Installment Loan Calculator
  • 22 Aug 2022
  • 2 Minutes to read
  • Dark
    Light

Installment Loan Calculator

  • Dark
    Light

The Installment Loan Calculator empowers customers to quickly and accurately compare fixed-rate repayment options for borrowers to consider before applying for a loan. Eliminate the use of unreliable and subjective web data that can damage credibility to unlock borrowing potential by easily integrating the Installment Loan Calculator into a current LOS or Core system.


Installing App Store Applications

  1. Navigate to the App Store in the Folders tab.
  2. Search for the Installment Loan Calculator in the Not Installed section and select Details. 
  3. On the App Details Page, select INSTALL.

What's Included

Below is a list of items included in the Application. Hidden items are marked with an asterisk. 

  • Installment Calculator [Primary Flow]
  • Calculate Monthly Payment Sub Flow [Flow]
  • Monthly Payment and Interest Rate Calculation Sub Flow [Flow]
  • Installment Loan Calculator [Form]
  • Interest Rate Truth Table [Truth Table]
  • * Calculate Monthly Payment and Interest Rate [Active Form Flow]
  • * Reset Form Fields [Active Form Flow]
  • * Show Loan Term Field [Active Form Flow] 

Glossary of Terms

TermDescription
Estimated Credit ScoreA number that represents a person's creditworthiness. The higher the score, the better a borrower looks to potential lenders. A credit score is based on credit history.
Interest RateThe proportion of a loan charged as interest to the borrower is typically expressed as an annual percentage of the loan outstanding.
Loan AmountTotal Value of the Loan
Loan TermsSelect how long to pay the loan off, in months or years.

Configuration

No additional setup is required once the application is installed. Follow the below sections on Implementation to embed or run from a URL as a service.

Embedding the Form

The Form can be used on an external page. Follow the article on Embed a Form in a Web App to achieve this implementation.

Run the Flow from a URL

Flows can be run using a URL. This can be accomplished on the Primary Flow, Installment Calculator, or on the calculation sub-flow, Calculate Monthly Payment Sub Flow and Monthly Payment and Interest Rate Calculation Sub Flow. Follow the Running a Flow from a URL article to achieve this.


Installment Calculator [Primary Flow]

This Flow runs the Installment Loan Calculator Form, allowing the end user to compute a comfortable loan payment based on their credit score and details.

  1. Run the Installment Calculator to open the Installment Loan Calculator Form. 
  2. In the Loan Amount Currency Box, enter the amount borrowed or the amount remaining on the loan.
  3. Select the desired units for the loan term using the drop-down options. The loan term can be entered in either months or years. By default, Loan Term in Months is selected.
    1. Selecting the Loan Term in Months option will display a number spinner that increases and decreases in increments of 12.
    2. Selecting the Loan Term in Years option will display a number spinner that increases and decreases by 1.
  4. Enter the desired loan term in the number spinner box by either pressing the up and down arrows or typing a number in the box.
  5. Select the appropriate credit score range in the Estimated Credit Score drop-down box. 
  6. Select CALCULATE. This will populate the Monthly Payment and Interest Rate in the Results field.
  7. Select RESET to clear all Form Fields.

Was this article helpful?