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Busconomico's personal loan simulator offers you the opportunity to compare the various options available in the United States to obtain financing.
This tool calculates the monthly payment you will pay on loans and lines of credit offered by the major banks and also by the most popular online lenders.
How to use the Busconomico loan simulator?
The use of this functionality is very simple, you just have to indicate the amount you need and the term you want to have to be able to pay it back, either in months or years.
When you click on the Calculate button, the list will be updated according to the parameters entered, obtaining the resulting monthly payment for each of the loans we have analyzed in our financial comparator.
How is the monthly payment calculated in our simulator?
To obtain the monthly payment for each of the loans shown, the following formula is used, where:
- a is the monthly interest rate
- b is the number of months
- c is the initial capital
The amount and term are those entered by you in the fields provided for this purpose. The interest rate used is the one shown for each loan, which is updated frequently, but it may not be the one currently applied by the lender, so we recommend that you consult it before applying, using our data for information purposes only.
In addition, in the information we show for each loan, the interest rate is the lowest rate offered by the financial institution, which is applied under ideal creditworthiness conditions, usually for those with a high credit score.
What personal loans are shown in the simulator?
The Busconomic loan simulator offers the resulting installment on personal loans offered by the main banks in the United States, such as Wells Fargo, Chase Bank, Truist Bank or PNC Bank, among others.
In addition, since it is necessary to have the interest rate to calculate the monthly payment, only those loans that offer public information on the APR applied are shown.
Also included in the results are loans offered by other private credit institutions, which offer their services mainly online, including quick loans, installment loans, home equity loans and other types of financing.
The information shown in this loan simulator is for information purposes only. Although the data are updated frequently, they may not be the ones currently offered by the banks and financial institutions shown, so it is always recommended to consult with the institution to know the actual current conditions.
Español: Simulador de préstamos personales