Get better personal finance results with our loan and credit health calculators

Jul 25, 2018

As many of our users and readers know, Fincheck is committed to helping South Africans make better financial decisions. We've heard the cry of the majority in this great nation and every day we focus on gathering information, building tools and finding partners so we can help South Africans build a better financial future!

This month we're happy to announce the latest features and tools of the MyFincheck environment includes the following:

  • A loan calculator to present you with estimate repayment amounts which autopopulates a form once you're ready to apply
  • A savings goal calculator to help you plan your savings goals as an achievable monthly amount
  • A debt-to-income ratio calculator so you can see how healthy your finances are after debt commitments

We explain each of these in more detail below so you're equipped to use them and get that healthier financial future cranking!

P.S. Please share this article with the friends you think will benefit from these tools!

MyFincheck Loan Calculator

Loan Calculator UI.png

The MyFincheck Loan Calculator is avaiLable as a single tool on our Fincheck Loan Calculator page. We built this tool so people can get a better idea of their loan repayment commitment before actually applying for a personal loan or payday loan.

Our loan calculator offers the following 4 benefits:

  1. Flexible amounts to fit the needs of most people
  2. Industry standard interest rates that result in more realistic repayment amounts
  3. An estimated monthly repayment amount so you can measure how realistic your loan repayment is according to your budget
  4. An apply function that autopopulates an application form ready to match you with personalised offers from our partners

MyFincheck Savings Goal Calculator

My Savings Goal UI.png

The MyFincheck Savings Goal Calculator is avaiable as a single tool on our Fincheck Savings Goal Calculator page. The purpose of this tool is to help South Africans build a better financial future with enough savings to support their future decisions. Most people have no buffer to handle emergency or big financial decisions. This results in a higher amount of loan applications and ultimately leads to a cycle of debt. We have seen that people have high aspirations to achieve savings, but they don't realise the realistic amount they have to save each month to make it happen.

Over time, we hope to offer our users investment vehicles to invest these savings goals in.

Our Savings Goal Calculator helps people do the following 4 things:

  1. Disposable income calculated automatically based on your total income minus your total financial responsibilities
  2. See your disposable income actually available for things like savings
  3. Plan a savings amount over a flexible timeframe
  4. Shows you the actual monthly amount you will need to put aside as a percentage of your disposable income if you want to reach your savings goal

MyFincheck Debt-to-Income Ratio Calculator

My Debt to income UI.png

The MyFincheck Debt-to-Income Ratio Calculator is avaiable as a tool on our MyFincheck Credit Health page. Our debt-to-income ratio tool is one of the simplest ways to see how healthy your finances actually are. With this tool we hope to equip South Africans to build a healthier financial future. We see a greater desire to change a cycle of debt once people see how much of their income is being spent on debt.

Our Debt-to-Income Ratio helps people see 2 important things:

  1. Your outstanding debt is autopopulated according to your credit report
  2. Your outstanding debt is compared against your annual income to show you how much your debt is costing you as part of your budget

Every time you update your details using these tools, we save this information so you can come back and see your financial and credit health at a glance. If your financial siuation changes (like paid off debt, increased income, etc.) you can simply update your details and see your updated calculations.

We hope this inspires you as much as it inspires us to help the people around us make better financial decisions! Thank you for sticking with Fincheck as we grow and improve our tools according to the needs of South Africans.

Share this article with a friend and let's impact South Africa :-)

To your better financial future!

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