Payday Loan EMI Calculator

Payday Loan EMI Calculator

A payday loan or cash advance is the term used when the borrower writes off a cheque to the lender in return for cash for a short period of time. Here are some ways to get the exact same amount for a payday loan or small cash loan.

  • The borrower must know the required loan.
  • He/she has should know the interest rate charged by the bank.
  • The time provided by the lender for loan repayment.

If the individual is well aware of the above given prospects, he/she just has to use the online small cash loan calculator. With this information, one can calculate the EMI, total interest, amount and the interest to pay on the loan.

Payday loan EMI calculation is done keeping in mind:

  • The interest rates
  • The job profile of the borrower
  • Tenure
  • The loan amount
  • Other EMI loans
  • Where the borrower works
  • Borrower's credit history

Formula for EMI calculation:

EMI Amount = [P x R X (1 + R) ^ N] / [(1 + R) ^N - 1]

Here, P stands for principal loan amount, R stands for interest rate and N stands for number of instalments (monthly). If the yearly interest rate is 9%, then the monthly rate of interest will be 9/ (9 x 100).

Do check our small cash loan/payday loan eligibility calculator for knowing your loan eligibility.

The personal loan EMI calculator can perform complicated calculations within a few seconds and there are many other merits of using a small cash loan EMI calculator:

  • All the calculations performed are accurate. Using the online calculator is a better option than doing calculations manually, as the former saves time.
  • One can compare between different EMI loans provided by the financial institutions and can choose from it.
  • Payday loan calculator will advise the user on choosing the loan amount on the basis of his/her monthly expenses.
  • There is no limit set for calculating EMIs; he/she can recalculate the EMI n-number of times.

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