How to Use the RCS Online Loan Calculator

20 NOVEMBER 2023

The world of personal finance can be daunting, but RCS has tools that can assist anyone in approaching online loans with more confidence. The RCS loan calculator can be invaluable in working out a budget before even starting your loan application.Woman using RCS online loan calculator on laptopThis handy online calculator allows not only a precise estimate of potential loan amounts, but also a glimpse into the associated costs. In this article, we'll delve into the steps of utilising the RCS loan calculator to secure timely online loan approval for your financial needs.

Understanding the RCS Loan Calculator

The tool serves as a digital compass, guiding users through the intricacies of borrowing. Specifically designed to cater to the demands of short-term or personal loans. By filling in a few details you can get a proper estimate within minutes.

Entering Loan Amount and Term

To harness the power of the RCS loan calculator, start by inputting the desired loan amount. Whether you're after funds for a short-term project or dealing with an unexpected expense, the calculator accommodates a wide range of loan amounts, from R10 000 all the way up to R250 000!

A second important piece of information is the terms of the loan. This determines how long you will have to pay back the funds that were borrowed. If you are in the position to pay off your loan quite quickly, then you could consider selecting a 12-month term, which means that your loan will be paid off within one year. Shorter terms can assist in lowering the interest that you are paying back. However, higher loan amounts would be difficult to repay in a short space of time, and with RCS you can choose flexible terms all the way up to 60 months (five years).

Inputting the terms is simple, just use the amount slider to determine the loan total (or input your amount manually), and then click on the desired term.

Calculating Monthly Repayments

Once the loan amount and term are set, the RCS Loan Calculator swiftly computes the estimated monthly repayments automatically, giving you a clear estimate on how much you would likely be paying if your online loan is approved. It is, however, important to note that there are terms and conditions to the estimated amount. There are criteria, such as your credit score and rating, as well as past credit history, that can impact things such as interest rates – which could result in a lower or higher monthly repayment. This crucial feature empowers you to assess the affordability of the loan, ensuring that the chosen amount and term align with your financial comfort zone.

Initiating the Online Loan Approval Process

Armed with the knowledge from the RCS Loan Calculator, users can seamlessly transition to the loan approval process with confidence. Simply find and click the orange ‘Apply Now’ button, start the loan application process and, within minutes, you will know whether your loan is approved. The online credit approval feature adds a layer of convenience and makes the entire experience more transparent.

The RCS personal loan calculator provides a user-friendly interface to estimate loan amounts, assess monthly repayments, and understand associated costs, RCS ensures that borrowers can navigate the financial landscape with confidence. The seamless integration of an online loan approval process further enhances the accessibility and efficiency of obtaining funds promptly.