to do several calculations to arrive at the final loan cost before making your side-by-side comparison.
Aside from loan comparisons a loan calculator can be used to work out how much of a loan you can afford in the first place. To do this simply choose a calculator that allows you to ‘reverse’ the calculation process by entering the repayment amount that you want to pay / can afford to pay each month and the interest rate. The calculator will take the loan input information and from it extrapolate the total loan you can apply for.
How to Apply for the Payday Loan?
You must be either a Singaporean or a Foreigner working in Singapore with a valid work permit to be eligible. You must also be at least 21 years of age and not be a bankrupt.
You are required to apply personally at our office with the following documents:
- Work Permit
- Past 12 months’ payslips
- Letter of Appointment
- Tenancy Agreement if you are renting your current place of residence
Your loan application will be processed by our friendly and professional loan consultants upon receiving the above mentioned documents.