The first concern that a loan applicant has is to know if their application will be approved or denied. But normally the second question they ask is related to knowing what the TIN, APR and payment terms will be to pay their mini-credit properly. All this information can be obtained free of charge with a Loan Calculator and its Amortization Chart.
Know your Amortization Chart with a Loan Calculator
It does not matter if you need urgent money for a reform, to pay the tuition of the university or to pay the bills of the month. In an online loan simulator all this information is irrelevant because the information you will need to include to calculate your online credit will be the money you need and the time in which you want to pay your loan.
In addition, as these free tools offer data on online micro loan companies regulated by the bank , you will have more options at your disposal without having to waste your time with eternal paperwork to get fast money that banks usually demand.
Loan Calculator: Amortization Chart, TIN and APR
The use of an online credit simulator is very simple and will never link you to any of the fast loan companies that appear in the list. You just have to indicate the amount of money you need and how long you want to pay your mini-credit. It does not matter if you are in list or at the moment you do not have a guarantee or payroll, this does not matter because this digital tool will not evaluate your financial risk profile, it will simply show you a list with the companies that fit your expectations and needs.
Once you enter this information, the loan calculator will show you the amortization table, the TIN and the APR. If there is a company that interests you, you just have to press the corresponding button to start your online credit application process. But first you must be very clear about the following terms:
- The Nominal Interest Rate (TIN) is the percentage of the loan amount that will be charged for the money borrowed (usually between 5% and 10%).
- The Annual Equivalent Rate (APR) refers to other additional expenses that are normally calculated according to three parameters: the repayment term, the amount requested and the additional commissions (such as the opening and / or management fees if any).
Online loan application process
By pressing the button with the link of the online micro credit company you are interested in, you will exit the Loan Calculator and its Amortization Table and begin the true process of applying for the mini loan.
In order for the company to begin evaluating your case you will have to enter certain personal and bank information and send official documents (DNI, bank account statement with expenses and income) that verify your identity and financial and credit history.
If they accept your request, in less than 24 hours (according to the policy of each company) you can receive your loan directly into your bank account and without having to go to any physical branch since the whole process is done online.