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Learn More About Loans

Whether you’re interested in borrowing from a bank, credit union or online lender, the process is mostly the same. But getting a loan the smart way requires a little extra research
and care to make sure you get the best offer available.

Loan Emu - How to get a loan

How to get a loan

  • Run your numbers carefully - TRY THE CALCULATOR
  • Check on your credit score
  • Review your options
  • Pick a loan type
  • Search and shop for the best loan
  • Pick your lender and apply for the loan
  • Collect the appropreate socumentation for the loan
  • Accept the terms of the loan
  • Begin making payments

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Loan Calculator

This  loan calculator below is a tool that allows you to predict how much a personal loan will cost you to pay it back each month.

Instructions: Provide the calculator fields with some basic information about the loan you are thinking about getting. That's it! It calculates the rest for you by doing the math and giving you the result you are looking for in your monthly payment.

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What is a Loan and why do we need them?

Without being able for most of us to take out a loan we would not be able to afford to buy a house, or a car, or afford higher education. As scary as loans can be, without them we would be unable to reach many of the goals we set in our lives.

A loan is money that is lent and expected to be paid back with an interest fee.
The interest is important because it plays a huge role in your decision and your money. A half point in interest over a 30 year mortgage loan period can mean a lot. Let me give you an example. If you borrow $200,000 to buy a house with a 30 year loan and your interest rate is 4.5% then after those 30 years you would end up paying $164,813.42 in interest in addition to the $200,000 for the house. If you managed to lock the interest rate from 4.5% to 4% (just a half point lower) over the 30 year period that would cost you $143,739.01 in interest which is still a lot but it would save you $21,080.41 (or $702.68 a year).

Another term you will start hearing about during your loan research is the Annual percentage rate or APR  is the interest rate you would pay in a year, instead of only a monthly fee/rate. For example if you say your credit card APR is 10% and you have put  $100 on that card then you would pay $100 annually for that amount you borrowed making it $1100 after a year. When you are shopping for a loan you will hear about Interest Rate and APR and those are two different things. The interest rate is the cost of borrowing the principal loan and it can be a fixed rate or a variable one. The APR as mentioned above is the more extensive cost since it includes more than just the interest rate suchs as fees, closing costs, etc. For you the person searching for a loan the Interest rate is based on your personal credit score. The better that is the lower the rate. So your monthly payments will be based off of that interest rate you get and then the principal balance of the loan, not the APR. Securing a low interest rate when searching for a loan is just part of the process. You also need to be careful choosing the lender because in many instances they could offer you a low interest but then charge you a bunch of "origination fees" or "processing fees" up front.

While shopping for any loan, it’s a good idea to use a loan calculator to help you narrow the search. Regardless of if it is a car, a home or something personal, a calculator will show you how much you can afford to pay each month. You can use it to compare loan costs and discover how the differences in interest rates affect your payments, especially with 30-year mortgages.

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