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What is a loan simulator?

You need money? Are you thinking of renovating your old car and getting a safer and more sustainable one? Did an unforeseen financial problem come to you that you did not count on and caught you with the card trembling? Have those deserved holidays finally arrived and you don’t have enough savings to enjoy them as you would like? We know that perfection does not exist, but if there were a loan that approached it, it would be the one in which we can dispose of the money as soon as possible.

Offer us the possibility of returning it comfortably over time without abusive fees or commissions

In case you are thinking of requesting a personal loan to face that small economic mishap, a loan simulator can be a great ally to analyze which entity offers you the conditions that best suit your situation and specific need. Personal loan simulators are online calculators that help you know which type of credit and which bank is best suited to the financial situation that we need to solve. 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 must 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

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There are some who, before being able to perform the calculations, ask you a series of questions such as whether you are already a customer, the number of account holders, financial information or if you have already contracted some 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 Capital Lender, provides an installment simulator to be paid on a loan that allows you to calculate the initial amount with a certain interest rate and term.

Why use a personal credit simulator?

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As we saw in previous lines, the personal credit simulator allows us to know the terms, maturities and monthly installments that best fit our economic possibilities. Although, being an approximate calculation, they cannot take into account all the factors that influence, for example, 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 do 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 debt capacity.

How is a loan payment calculated with a simulator?

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The simulators to calculate the installment of a loan are usually very intuitive. Normally, the tool itself usually directly enters the interest rate with which the entity operates, so you only have to enter the website, go to the loan installment simulator and enter the following information:

  • The quantity you want to request.
  • The applicable interest rate if you know it (normally the calculator itself usually automatically enters this information).

The installments in which you want to repay the loan

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With these simple steps, the vast majority of loan simulators can now 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 also often request other information such as whether you are already a customer of the entity, the number of account or account holders, the existence of payrolls or guarantees or if you have already contracted some other financial product. The purpose of this consultation is to fine-tune their offer to offer you the most profitable and attractive conditions. However, if you do not comply with any of these premises, the bank may directly decide not to grant you the loan, since its conditions are generally stricter than those of fintech companies.

How to use the Lender Credit simulator?

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At Lender Credit we look for the way 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 term 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 used to the idea of ​​the financial effort necessary to repay the credit.

The credit simulator that we offer you in Lender Credit calculates the fee that you will have to pay approximately, according to the requested amount and the term in which you want to return the money. 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 selfi that certifies who you are.
  • A bank account number in Spain for us to transfer the amount of your credit.
  • A contact mobile phone number to contact you and let you know the status of your request.

You need to meet a number of requirements

First of all, 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 self-employed person). Finally, they should not have included you in a list of delinquencies such as Credit Institution. This will allow us to know your financial situation at the time of the request and, in this way, we will be able to adjust the loan conditions to your personal circumstances.

All in all, the amount shown at first by the Lender Credit simulator may vary in your favor throughout the repayment period: if at any time you decide to pay a higher fee than what we proposed or to repay a part of the loan, They will reduce the total interest and, consequently, the final amount that you will return to us will be less. In addition, at no time will we apply commissions for opening, management or cancellation (total or partial).

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