When submitting your application to the lender in an attempt to gain guarantor loan, you will come across very different lenders’ policies when it comes to client evaluation. Depending on the type of the loan you are applying for, the lender will consider a wide range of various criteria and aspects to determine whether you meet the required standards to become a borrower. Unfortunately, too many lenders use significantly different evaluation criteria, which results in too many potential clients being turned down a few times before contacting the lender that suits their capabilities. To avoid that, use guarantor loan calculator to estimate your true limitations before reaching out for the lenders.
What is guarantor loan calculator?
To assist people considering an application for guarantor loans, financial experts designed a wide range of similar applications that are meant to help you calculate precisely your limitations and to determine the best loan model and the acceptable direct lender for your situation according to the calculation results. Depending on the type of the loan you are aiming at, various parameters will play a role, but most lenders consider a few main aspects when evaluating potential borrowers. They consider your borrowing power, your credit score and your loan repayment capacity.
Borrowing power calculator
Borrowing power guarantor loan calculator is a specialized application designed to help you estimate the maximum, minimum and optimum amount of money you are financially capable of borrowing from the loan lender. When calculating these amounts, the calculator will request some data that influence your borrowing power and the more precise data you enter, the more realistic estimation you will get. For example, if you are considering applying for the home loan, you have to calculate with the number of adults and number of children involved, the size and location of the residence you are looking for, the type of loan you’ll be applying for and many more parameters. This result will narrow down the choice among lenders to only those ready to allow you the required amount of money.
Credit score calculator
This application includes various data regarding the amounts of your previously used credits, the purpose of the loan you are applying now, desired loan amount, evaluated property and assets and all the pluses and penalties you’ve been given during past periods of repayment. If the calculator shows that your credit score is way too low for many loan lender standards, you may consider several options to increase the value of your credit score.
Loan repayment calculator
By analyzing loan amount, given period of time for repayment, interest rates and fees, loan repayment type and frequency, as well as your average income, this application will provide you with various schemes for repayments that you will be capable of refunding regularly and timely without burdening your everyday budget too much.