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We know that perfection does not exist, but if there were a loan that approached it, it would be one in which we can have the money as soon as possible and offers us the possibility of repaying it comfortably over time without fees or abusive commissions.
In case you are thinking of applying for a personal loan to deal with this small economic accident, a loan simulator can be a great ally to analyze which entity offers you the conditions that best suit your situation and specific needs. Personal loan simulators are online calculators that help to know what type of credit and which bank best suits the financial situation we need to solve.
Why use a personal credit simulator?
This loan simulator allows us to obtain an estimated calculation of the installments to be paid, the interest rate and the time that a personal loan should be paid based on the amount we request and, in some cases, our financial situation in the time of the request.
Each entity usually has its own online loan simulator. There are some who, before being able to perform the calculations, ask you a series of questions such as if you are already a customer, the number of account holders, the financial data or if you have already contracted any other banking product with the company.
This may favor obtaining personal credit under more advantageous conditions. Specifically, the Bank of Spain, which is the supervisory body of the Spanish banking system together with the European Central Bank, provides a feed simulator to pay on a loan that allows you to calculate the initial amount with a specific interest rate and term.
As we saw in previous lines, the personal credit simulator allows us to know the deadlines, maturities and monthly installments that best fit our economic possibilities. Although, since it is an approximate calculation, they cannot take into account all the factors that influence, for example, in the granting of a variable loan, just by entering the amount and the terms in which you want to repay the debt, you can already make yourself An idea of the type of loan and its interests.
This information is essential to analyze our financial situation and check if we can really face the monthly payment of the installments of a personal loan, based on our income, expenses and borrowing capacity.
How is a loan fee calculated with a simulator?
Simulators to calculate the loan installment are usually very intuitive. Normally, the tool itself usually enters directly the interest rate with which the entity operates, so you will only have to enter the website, go to the loan fee simulator and enter the following data:
- The amount you wish to request.
- The applicable interest rate if you know it (normally the calculator itself usually automatically enters this data).
- The installments in which you want to repay the loan.
With these simple steps, the vast majority of loan simulators can already estimate your credit, informing you of the most advantageous offer for the amount of money you want to request and the terms in which you would feel more comfortable returning it.
Traditional banking entities usually also request other information such as if you are already a client of the entity, the number of account holders or accounts, the existence of payroll or guarantees or if you have already contracted any other financial product.
The purpose of this consultation is to refine your offer to offer you the conditions that are most profitable and attractive to you. However, if you do not meet any of these premises, the bank may decide directly not to grant you the loan, since its conditions are generally stricter than those of fintech companies.
How to use a Good Credit simulator?
In Good Credit, we look for ways to make it as easy as possible when it comes to getting the money you need. For this reason, we have designed an agile, fast and intuitive loan simulator.
You just have to enter our website and enter in the personal credit simulator the amount you want to order and the period in which you want to return it: our calculation tool, equipped with the most advanced technologies, will show you the approximate figure that will allow you get to the idea of the economic effort necessary to return the credit.
The credit simulator that we offer you in Good Credit calculates the fee that you will have to pay approximately, according to the requested figure and the term in which you want to return the money to us. However, to know what the final monthly payment is, you must send us the following documentation:
- Valid ID or passport that certifies your residence in Spain.
- A self that proves who you are.
- A bank account number in Spain so that we transfer the amount of your credit.
- A contact mobile phone number to contact you and let you know the status of your request.
In addition to this, it is necessary that you meet a series of requirements. First, you must be of legal age. Secondly, it is essential that you have a demonstrable source of periodic income (payroll or pension, benefit, regular income as a freelancer). Finally, they should not have included you in a delinquency list such as Credit Checker.
This will allow us to know your financial situation at the time of the request and, in this way, we can adjust the conditions of the loan to your personal circumstances.