Before you assume that a traditional loan is the best option for your needs, you should use a loan calculator. If you only need a small sum of money and you don’t need to borrow it for long, you may find that a loan is a better option for you. The reason is that you can get smaller sums of money and you can get the faster through a loan.
Using a Loan Calculator
Using a loan calculator can help you determine many things about your financial needs. Many people hear the horror stories about loans and they assume that these are never the best option, but in some cases they are. You can use a loan any time you need $1,000 or less and you only need it for a short period of time.
The great thing about a loan is that you can apply for it today and receive the cash today. You generally cannot say this about traditional loans. It is considered a very fast turnaround when you receive the funds that you need within 24 to 48 hours. You can easily get the loan funds that you need from a loan in about 30 minutes in most cases!
Many people consider the interest rate as the deal breaker of a loan, but when you break it down, it’s not always a bad thing to pay more interest for a loan. When you only need $500 for two weeks it makes more sense to pay $80 in interest after two weeks than it does to pay a few dollars every week for 6 months. When you do the math using a loan calculator you may find that in certain instances you should use a loan instead of a traditional loan.
Using a loan calculator will also help you to see why these are short term loans and not for long term use. The interest rates are often three to five times higher with loans than they are with traditional loans. When you see this using a calculator you will more easily be able to determine which route you should take, traditional or , and how long you can afford either. Using a calculator is something that many people neglect to do, and they end up overpaying for a wide variety of reasons.