An instant loan is a short-term loan that is borrowed and processed then disbursed within a short period of time. Such loans are mostly taken when you have an urgent financial need. Also, when taking an instant loan, normally, you do not need collateral. Rather, some other aspects are considered, to ensure that you’ll be in a position to repay the loan.
Whenever you take a loan, you’d want to know what your repayment schedule will look like. You want to know the amount of money that you’ll be paying in a week or a month so that you can make proper arrangements.
Jisort team is devoted to meeting your needs in all aspects and has made it even easier for you by developing a free and easy-to-use Instant Loan Calculator, which is now available on the Jisort website.
This calculator will help you to generate a repayment schedule within a given period of time once you key in the needed parameters.
You’ll need to feed in the amount that you intend to borrow or the one you have borrowed, the interest rate, and the period of time within which to repay. Also, you will choose if your repayment plan is a Flat interest rate or a Reducing rate. The intelligent calculator will then give you your repayment schedule.
Note:
Flat Interest Rate – The repayment plan is calculated over the total amount of money that was borrowed, thus the amount to repay is constant throughout the entire loan period.
Reducing Interest Rate – With this plan, the interest rate is calculated depending on the outstanding loan amount, and not the total principal amount. E.g., whenever you repay one installment, the amount from which the next payment is calculated will be reduced by the figure that you just paid.
