Personal Loan Repayment Calculator

Things to consider before getting a loan 

Here are just some of the things you should keep in mind when thinking of getting personal loans Australia.

What do you need money for?

The first thing to think about is what you wish to use the loan for. There are various reasons why you may want to take out cash loans online. A start-up may require more money to add stock, and an individual may want money to pay medical bills, while yet another may need money to cater for an important event such as a wedding or anniversary celebration. Ozzie Loans offers loan packages that are meant to suit different purposes, which is why you should not hesitate to submit an application.

How much money do you need?

The next thing you need to consider is the amount of money you wish to get. It is often a good idea for you to choose an amount that is relative to what you earn as an income. This will make it possible for you to make repayments comfortably. A personal loan repayment calculator can help you understand the amount that will be going into servicing the loan and the amount you will remain with after every repayment cycle.

What is the interest rate?

The interest rate charged on cash loans is the amount of money you pay over and above the principal amount that you received. A personal loan repayment calculator can be an excellent asset to help you understand the interest rates you will be incurring with every payment. 

For some loan plans, the interest rate may be relatively lower, especially if they make early repayments. Individuals that make lump sum repayments may also get lower rates. Another thing that may affect the interest rates you get is your credit score. Individuals with a good credit score often get lower personal loan interest rates, while those with a bad credit score may get slightly higher rates.

How will the loan affect your credit score?

The way you treat any of the loans you take out can have a huge impact on your credit score. That is why it is advisable that you choose a loan plan that you can comfortably manage. The last thing you want is to get to a place where you are making late payments or fall short of the repayment amounts. Such occurrences may end up affecting your credit score negatively. However, if you take out a loan that you can easily repay, your credit score is likely to have a positive reflection.

How long do you have to repay?

The duration of time you have to repay back your loan amount can determine if it is suitable for your needs. Using the personal loan repayment calculator, determine the amount of money you will have to take out of your salary or income to make repayments. Factor in the period of time you have to make each instalment. If the amount to repay is high yet you have a short time to settle the debt, it may not work out well for you. However, if the loan amount is high yet you have a long period of time to make repayments fully, the loan is likely going to serve you well.

How much can you borrow?

Ozzie Loans and other money lenders often use several parameters to determine the amount of money a customer can borrow. That is why some people may get higher loan amounts as compared to others. 

An individual with a high income can easily secure a higher loan amount, while another with a lower income is likely to get a lower loan offer. This is done after considering each individual’s ability to make repayments comfortably. The last thing any responsible money lender wants is to give you an amount that will only end up becoming a burden to you during repayment.

Are you eligible?

Before you submit an application for personal loans, consider if you meet the eligibility criteria set down by the money lender you are interested in working with. To apply for a loan from Ozzie Loans, you must have attained the age of 18 years and be a permanent resident of Australia. You must also be earning a stable income because it is one of the things that will form the basis of your loan limit.

Tips for getting an unsecured loan?

Before you submit an application to be considered for a loan facility, be sure to read through the terms laid out by the particular money lender. It is equally important for you to tick all the boxes when it comes to eligibility. Remember that getting your loan requests declined may not reflect well on your credit history.

Once you have downloaded and installed the Ozzie Loans app onto your device, be sure to use the personal loan repayment calculator to predict how your finances are likely to flow over the next few months. It is equally important for you to only provide accurate information because it is what will be used to determine your creditworthiness.

Endevour to make repayments according to your agreement with the money lender. This will not only boost your overall credit score but can easily ensure that you get a review of your loan limits. In most cases, a money lender will be more than willing to give you a larger loan amount once you have demonstrated that you can comfortable repay upon the agreed loan term.