Online Personal Loans in Arizona: A Detailed Guide
Intro
When it comes to managing finances, having a solid grasp of financial literacy is not just a luxury; it's a necessity, especially in an age where online personal loans are increasingly becoming a popular option. For young professionals, students, and small business owners in Arizona, understanding the nuances of personal loans can be a game-changer. This exploration will guide you through the essential elements surrounding online personal loans, from their defining characteristics and typical requirements to the steps you need to follow for a successful application.
Understanding the lending landscape in Arizona is key, as numerous opportunities await those who seek financial assistance. However, it’s crucial to make informed decisions rather than stumbling blindly into the sea of options. This article aims to arm you with knowledge, breaking down the content into digestible sections while addressing the importance of budgeting and the essentials of financial literacy—two building blocks of smart financial choices.
Understanding Online Personal Loans
Online personal loans have become increasingly popular among individuals looking for financial options in our fast-paced, tech-savvy world. This is especially true for those based in Arizona, where the landscape of personal finance continues to evolve. Grasping how these loans work, and why they matter, is pivotal for making sound borrowing decisions. The digital age has ushered in a realm where convenience often sits on the throne, and online personal loans are no exception.
Definition and Purpose
Online personal loans are unsecured loans issued by lenders via the internet without requiring a face-to-face meeting. Traditional lending avenues, such as banks, have long held the upper hand in personal loans, but the rise of online platforms has shifted this paradigm.
Their primary purpose lies in providing quick, accessible funding for a myriad of needs. Whether it's funding a wedding, consolidating debt, or covering unexpected medical expenses, online personal loans step in to bridge the financial gap. They cater predominantly to young professionals and students who seek accessible financing without the cumbersome processes often tied to conventional banks. In Arizona, where the cost of living might be high and competitive job markets ensure a steady influx of young talent, understanding these loans is crucial.
How Online Personal Loans Function
To put it simply, the mechanics of online personal loans operate in a streamlined manner. Here’s how it typically works:
- Application: Borrowers fill out an online application, usually on the lender's website. This is often a swift process, taking mere minutes.
- Review: The lender assesses the application, which might include a soft credit check. This stage is where many hopeful borrowers can trip up; understanding one's credit score and its significance cannot be overlooked.
- Decision: After review, the lender either approves or declines the application. An approval can often be communicated almost instantly.
- Fund Disbursement: Once approved, funds are typically deposited directly into the borrower's bank account within a few business days.
This simple process embodies the essence of online personal loans: accessibility and speed.
Differences Between Traditional and Online Loans
Pinpointing the distinctions between traditional loans and their online counterparts can illuminate the benefits of choosing one over the other. Here are notable differences:
- Application Process: Traditional loans demand a more convoluted process with in-person meetings; online loans streamline this into a digital format with few clicks.
- Turnaround Time: Approval times can range from days to weeks in traditional settings, whereas online lenders often promise rapid decisions, sometimes the same day.
- Interest Rates: Online lenders may charge varying rates based on the applicant's creditworthiness, but these can sometimes be competitive with traditional lenders, especially for those with good credit. However, folks with lower credit scores may find higher rates with online lenders.
- Accessibility: Online lenders operate 24/7 and thus make borrowing easier than traditional institutions, which are often constrained to business hours and geographic limitations.
Understanding these key differences empowers borrowers to make informed choices tailored to their personal and financial circumstances.
In sum, delving into online personal loans not only showcases their practicality but also highlights how they can fit into the financial landscape of individuals, especially in places like Arizona. As technology reshapes the lending world, grasping the fundamentals of online loans — their workings, distinctions, and unique purposes — becomes invaluable for anyone considering borrowing to gain financial traction.
The Personal Loan Landscape in Arizona
Understanding the personal loan landscape in Arizona is crucial for anyone considering borrowing money through online channels. As technology advances, more individuals are looking for financial solutions that can be accessed from the comfort of their homes. This section explores the local lending market, key players involved, and the regulatory environment, providing a holistic view of what potential borrowers can expect when seeking online personal loans.
Overview of the Lending Market
In Arizona, the lending market has evolved considerably over the past years. There's a noticeable trend towards online lending platforms, reflecting a shift in consumer preferences and behaviors.
- A report from the Arizona Department of Financial Institutions indicates that the demand for alternative lending solutions has surged, highlighting a growing acceptance of digital platforms for personal finance.
- According to recent surveys, younger demographics, notably millennials and Gen Z, are driving this trend, favoring quick, easy, and transparent financial transactions.
- Traditional banks are not going away, but many are adapting to compete with the seamless experiences offered by online lenders.
With factors like fast processing times and an increase in digital banking, it's no surprise that this diverse market satisfies the varied needs of consumers across the state.
Key Players in Online Lending
Arizona is home to a variety of online lending options. The competition among lenders has led to an array of products that cater to different financial scenarios. Some notable players include:
- SoFi: Known for personal loans with no fees, appealing to young professionals looking for flexibility.
- LendingClub: A peer-to-peer lender with a robust platform that connects borrowers directly with individual investors.
- Upstart: This lender factors in education and job history alongside credit scores, often appealing to recent graduates.
These organizations — along with local credit unions and smaller online lenders — contribute to a vibrant marketplace. Shoppers will find that each lender has its own requirements and loan products, enabling borrowers to select an option that best fits their financial situation.
Regulatory Environment
The regulatory body overseeing personal loans in Arizona ensures safe lending practices and consumer protection. The Arizona Department of Financial Institutions (AZDFI) plays a pivotal role here. It governs aspects like:
- Licensing: All lenders must obtain a license to operate within the state, ensuring accountability.
- Interest Rate Caps: Arizona enforces limits on interest rates across different types of loans, providing a safeguard against predatory lending.
- Consumer Education: The AZDFI actively works to inform consumers about their rights and responsibilities when borrowing.
Understanding these regulations helps consumers make informed decisions and avoid potential pitfalls while seeking online personal loans. The regulatory oversight both protects borrowers and maintains the integrity of the lending market in Arizona.
Applying for Online Personal Loans
Navigating the world of online personal loans is essential for anyone looking to access quick and often flexible financial solutions. In a rapidly changing economic landscape, where traditional lending may not meet every individual's needs, understanding how to apply for these loans can open doors to opportunities.
Online personal loans offer unique benefits, such as the ability to compare multiple lenders with just a few clicks, making the whole process edlessly simple. Plus, for those with bustling schedules, the convenience of applying from home cannot be overstated. However, navigating the application process successfully also means being aware of the details that lenders will assess when you submit your application.
Requirements for Application
Before diving headfirst into the application process, it’s crucial to know what requirements lenders typically have. While each lender can have its own specifics, some standard requirements help gauge your eligibility:
- Age: Generally, you must be at least 18 years old to apply.
- Residency Status: Lenders will often require proof of residency in Arizona, and sometimes even a valid state ID.
- Income Verification: A steady income reassures lenders about your ability to pay back the loan. This might be a pay stub or tax return.
- Credit History: Your credit score plays an important role. Most lenders will check it to assess risk.
In many cases, some lenders might consider other factors if your score is lower, but be prepared for potentially higher interest rates due to increased risk.
Step-by-Step Application Process
Understanding how to approach the application process can help streamline your experience. Here's a typical flow to follow:
- Research: First off, gather information on various lenders. Make sure they are reputable, and read some reviews.
- Pre-Approval: Some platforms allow for pre-approval without affecting your credit score. This is a handy signal of whether you might qualify.
- Fill Out the Application: This may include personal details, financial information, and desired loan amount. The application can usually be completed online in less than 30 minutes.
- Submit Documentation: You might have to provide documents like pay stubs or tax returns, so have them ready.
- Review Offers: Once your application is submitted, you may receive offers from different lenders. Take the time to analyze the terms.
- Accept an Offer: When you find a loan that fits, you can accept it and finalize the details.
On average, from application to funding, it could take a few days—much quicker than a traditional bank!
Common Documentation Needed
Documentation is key to proving your financial standing and identity during the application process. Here’s what you typically need:
- Identification: A government-issued ID to verify your identity, such as a driver's license or passport.
- Proof of Income: This could be your last couple of pay stubs, tax returns, or bank statements to showcase monthly income.
- Social Security Number: Lenders usually require it for credit checks and to verify your identity.
- Residency Proof: A utility bill or lease agreement can confirm your address.
"Having all your ducks in a row before you start the application process can save you time and help you get your funds faster."
While the process may sound daunting at first, proper preparation can ease the journey quite a bit. Keeping the required documentation handy will not only speed things up but could also help you secure the best deal possible.
Factors Influencing Loan Approval
When seeking an online personal loan in Arizona, understanding the factors influencing approval is crucial. Loan approval isn’t just about filling out an application and crossing your fingers; it involves a meticulous evaluation of several key elements. The lenders rely on these criteria to assess the risk of lending money. A well-rounded comprehension of these factors equips you with the knowledge to improve your chances significantly.
Credit Score Impact
One of the most critical components lenders consider is your credit score. This number, generated by major credit bureaus, reflects your creditworthiness and indicates your ability to repay loans.
A solid credit score—typically in the range of 700 and above—can pave the way for favorable terms, including lower interest rates. In contrast, a score in the 600s or lower might result in higher rates or outright denial of the loan application. For young professionals or students just starting their financial journey, it’s essential to check your score before applying. You can obtain a free report annually from sites like annualcreditreport.com, allowing you to address any discrepancies and improve your score.
Key Takeaway:
- Regularly monitor your credit score.
- Take steps to improve it if necessary, such as paying down existing debts.
Debt-to-Income Ratio
Next on the checklist is the Debt-to-Income (DTI) ratio. This figure is calculated by dividing your monthly debt payments by your gross monthly income. Lenders use this metric to gauge how much of your income is already committed to existing debts.
In general, a DTI ratio below 36% is viewed favorably, indicating that you’re not over-leveraged. If your ratio exceeds this, lenders might question your ability to repay additional debt. High student loans or credit card debts can significantly impact this ratio. For business owners, factors like irregular income can also skew your DTI, making it vital to gather all income documents and prepare to discuss your financial situation in full detail.
Key Takeaway:
- Keep your DTI ratio below the recommended range to enhance approval odds.
Employment and Income Verification
Lastly, employment status and income verification play a significant role in the approval process. Lenders look for stability in your job history and consistent income to ensure you can manage loan repayments.
For students or recent graduates entering the workforce, your employment status may be scrutinized closely. Lenders may require proof of income through pay stubs, tax returns, or even bank statements. If you're self-employed or freelancing, being able to document your income over a specific period becomes essential.
In indicating financial responsibility, a steady job history (usually two years or more) helps in reassuring lenders. Frequent job changes might raise red flags for some, so if you find yourself in this situation, be prepared to explain your career trajectory clearly.
Key Takeaway:
- Have all necessary employment and income documentation ready.
Assessing these factors closely can sharpen your approach and create a stronger application.
By understanding and strategically managing your credit score, DTI ratio, and employment status, you can maximize your chances of loan approval and secure the financial assistance you need.
Interest Rates and Fees Associated with Online Personal Loans
Understanding the intricacies of interest rates and fees tied to online personal loans is crucial for anyone considering this financing option. In today’s rapidly changing financial landscape, every penny counts, especially when managing debt. By diving deep into the specifics, you can discern between the cost of different loans and ultimately make a more informed decision about which option fits your situation the best.
Understanding Interest Rates
Interest rates are often the heart of any lending agreement. For online personal loans, these rates can vary widely based on a multitude of factors. Generally, interest rates represent the cost of borrowing expressed as a percentage of the principal amount.
A few key points to consider:
- Fixed vs. Variable Rates: Some loans come with fixed rates, meaning your interest will stay the same throughout the loan period. Others may have variable rates that can fluctuate based on market movements.
- Your Creditworthiness: Lenders typically use your credit score to determine the rate offered. A better score often translates to a lower rate, which can save you money over the life of the loan.
- Loan Duration: The length of the loan also impacts the interest rate. Generally, shorter loans have lower rates, while longer ones tend to be higher as they carry more risk for the lender.
"Understanding your interest rate options is vital; a small percentage difference can significantly impact your repayment burden over time."
Types of Fees to Expect
Beyond interest rates, a range of fees can add extra costs to your online personal loan. Understanding these can help you gauge the true cost of borrowing.
- Origination Fee: This is a common charge that many lenders impose for processing your loan application. It can be a flat rate or a percentage of the loan amount.
- Late Payment Fee: Failure to make payments on time might incur this fee. Racking up late fees can quickly add up, so staying vigilant about payments is key.
- Prepayment Penalty: While many loans don’t have this, it's important to check if your lender charges fees for paying off the loan early.
- Insufficient Funds Fee: If your bank account doesn’t have sufficient funds for an automatic withdrawal, lenders may charge you a fee.
Comparing Loan Offers
When seeking online personal loans, it’s vital to compare loan offers from various lenders. This involves evaluating both interest rates and associated fees to find the most advantageous deal. Here are a few steps to follow:
- Gather Loan Offers: Start by gathering loan offers from several online lenders. Make sure to note the interest rates and each of their fees.
- Use APR for Comparison: Lenders often present interest rates, but the Annual Percentage Rate (APR) provides a more comprehensive view by including both interest and fees. It’s a great metric to compare the true cost of borrowing.
- Evaluate Flexibility: Consider loan repayment terms. Some lenders offer more flexible terms, which can be beneficial if you need to adjust your payment schedule or pay off the loan early.
- Read Reviews: Customer reviews can shed light on any hidden fees or issues with a lender. Take time to go through platforms like Reddit or lender-specific review sites before making a decision.
By paying close attention to these factors while navigating interest rates and fees, you can secure a loan that suits your financial needs and prevents the burden of unforeseen costs down the line.
Advantages of Online Personal Loans
Online personal loans have gained traction for a myriad of reasons, especially among individuals navigating financial challenges or pursuing significant purchases. The digital lending landscape introduces an expedited route to securing funds that traditional banks often cannot provide. In this section, we will dissect the various advantages of online personal loans, focusing on their key elements, benefits, and considerations that can significantly impact borrowers' experiences.
Convenience and Accessibility
One of the standout benefits of online personal loans is the sheer convenience they offer.
- Application from Anywhere: Gone are the days of waiting in long lines at physical banks or credit unions. With online lenders, you can apply from your couch, your office, or even a coffee shop. The world becomes your lending office.
- 24/7 Availability: Most online lenders operate round the clock, meaning you can apply anytime that suits you. Whether it’s a late-night whim or an urgent last-minute need for cash before the weekend, these platforms are just a click away.
- User-Friendly Platforms: More often than not, online lending platforms are designed keeping the user experience in mind. The websites are flexible, well-structured, and many include helpful FAQs or chatbots to assist you.
The combination of all these factors not only saves time but also reduces stress associated with more traditional application processes. When you’re juggling work, studies, and perhaps family responsibilities, being able to access loans at your own convenience is a lifesaver.
Faster Approval Times
When it comes to financial needs, the ability to receive funds quickly can be crucial. Online personal loans shine in this regard.
- Instant Decisions: Many online lenders utilize technology that allows for rapid approval of loan applications. Instead of waiting days or even weeks, you might just get a response within minutes.
- Streamlined Processes: The efficiency of online applications means fewer bureaucratic red tapes. This can translate to quicker funding, enabling you to tackle unexpected bills or emergencies without undue delay.
- Digital Verification: Technology facilitates document verification electronically, further speeding up the process. You can upload necessary documents right from your devices, avoiding traditional mail delays or in-person appointments.
In short, if you need cash on the double, online lending might just be your best bet.
Variety of Lenders and Products
The online lending space is broad, providing borrowers with a wealth of choices.
- Diverse Options: From payday loans to personal loans for home improvements or debt consolidation, the range of products available is vast. This allows borrowers to pick loans that best fit their financial situations.
- Niche Lenders: Interested in a specific type of project? There are lenders focused solely on certain categories like medical expenses or even travel. Finding a lender that aligns with your needs is more straightforward now than in the past.
- Comparative Shopping: Online platforms allow for easy comparisons. You can virtually line up different lenders side by side to evaluate terms, interest rates, and repayment options without having to physically visit multiple locations.
This variety and ability to compare different products empowers borrowers. It not only enhances your chances of finding the ideal solution but also can save you money in the long run.
"In the digital age, choice cuts through the clutter, making it easier than ever to find the right personal loan for your needs."
In essence, the advantages of online personal loans extend beyond mere convenience; they offer a transformational shift in how individuals can access financial support. The flexibility, speed, and extensive options help create a borrowing environment that caters better to modern lifestyles.
Potential Drawbacks of Online Personal Loans
While online personal loans can offer convenience and quicker access to funds compared to traditional methods, it's crucial for borrowers to also consider the potential drawbacks that come along with them. Understanding these pitfalls can lead to more informed choices, especially for young professionals, students, and small business owners looking to navigate the financial landscape in Arizona.
Higher Interest Rates
One of the predominant concerns surrounding online personal loans is the higher interest rates often associated with them. Many online lenders market their loans as easy and accessible, but these conveniences can come at a cost. Monthly rates can be significantly higher than those offered by established banks or credit unions.
In particular, borrowers with less-than-stellar credit may find themselves facing steep rates that can exceed 20% or higher. Although some lenders may advertise low initial rates, these can often spike if the borrower opts for a longer repayment term. This compounding of costs can lead to an unexpectedly high total repayment amount. Thus, calculating the lifetime cost of these loans is essential for anyone considering borrowing.
"If it sounds too good to be true, it probably is."
Variable Loan Terms
In addition to high-interest rates, variable loan terms present another potential drawback to online personal loans. Unlike fixed-rate loans, which maintain consistent payments over time, many online loans fluctuate based on market conditions or lender policies. This unpredictability can lead to fluctuating monthly payments that can throw a wrench into even the best financial plans.
The terms set by online lenders are often more rigid and can change without much warning. For instance, some loans have hidden clauses that could result in penalties or adjustments if the borrower misses a payment. This variation can complicate budgeting and make it tricky to anticipate future financial obligations.
Risk of Scams and Fraud
The digital nature of obtaining loans online can lead to risk of scams and fraud. Unfortunately, with the rise of online lending comes a slew of fraudulent activities targeting unsuspecting borrowers. Scammers may create fake websites pretending to be legitimate lenders, soliciting personal and financial information in a bid to commit identity theft.
It’s critical for individuals applying for loans to do their homework before sharing sensitive information. Researching the lender, checking for reviews, and confirming their legitimacy through reliable sources is crucial. Institutions like the Better Business Bureau or state financial regulatory agencies can offer insights into whether a lender operates legally.
In summary, while online personal loans present various benefits, they also come with their fair share of drawbacks that can complicate the borrowing experience. From higher interest rates to variable terms and the ever-looming threat of fraud, potential borrowers must tread carefully. Assessing these factors in the broader context of competitive lending options can make a world of difference for anyone considering an online personal loan.
Best Practices for Selecting an Online Lender
Selecting an online lender isn’t just a mere formality; it’s akin to choosing a companion for a journey, especially when the road ahead can feel bumpy. A good lender can make the process smooth, saving you from heartburn later on. With that in mind, let’s delve into the fundamental practices that can help you navigate this landscape effectively.
Researching Lender Reputation
First and foremost, understanding the reputation of a lender is crucial. A lender's reputation can be a telling factor that provides insight into their reliability and ethics. Start your quest by checking third-party review sites like Trustpilot or Consumer Affairs. Here are some details to consider:
- Online Presence: Look for lenders with a solid online footprint. Their website should present clear terms and be easy to navigate.
- Accreditations: Seek out lenders who belong to recognized bodies like the Better Business Bureau (BBB). This often indicates adherence to a certain standard.
- Word of Mouth: Sometimes, the best intel comes from friends and family who have been there, done that. Personal anecdotes can give you a flavor of what to expect.
A positive reputation not only speaks volumes but also acts as a safety net. As the saying goes, a bad penny always turns up. You wouldn’t want to be stuck with one.
Understanding Loan Terms
Once you've shortlisted a few lenders, it's time to dig deep into their loan terms. Knowing the nitty-gritty of these terms can help you dodge potential pitfalls. Here’s what to focus on:
- Interest Rates: Grasp whether the rates are fixed or variable, and how they compare to industry standards. A variable rate may seem enticing, but it can lead to ballooning payments over time.
- Repayment Period: A longer repayment term might lower your monthly payments, but it could also mean paying more in interest. Conversely, a shorter term could elevate your monthly burden but save you money in the long run.
- Prepayment Penalties: It’s also vital to know if the lender charges any penalties for paying off your loan early. This could save you in interest, but only if it’s not laden with hidden fees.
Aligning the loan terms with your financial situation and capabilities is key. This will avoid any unwelcome surprises down the line.
Evaluating Customer Reviews
Now that you've vetted the terms, turn your attention to customer reviews. These are worth their weight in gold because they can reveal shortcomings not immediately apparent in glossy marketing materials.
- Consistency: Pay attention to the common themes in reviews. Are several customers complaining about late fees or poor customer service? If so, those red flags shouldn’t be ignored.
- Responsiveness: Good lenders should be responsive to inquiries. Look for comments regarding how quickly and effectively customer service resolves issues.
- Overall Satisfaction: Track how past borrowers rate their overall satisfaction. A lender with inconsistent reviews might indicate unstable service.
While reviews shouldn't be your only deciding factor, they help paint a more comprehensive picture of what to expect.
In summary, the right preparation and research can save you time, money, and headaches. Take the time to dig into the reputation, terms, and reviews of potential lenders. It’ll pay off in the lovely experience of managing your personal loan with less hassle.
Alternatives to Online Personal Loans
When it comes to securing funds, online personal loans certainly have their place. However, they aren't the only game in town. Understanding alternatives to online personal loans is crucial for individuals who seek tailored financial solutions to their unique situations. Exploring these options can not only provide more choices but might also lead to better rates, adaptable terms, or more trustworthy borrowing experiences.
Credit Unions and Local Banks
Credit unions and local banks often serve as unsung heroes in the lending world. Unlike larger, national banks, credit unions are typically community-focused and owned by their members. This means that their primary goal is to serve those in their community rather than maximize profits. Here are some reasons why they could be a great option:
- Lower Interest Rates: Many credit unions offer competitive rates that are often lower than those found with online lenders.
- Personalized Service: With a local presence, credit unions are likely to provide a more personalized experience, taking the time to assess an individual’s financial situation and provide tailored advice.
- Flexible Terms: Credit unions might offer more flexible lending terms, which can make repayment more manageable for borrowers.
They also provide a sense of trust, given that they operate within communities and often have a longstanding reputation among residents. For those who prioritize relationships in their financial dealings, local institutions might be a preferred choice.
Peer-to-Peer Lending
If you're looking for an alternative full of possibilities, peer-to-peer (P2P) lending may just be the golden ticket. This method connects borrowers directly with individuals willing to lend money, often through online platforms. Here's what makes it appealing:
- Competitive Rates: Rates can be more favorable than traditional loans, especially for those with good credit.
- Diverse Lending Sources: Borrowers gain access to multiple funding options, as various individuals can choose to invest in their loans.
- Faster Processing Times: P2P platforms typically have a streamlined application process, reducing the time to receive funds.
Nevertheless, potential borrowers should proceed with caution. P2P lending involves dealing with multiple individual investors, which may come with varying expectations and terms.
Home Equity Loans
Tapping into home equity is another available option, particularly for homeowners. Essentially, a home equity loan allows you to borrow against the value of your home. Here’s why this could be a solid alternative:
- Lower Interest Rates: Generally, these loans feature competitive interest rates due to the security of collateral.
- Larger Amounts Available: Home equity loans can provide larger sums, beneficial for major expenses like home renovations or debt consolidation.
- Predictable Payments: These loans usually come with fixed interest rates, which can help in budgeting and managing repayment over time.
However, it’s pivotal to remember that engaging in home equity lending carries the risk of losing one's home if not managed properly. An informed decision based on your financial landscape is indispensable.
"Before settling on a loan type, weigh your options carefully. Finding the right fit requires looking past the immediate needs and considering long-term implications."
For further information on personal loans and lending strategies, check out NerdWallet, or visit The Balance for insightful financial tips.
Managing Your Personal Loan Effectively
Handling a personal loan may feel like a juggling act for many, but with the right approach, you can keep everything in balance. Managing your personal loan effectively is crucial because it lays the foundation for your financial health and future. When you take on such a financial commitment, understanding its nuances can significantly affect your experience and outcome.
Creating a Repayment Plan
One of the first steps to managing your personal loan is devising a foolproof repayment plan. It’s sort of like mapping out a journey before you hit the road. A solid plan gives you clarity about what you owe and when. Start by looking at your monthly budget, identifying income and expenses. That way, you can allocate a portion of your income specifically for the loan repayments.
When creating this repayment plan, consider these factors:
- Loan Amount: How much did you borrow?
- Interest Rate: This affects your total repayment sums.
- Loan Term: The length of time over which you'll repay the loan also influences the monthly payment.
Use a simple calculator to break down your monthly payment. Just grab the figures and crunch the numbers:
plaintext Monthly Payment = (Loan Amount x Interest Rate) / (1 - (1 + Interest Rate)^-Loan Term)
