Personal loan simulation, what is it?
Would you like to take out a personal loan for a project? Before applying for Dorothyment at a bank or credit institution, it’s smart to do a personal loan simulation. What is it?
The personal loan simulation allows you to estimate in a few seconds the conditions under which you could apply for a personal loan. With an online calculator, by entering the amount and duration desired for your personal credit, you get the amount you have to pay back every month and the interest rate you could receive.
The personal loan can help any type of project: purchase of a car, a motorcycle, travel, preparation of a wedding, purchase of equipment for the home, equipment, of works, realization of a personal project or even simple need money!
The benefits of personal loan simulation
Personal loan simulation is an important step in the preparation of your project. It allows you to:
- To concretely estimate your borrowing and repayment possibilities. The personal loan simulation tells you a loan duration and the amount of the monthly payments: you can thus judge the feasibility of the project;
- Refine your project : according to the results obtained through the simulation of personal loan, you can opt for a shorter or longer loan period or higher or lower monthly payments. The simulation allows you to see which scenario is best suited to your budget according to your repayment capacity;
- To compare with more precision the offers of personal loans, in a second time. If you already have a clear idea of the conditions of realization of your project, you will find more easily the best personal loan!
Credit simulation is no obligation
By simulating your credit, you do not commit to anything. The personal loan simulation is anonymous, it is simply an online calculation tool. So you do not need to be contacted again to get the results and you do not commit to anything by filling in the fields of the tool.
How to do a personal credit simulation?
To make a simulation online personal credit is very simple: you just have to go on a calculator online . At first, you fill in simple information about your project and in a second time, the calculator makes an estimate for you.
Personal loan simulation: the information you need
Once on the online simulator, you only have to fill in the free fields by indicating:
- The type of loan desired, here personal loan. You can also do simulations for other types of credit (credit, auto loan, work loan, revolving credit, revolving credit, motorcycle loan, student loan …);
- The amount of the personal loan;
- The total duration of the personal loan, expressed in months or years;
- Or the amount of the monthly payments.
Attention: to avoid over-indebtedness, your monthly payments should not represent more than a third of your income. Beyond that, you may have difficulty repaying your personal loan.
The result of the personal loan simulation
You have entered information about your personal loan, the calculator is now doing the work for you. On the basis of your information, the simulator calculates for you the duration of the personal loan or the amount of the monthly payments to be reimbursed. The tool also gives you an estimate of the loan rate or APR (annual percentage rate) that could be offered to you.
As a reminder, the annual percentage rate of charge corresponds to your credit rate and includes all the expenses you will have to pay. It is, therefore, an important indicator for judging the total cost and attractiveness of your personal loan. Note, however, that the APRC is inclusive except for insurance: this means that if you choose to take out optional insurance, it is not included in the APR.
Attention: the simulation of personal loan has no contractual value. The results indicated do not constitute a credit offer: it is the bank or credit institution you approach that will make you a definitive offer.
Compare personal loans after simulating
To find the cheapest personal loan, all you have to do is compare offers! Personal loan simulation allows you to prepare your project by estimating its conditions of realization. The credit comparison is the next step: once you know the amount you want to borrow, how long and for what monthly payments, you can compete to find the most beneficial personal loan.
On the consumer loan comparator, it’s easy and fast. You fill in simple information about your profile, your situation, and your project and you reach in a few minutes the most interesting quotes for you!