Robocash is a debt and affordability tool created by the Center for Responsible Lending (CRDL) in partnership with the World Wide Web. This software calculates a borrower’s ability to repay his or her debts based on various variables. These variables may include interest rates, current expenditures and income from other sources. When these variables are entered into the appropriate boxes on the software’s financial calculators, the resulting figures will be displayed immediately on the screen.
It is a good idea to visit a lender’s website to obtain information about different lending programs. Most major banks in the Philippines have their own websites where you can calculate APR or Average Percentage Rate. The APR is a percentage of a loan’s interest rate that is calculated based on your personal credit history and current financial https://alloansonline.com/lenders-loan/crawfort/ standing. The Current Expenditure column gives the amount of money being spent on a regular basis by you and your family. The Income From Other Sources column gives an estimate of how much additional income would be generated if you borrowed a certain amount at current interest rates. By using these figures along with your Personal Credit Score, the calculated APR will be accurate.
A quick search on the Internet can yield different results in different Philippine cities like Cebu, Davao and Manila. Some websites provide services like comparing APR of various banks in the Philippines and even shows different income breakdowns based on location. These websites also feature Philippine government information on different lending companies. Such sites may not always be free, but at least you will have all the information you need to make comparisons.
Using the information provided by these sites, you can start with a personal finance assessment. With this, you will be able to compare the financial standing and credibility of the different lender options available in the Philippines. For instance, a lender who owns a branch office in Cebu may be preferred over a lender who owns a loan processing company with an office in Manila. The location of the lender’s branch office does not matter much since the business of lending companies is nationwide, not just in the Philippines.
If you are from the higher tax bracket, you can expect to pay a higher rate of interest. So, it is wise to choose a lender who is within the league of the higher tax bracket. This will help you get a lower interest rate and better loan repayment term. Even those from the lower tax bracket can expect to pay less interest rate since most lenders from the Philippines also has partners outside the Philippines. It is always a good move to borrow from a lender who has a partner outside the Philippines.
Borrowing a personal loan from a low interest lender will help you save money in the long run. You can also enjoy flexible repayment term as you pay off your loan amount on time. The choice of the type of loan will also be based on your financial ability. There are many types of personal loans lender in the Philippines including bank loans, credit unions, and other financial institutions. You should seek professional help before choosing the best one for your needs.
A Robocash Calculator can help you make up your mind on the right lender. To know the exact APR of the loan amount you want to borrow, enter the value of the property you wish to borrow, its current market price, your employment history, and the number of years you plan to stay in your job. You can choose from fixed rate loan amount or adjustable rate loan amount. These values will help you calculate your monthly payments.
You can also check if you qualify for a mortgage. It is important to ensure that the mortgage you take out is at a low interest rate. A high risk borrower may also qualify for low interest rate mortgage. So, if you want to apply for a loan, you should make use of a pre-approval or an instant online mortgage calculator.