Would you like to get a loan or already have one? Would you like to get a new one? Are there any additional payments, commissions and fees?
Now with iCreditRate you can estimate a real cost of the loan - its effective rate. All calculations are made for loans with fixed-size payments.
Currently the following types of the loans are supported:
* Generic loans with fixed-size payments (also can be used for mortgage loans, auto loans and so on: you must correctly set loan size and other parameters)
* Microloans with fixed-size weekly payments or with the payment at the end of the term
* Retail loans with fixed-size payments
* Mortgage loans with fixed-size payments
Also it is possible to estimate the ability and parameters of the new loan required (available only in iPhone version).
Both compound rate and APR modes are supported.
Here is an example:
The bank have sent you an offer: very advantageous loan, the rate is 18.16% per year, the total amount is 100 000 USD, loan's term is 2 years, the monthly payment is only 5 000 USD. The one-time fee is 5 000 USD and the monthly commission is 1 000 USD.
Fill all application fields and press "Next". You can see that a real loan rate is 53.49% per annum. Maybe it is better to look for a more friendly loan?