To know about loan calculator, first of all we have to understand what is loan. The word loan can be defined as a contract between a borrower and a lender. In this contract the borrower used to receive a certain amount, which he/she is obligated to pay back within a fixed time frame.From the very beginning of the loan culture, various kinds of loans have been invented. When loan is being taken, the borrower initially receives a certain amount of money from the lender, which can be defined as principal. Then within a fixed time frame the borrower has to pay back the same amount, most of the times, with calculated interest. The interest rate is being fixed at the time of lending. The loan can be lentfrom any individual or from any organization or entity or from financial authority.
Basic of loan
Loan is being lent to meet up financial need or necessity to acquire something or some service. Most of the loans are being lent in short term basis. Some are lent in long term contract. Now a day, shopping or buying something has made easy with the facility of credit cards. Banks are providing credit cards to their customers to purchase of a lump sum amount easily using the credit card with just some small clicks. Credit card purchases are also the forms of consumer loan facilities. The customers have to pay back the amount at the end of the month.
Loan calculating is now a digitized system which allows a borrower to calculate the amount of monthly payment to meet up the loan amount or to pay back the loan amount with calculated interest. The term of loan and the interest amount according to principal amount and the rate of interest can be calculated through loan calculator.The loan calculator is beneficial also before lending loan. Loan calculator helps to determine the periphery of lending a certain amount on the basis of financial rules and potentiality.Then would be borrower can be sure whether he/she can afford to pay back the lending amount with calculated rate of interest.
Credit card loan calculator
The credit card loan facility can be availed very easily with calculated financial factors. lånekalkulator for kredittkort are very effective to fix the strategies for paying back the amount. These short term loans are very useful to cover the payments of the bills without dealing with cash in hand.