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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.

- 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.