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.
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.
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: