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Home > Need A Personal Loan Repayment Calculator to Start Your Loan Journey? Look No Further!

Need A Personal Loan Repayment Calculator to Start Your Loan Journey? Look No Further!

Need A Personal Loan Repayment Calculator to Start Your Loan Journey? Look No Further!

Working out your repayments

Applying for finance can be a nerve-wracking experience if you’re not too sure what you’re looking for or what you’re doing. There are so many different lenders and loan products out there that it’s hard to know what is right for you and which is the best lender to go with. Then there’s the issue of planning for your personal loan repayments and getting all your budgeting done before you even apply for your loan. It’s no wonder then, that a personal loan repayment calculator will be your secret weapon when it comes to your loan journey. Knowing what your repayments might look like beforehand will allow you to budget and plan to get the most out of your loan.

Being financially responsible is a great idea. Here at Jacaranda, we’re firm believers in knowing your loan terms inside and out and being well prepared and responsible with your money. After all, if you don’t do a little research beforehand and just sign the first contract offered to you, you could lose money unnecessarily. Knowledge is power and in this case, your hard-earned money! Knowing how a personal loan repayment calculator can help you out will be integral to securing yourself the best finance with the best rates and fees. Want to know how? Read on!

Let us introduce ourselves

Jacaranda is a specialist personal loan company that has been making waves in the industry for the last few years. We’re specialists in the small finance sector and know what we’re talking about when it comes to all things lenders and finance. We’re out to help any and all Australians get the cash they need when they need it. Offering a variety of different loan products, with a simple, speedy 100% online loan application process, we’re the guys to call when you’re looking to apply for finance. 

Not only do we offer amazing loan services, but we’re super educational as well! If you’re looking for information or advice on all things finance, we’ve got you covered. From information about credit scores to how to utilise a personal loan repayment calculator, Jacaranda is here to make sure you’re up to speed on all things finance. 

What is a personal loan repayment calculator

A personal loan repayment calculator is a handy little tool.  It can help you to get a general idea of what your repayments might be before you submit an application for loan. Not only is this a great financial tool, but it is also a great time saver as well. You’ll be able to input the amount you’re thinking of borrowing and have a look at some estimated repayments to see if you’ll be able to afford the repayments, without going through the whole process of applying for a loan. This is invaluable for those of us who like to get an idea of the details, before putting the effort in. Talk about convenience!

Knowing what your repayments might be will be super helpful when it comes to keeping an eye on your finances. But knowing these figures will only take you so far. You also need to get well acquainted with the fees you may be charged on top of your loan amount. These fees might affect not only your repayment amount but also the length of the loan. Not too sure of what fees we’re talking about? Take a look here!

The difference between monthly fees and interest charges

Now, you may be wondering what the difference between monthly fees and interest charges are. Well, it’s quite simple. Monthly fees and interest charges are calculated differently and applied to a loan account in a different way. A personal loan repayment calculator is a fantastic tool to help you decide which fee is better suited to your financial situation. It will give you a good indication of what will be more affordable for you. Read on to get an in-depth breakdown on what each fee is and how they differ.                          

Monthly fees

Monthly fees are a set monthly fee that is a small percentage of your principal loan amount, i.e. 4%. This monthly fee will remain the same throughout your loan term, regardless of how much of your loan you have left to pay. A monthly fee will only be applicable to small personal loans of up to $2,000.

For example, the monthly fee on a $500 loan might be $25. You will, therefore, be charged a $25 monthly fee every month for the length of your loan. 

Interest charges

Rates of interest work a little bit differently. Interest charges usually start off at a higher percent than a monthly fee, but they’re calculated on the balance owing at a particular date every month. This means that the more you pay off your loan, the less interest you will be charged. This is a great motivator to get that loan paid off early as you will incur less interest.

For example, your interest rate may be 21.57% of your total loan amount. The more you pay off, the less your interest charges will be each month as your loan amount will be decreasing and interest is calculated on your total.

Just remember that even if you do utilise a personal loan repayment calculator to help you get an idea of what a loan may cost you overall, every lender will have different interest rates and monthly fees, so it always pays to check with the lender you are applying with.

What kinds of fees can personal loans have?

Personal loans are going to have several different fees associated with them. And, these fee amounts are likely to be different with different lenders, although there are maximum amounts that lenders are allowed to charge for different loan products. For example, small amount credit contracts (loans of up to $2,000) will have different fees from medium amount credit contracts (loans of up to $4,600). It always pays to know what these fees are and how they will differ as this will likely affect your decision on what loan product to apply for. Take a look below at the different personal loans we can offer. To get a better idea of the fees, charges and rates on these loans you can visit our costs page

Loan typeLoan amountLoan term
Unsecured$300 to $2,00012 months
Secured$2,000 to $4,60013 to 24 months
Secured$5,000 to $10,00013 to 24 months

As you can see, different loan products can vary in terms of loan amount and length of loan. This is why it is important to get a good idea of what kind of loan you need and what charges or fees you’re happy to pay. This is where a personal loan repayment calculator comes in handy. It can help you prepare and decide on just the right loan product for you and your financial situation. 

It’s always a good idea to have a play around with a personal loan repayment calculator from a couple of different lenders that you’re considering as each lender will have different repayment structures and rules. These should reflect somewhat in the calculator’s estimation. But just remember, that this is an indicator only and not a guaranteed repayment figure. It’s simply a good way to get a general idea before submitting your application.

What other fees can I be charged on my loan?

Personal loans will usually incur a few extra fees on top of the stated monthly or interest fees. These are not guaranteed fees, but rather extra fees if something were to happen and your loan repayments don’t run as they should, i.e. they take longer to be paid, or your loan is paid off sooner than stated in your contract. However, these fees shouldn’t be extensive or unexpected. Any and all fees will be stated in your contract and clarified for you before you sign anything. 

Types of fees

  • A default fee, otherwise known as a missed/failed payment fee: Sometimes the unexpected happens and you’re unable to make a payment or your repayment declines/bounces back and is unsuccessful. If this happens you may be charged a default fee or a failed payment fee. This fee usually covers the bank fees that your lender will incur for the failed payment attempt.
  • Early repayment fee: Some lenders may charge you a fee for paying out your loan early, although not every lender will have this fee.
  • Skipped payment fee: Some lenders may charge you a skipped payment fee. This is usually a small fee that you might be charged if you get in contact and ask to skip your upcoming payment. Not all lenders will charge this, and some may waive it if your circumstances call for it.
  • Direct debit payment stop fee: Some lenders will charge a fee that may be applied to your loan account if you decide to have a payment stop put on your account. A payment stop prevents lenders from directly debiting your loan repayment from your account. A payment stop fee is a larger fee that is designed to discourage rash decision making as payment stops are serious decisions and not something any lender wants to happen. 

As you can see, there are a few extra fees that you can be charged on your loan if, for some reason, your repayments don’t run how they were initially expected to in your loan contract. Regardless of whether it takes you a little bit longer to pay off your loan, or you get it paid off extra fast, any fees that you are charged should always be stated in your contract.

Want to know why Jacaranda is the best?

Jacaranda is all about transparency. We believe in being well-educated, well-informed and well-prepared before applying for any loans or signing any contracts. It’s our promise that we will never charge you a fee that hasn’t been clarified with you in your contract, before you sign. We have nothing to hide and won’t hit you with any surprise fees when you least expect it. That’s a Jacaranda guarantee.

Not only do we provide great loan products, but we provide great information as well! We’ve given you the low down on what a personal loan repayment calculator is and how beneficial it is. Perhaps you’re now wondering just how we can help you out, or if you have questions, feel free to get in touch and have a friendly chat with our team. They’re always happy to answer any questions or queries that you may have about us or our loan products!

Perhaps you like what you’ve seen so far and have decided that we’re the lender for you. Jacaranda can offer loans to people with bad credit and Centrelink recipients. So what’s stopping you? Scroll up and submit an application today!

 

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Last updated: 13/05/2020, 3:57pm

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