What to do before you apply for a personal loan
A number of credit providers have turned to technology in an effort to offer their customers better overall experiences — this includes credit unions and building societies as well as banks. It's owing to this that many provide personal loan calculators on their websites. While the basic purpose of these calculators is essentially the same, they tend to come with a few differences. If you're comparing personal loans from Bankwest City Credit Union, Berrima District Credit Union or Big Sky Building Society, you can find out how to use their personal loan calculators before you apply on the page below.
Bankstown City Credit Union Ltd personal loan calculator
The Bankstown City Credit Union website offers a personal loan calculator you can use to find out what your repayments might look like as well as how much interest you might have to pay over time. You will notice differences in results when you alter the parameters. For example, by choosing to make your repayments weekly instead of monthly you would end up saving in the form of interest. The information this calculator requires is as follows:
- Loan amount. The minimum is $5,000 and the maximum stands at $50,000.
- Payment frequency. Choose between making weekly, fortnightly, and monthly. As mentioned, by altering your repayment frequency you can see how much you'll save.
- Interest rate. This is the loan’s existing interest rate.
- Loan term. The loan term can extend up to five years.
Berrima District Credit Union Ltd. personal loan calculator
Berrima District Credit Union (BDCU) offers a personal loan calculator that is very similar to Bankstown City Credit Union's calculator, and you can use this one to work with any of BDCU’s personal loans. This calculator tells you what your repayments look like, be they weekly, fortnightly, or monthly, and you can also find out what the total interest payable will look like. Here’s the information you need to provide:
- Loan amount. The minimum you can borrow is $3,000.
- Loan term. How quickly do you wish to repay the loan?
- Payment frequency. Your options include making weekly, fortnightly and monthly repayments.
- Interest rate. This depends on the loan you select.
Big Sky Building Society Limited personal loan calculator
The Big Sky personal loan calculator can also give you a fair indication of what your repayments might look like, and it also tells you how much you might end up paying in the form of interest. This calculator requires you to input the following information:
- Loan amount. The minimum you can borrow through a Big Sky loan is $1,500, with the maximum depending on the loan type and other factors.
- Interest rate. Enter the interest rate of the loan you choose.
- Loan term. The maximum loan term for Big Sky personal loans stands at eight years.
- Repayment frequency. Will you make weekly, fortnightly, or monthly repayments?
- Repayment type. During the initial period do you want to make interest-only payments or principal and interest payments?
When will these bank personal loan calculators come in use?
While a typical loan repayment calculator can give you a good idea of how much you would have to repay every week, fortnight or month, such calculators offer other advantages as well.
- Can you afford a loan? Once you have an idea of how much you’ll have to repay over time you can establish if getting a loan is affordable at all.
- What’s the best loan term? While a longer loan term might attract lower repayments, you could end up paying more in the form of interest. Choose a loan term after accounting for repayments in your budget.
- Why make additional payments? When you use a calculator that takes into account additional payments, you can see how much you can save in the form of interest and how much sooner you can repay the loan.
- What role does the interest rate play? Using a loan calculator shows just how much you will have to pay in the form of interest — the higher the interest rate, the more you end up paying.
- Save time and money. Most calculators require simple inputs and can help you work through complicated calculations in no time. They can also help you save money given that you can use them to compare multiple loans.
Personal loan calculator
The different personal loan calculators available at finder.com.au serve distinct purposes. The calculator that tells you how much you can borrow takes into account aspects like your income and expenses, as well as loan term and interest rate. The personal loan repayment calculator requires inputs like loan amount, loan term, interest rate and repayment frequency, and the results tell you how much you’ll have to repay.
The loan comparison calculator gives you the ability to compare two loans side by side. While the loan amount and loan term remain the same, you get to enter different fees and interest rates. This calculator gives you an easy way to establish which loan will be better for you.
What’s particularly helpful about these calculators is that you can use them to compare loans from any lender, the ones mentioned on this page included.Back to top
What personal loans do these banks offer?
Given below are details about personal loans you can apply for through these three loan providers.
Bankstown City Credit Union Ltd
Bankstown City Credit Union offers secured and unsecured personal loans, and you can use proceeds from these loans for home improvements, to buy a boat, to go on a holiday, to get married, or for just about any legitimate purpose. These loans attract a variable interest rate, they come with redraw facilities and they don’t charge early repayment penalties.
Berrima District Credit Union Ltd.
Berrima District Credit Union offers a variety of different loans tailored to different purposes. Fully secured, partially secured and unsecured personal loans are available, as are car loans, overdrafts and package options to help you save on interest and fees.
Big Sky Building Society Limited
Big Sky Building Society also offers secured, partially secured, and unsecured personal loans. You won't be charged any application or loan establishment fees, and additional payments don’t attract any penalties. All Big Sky Building Society personal loans attract variable interest rates and you can also enjoy repayment flexibility.
Even though certain loans might seem similar in terms of features they offer, differences in interest rates, loan terms, and fees can have a noticeable effect in how you much you end up paying throughout the course of your loan. Comparing your options, without doubt, is important, and using the right calculator can help simplify this process.