Personal Loan

A personal loan is an unsecured loan typically from $1,000 – $100,000 with fixed or variable interest rates that can be used to make a large purchase or to consolidate debt.

The term “unsecured” means that there is no underlying collateral attached to the loan. For example, if you borrow a mortgage for your house, your mortgage is a “secured” loan in which your home is the collateral. If you default on your mortgage, your lender will then own your home.

Since a personal loan is unsecured, there is no underlying collateral attached to a personal loan. As a result, the interest rate on an unsecured loan such as a personal loan is higher than the interest rate on a secured loan such as a mortgage because the lender is assuming more risk.

Credit Card Consolidation Calculator

A credit card consolidation calculator can help consolidate credit card debt, lower your interest rate and reduce your monthly payment. When you use a credit card consolidation calculator, you can calculate your savings each month and your savings over the life of the loan. The benefit of an unsecured personal loan versus a credit card is that your interest rate never rises with a fixed rate personal loan – regardless of interest rate changes.

A credit card consolidation calculator not only helps show you how much you can save from credit card consolidation with an unsecured personal loan, but also can raise credit score. How does an unsecured personal loan help to raise credit score? A credit card is a form of revolving credit, whereas an unsecured personal loan is an installment credit, which is viewed more favorably by credit agencies. 

Student Loan Prepayment Calculator

If you want to pay off student loans faster, using a studentloan prepayment calculator is a must. A student loan prepayment calculator will calculate your cost savings from paying off your student loans early. You have several choices. First, you could make a one-time payment. Second, you could pay more each month on top of your minimum student loan payment.

A student loan prepayment calculator can help you compute your total savings and monthly savings from prepayment of your student loans. You can prepay your student loans by paying more than your minimum payment each month, or you can choose a time period for when you want your student loans paid off and then calculate what your monthly payment would have to be to meet that deadline.A student loan prepayment calculator can help with both scenarios for student loan repayment.

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