Omotoyosi Popoola
May 6, 2024
We are excited for us to announce of the launch of our newest tools, designed for us to give you clarity with control over the decisions you make in saving with borrowing. As your reliable partner for your financial adventure, we’re introducing a couple necessary tools: our brand-new Savings Calculator and Loan Interest Calculator.
Understanding the numbers behind savings goals can feel overwhelming. Navigating the maze of loan apps in Nigeria in today’s fast-paced world can also feel overwhelming. That's exactly why we’ve developed simple, easy-to-use tools to help one manage one's money with confidence and transparency.
Savings Calculator: Predict Your Investment Growth with Ease
Planning to grow your money smartly and steadily? Our Savings Calculator is the perfect tool for anyone planning to build wealth or save towards a specific goal.
Here’s the process:
Choose a starting amount (₦1 million) which is the minimum.
Pick a desired Savings Duration of 2 months to 1 year.
The calculator will now show you step by step how your money will grow together with the annual interest you earn after withholding tax has been deducted. You will be able to see your potential earnings fast and this will motivate you to achieve your savings goals.
The tool has clear financial growth steps whether it’s for a rainy day or a big purchase you’re saving for.
Check out this explanatory video to learn how to easily navigate our Savings Calculator!
Loan Interest Calculator: Make Smart Borrowing Decisions
If you're exploring loan apps or considering instant loans, our Loan Interest Calculator is designed just for you. Whether you're taking out a business loan or a personal one, this tool helps you understand your repayment plan and total interest at a glance.
How it works:
Loan Amount: Enter the amount you wish to borrow.
Loan Term: Choose the repayment period.
Interest Rate: Input the rate for your loan.
In just a few clicks, you’ll get:
Your monthly repayment amount
Total interest payable over the loan’s duration
Overall cost of borrowing
This tool is ideal for anyone comparing loan apps in Nigeria or looking for instant loans with instant disbursal. It helps you avoid surprises and make informed financial choices.
Check out this explanatory video to learn how to easily navigate our Loan Calculator!
Understanding Our Savings and Loan Interest Calculator
We have defined a few key terms to help you better understand our calculator.
Initial Deposit: This is the starting amount you deposit into your savings account or investment. For our Savings Calculator, the minimum initial deposit is one million.
Duration of Savings: This refers to how long you intend to invest or save money. The length of time you save impacts your financial results, regardless of whether you are saving for a short-term objective or accumulating wealth over time.
Withholding Tax (10%): It's important to consider taxes when calculating your savings or investment returns. Our calculator automatically accounts for withholding tax at a rate of 10%, giving you a clear picture of your after-tax earnings.
Amount of Interest You'll Earn: With our Savings Calculator, you'll instantly see how your initial deposit, interest rate, and duration of savings combine to generate interest earnings. It is an effective tool for seeing how your savings have increased over time.
Interest Rate (per annum): The interest rate is the percentage of the loan amount charged as interest to the borrower. It's crucial to understand how the interest rate affects your overall loan repayment.
Payable Interest: Knowing how much interest you will pay overall on a loan is crucial to helping you make wise financial decisions. With the help of our loan interest calculator, you can get a detailed breakdown of your repayment plan that includes the total amount of interest that will be due.
Whether you're planning to save smartly or compare instant loans from different loan apps, having clarity on your finances is key. These calculators are your go-to tools for simplifying money management.
FAQ's
How can I borrow from QuickCheck?
Borrowing from QuickCheck is simple:
Download the QuickCheck app on Google Play.
Sign up and create an account.
Apply for your loan in minutes.
How long does it take to get a loan in Nigeria?
The time required depends on the lending platform. With QuickCheck, you can receive a loan in as little as 5 minutes.
Can I get a loan in Nigeria instantly?
Yes, you can! If you want to try QuickCheck, download the QuickCheck app from Google Play, sign up to create an account, and apply for a loan in minutes. Once accepted, the loan will be credited instantly to your preferred bank account.
What are the interest rates for loans in Nigeria?
Interest rates vary by provider. QuickCheck offers competitive rates, and you can use our Loan Interest Calculator to see how much you’ll pay before you borrow.
Do instant loans require collateral?
This depends on the lender. However, QuickCheck provides instant loans with no collateral or paperwork required.