If you have doubts about whether a loan is the best solution to pay off debts , remodel the house and even pay for a trip , know that a loan simulator can make your decision easier.
With interest rates varying between 0.24% and 22.30% per month, according to data from the Central Bank (BC), in the period consulted (April 24, 2018 to May 4, 2018), the personal loan may leave cheaper than other types of credit, such as overdraft .
Besides the chances of saving for the pocket, personal loans are one of the options to organize personal finances : you stay in the blue and choose the portion that fits in your pocket and does not detract from the budget.
Understand what is personal loan interest rate and how a personal loan simulator works for you to compare credit rates. Want to stay on top of everything about personal loan? Read our full guide now .
How does the personal loan interest rate work?
The calculation of the personal loan interest rate is done with compound interest. Unlike what happens with simple interest, where the interest rate falls on the initial value, the compound interest rate is on the current value, that is, plus interest from the previous month.
This means that the lower the amount of installments, the cheaper a personal loan comes out . Compound interest is also used in investments.
Understand the difference between simple interest and compound interest by comparing the balances in the table:
Online Loan Simulator – Easy and Fast
You can simulate a personal loan simply, quickly and online at Bom Pra Crédito. And the best: free!
With just a single registration, you have chances of receiving different personal loan proposals, compare rates and choose the best loan for your pocket.
Bom Pra Crédito is 100% free. Do a credit simulation online now.
Loan simulator in Excel
To simulate a personal loan, use the formula VF (future value) in Excel. It’s simple and fast. Fill in the fields Rate (include the number and percentage symbol), Nper (period number in months) and VP (present value, ie amount requested in the loan request).