Using a Personal Loans Calculator in the UK

Personal loans, otherwise known as unsecured loans, are very common services in the UK. With them, customers wishing to borrow a sum of money can do so, without much difficulty.

Personal loans, otherwise known as unsecured loans, are very common services in the UK. With them, customers wishing to borrow a sum of money can do so, without much difficulty.

This is unlike a secured loan, which is slightly different. For a secured loan, the borrower must name a property as forfeit, in the event that they default on their repayments.

Many banks in the UK currently offer unsecured loans services, as well as a few smaller companies. Each service operates within their own rules and regulations, so much so that one encounters an almost dizzying array of offers available for their choosing. This would have led to much confusion and distress, if not for the use of personal loans calculators.

These calculators are offered by most, if not all providers of the service, and are exceedingly simple to use. A unsecured loans calculator typically requires only two pieces of information: the amount intended to be borrowed, and the length of time desired for repayment. Once these details are submitted, the calculator will display the necessary information almost instantaneously.

There is only one item that any prospective borrower would want to know first: the amount due for repayment every month, which is displayed first and foremost for many calculators. Several more details are listed after that, such as the APR rate, the total amount payable, the total number of repayments and a repeat of the details entered beforehand as clarification.

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For the most part, the personal loans calculators are similar in terms of features, but there are some differences in how they interpret and display their information. One calculator may state the total number of repayments required, while another would simply display the total number of months the repayment period would last. In short, the information coming from both sources are the same, but it could still cause some confusion due to the difference in wording.

Another major difference in displaying the information comes with the size of the font in the calculations. For some unsecured loans calculators, only the amount payable is enlarged, while the rest of the details are kept in small font sizes. One could almost assume that they were attempting to mask the larger numbers in order to trick the prospective borrower that the total amount repayable is smaller than it really is.

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In spite of all these flaws, personal loans calculators are still highly useful.
 

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