Alternative Small Dollar Loan Calculator

Resource Overview

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var $ = jQuery; $(document).ready(function(){ var div = $('#alert1').hide(); $('#alert-1-amount').keyup(function() { var value = this.value; if (value > 2500) { div.fadeIn(500); } else { div.fadeOut(500); } }); }); $(document).ready(function(){ var div = $('#alert2').hide(); $('#alert-2-amount').keyup(function() { var value = this.value; if (value < 4) { div.fadeIn(500); } else { div.fadeOut(500); } }); }); $(document).ready(function(){ var div = $('#alert3').hide(); $('#alert-3-amount').keyup(function() { var value = this.value; if (value > 36) { div.fadeIn(500); } else { div.fadeOut(500); } }); }); $(document).ready(function(){ $.fn.qtip.styles.calc = { // Last part is the name of the style width: 250, padding: 10, background: '#ffffff', color: 'black', textAlign: 'left', border: { width: 2, radius: 2, color: '#bfbfbf' }, tip: 'bottomMiddle' } $('.qtip-1').qtip({ content: 'The average original principal balance for a single loan.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-2').qtip({ content: 'The total number of loans issued during the analysis period.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-3').qtip({ content: 'The average value of the charged off balance from a single loan. Can be estimated or reflect actual losses for this loan type during a previous period.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-4').qtip({ content: 'The average term in months of loans of that type originating during a period.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-5').qtip({ content: 'The Annual Percentage Rate charged, not reflective of originating or late fees.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-6').qtip({ content: 'The interest rate paid for the use of funds--usually found in regulatory call reports.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-7').qtip({ content: 'Frequency with which loan repayment was delinquent for loans of that type.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-8').qtip({ content: 'Fee charged for late payment. In late fees are inconsistently enforced, adjust the average fee accordingly.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-9').qtip({ content: 'A function of personnel cost per hour (salary, benefits, training) multiplied by the number of personnel hours spent per loan, multiplied by the number of loans. These costs may include underwriting, financial counseling, or marketing.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-10').qtip({ content: 'A pro rata share of the loan servicing expense for the entire loan period.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-11').qtip({ content: 'Fixed expenses include the sum of operating expenses and occupation expenses, derived from the audited call report. Fixed expenses for the loan type’s portfolio reflects total dollar value of the portfolio as a percentage of the institution\'s total average assets for the analysis period. Fixed expenses per loan is the quotient of fixed expenses per loan divided by the number of loans. Loan portfolios comprising less than 10% of the institution\'s total assets can leave the "fixed expenses" field at zero.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) $('.qtip-12').qtip({ content: 'Fee charged for the origination of the loan.', show: 'mouseover', hide: 'mouseout', style: 'calc', position: { corner: { target: 'topMiddle', tooltip: 'bottomMiddle' } } }) }); //################################################################ function formvalidation(thisform) { with (thisform) { // empty: if (emptyvalidation(apla,"All fields are required")==false) { apla.focus(); return false; }; if (emptyvalidation(tnol,"All fields are required")==false) { tnol.focus(); return false; }; if (emptyvalidation(lpl,"All fields are required")==false) { lpl.focus(); return false; }; if (emptyvalidation(t,"All fields are required")==false) { t.focus(); return false; }; if (emptyvalidation(ir,"All fields are required")==false) { ir.focus(); return false; }; if (emptyvalidation(cof,"All fields are required")==false) { cof.focus(); return false; }; if (emptyvalidation(dir,"All fields are required")==false) { dir.focus(); return false; }; if (emptyvalidation(lf,"All fields are required")==false) { lf.focus(); return false; }; if (emptyvalidation(pepl,"All fields are required")==false) { pepl.focus(); return false; }; if (emptyvalidation(sepl,"All fields are required")==false) { sepl.focus(); return false; }; if (emptyvalidation(fepl,"All fields are required")==false) { fepl.focus(); return false; }; if (emptyvalidation(of,"All fields are required")==false) { of.focus(); return false; }; if (emptyvalidation(apla,"All fields are required")==false) { apla.focus(); return false; }; } } //################################################################ function formvalidation_subscribe(thisform) { with (thisform) { if (subscribe.checked == true) { // email: if (emailvalidation(your_email,"Double-check your email address")==false) { your_email.focus(); return false; }; // empty: if (emptyvalidation(your_first_name,"Please include your first name")==false) { your_first_name.focus(); return false; }; if (emptyvalidation(your_last_name,"Please include your last name")==false) { your_last_name.focus(); return false; }; } } } //################################################################ function emailvalidation(entered, alertbox) { with (entered) { apos=value.indexOf("@"); dotpos=value.lastIndexOf("."); lastpos=value.length-1; if (apos<1 || dotpos-apos<2 || lastpos-dotpos>3 || lastpos-dotpos<2) { if (alertbox!="") { alert(alertbox); } return false; } else { return true; } } } //################################################################ function emptyvalidation(entered, alertbox) { with (entered) { if (value==null || value=="") { if (alertbox!="") { alert(alertbox); } return false; } else { return true; } } } //################################################################

The calculator provided here allows you to enter your own institution's data to calculate a profitability analysis for a mid-sized small dollar loan portfolio. Fill in the fields below and a profitability report will be generated for you. You will also have the opportunity to download a PDF version of your results so you can keep them for reference.

To learn more about creating a mid-sized small dollar loan portfolio that is both responsible and profitable, we've put together a sample loan to help guide your estimates.

  LOAN INPUTS
Average Principal Loan Amount ? $  
Total Number of Loans ?    
Losses Per Loan (Actual or Projected) ? $  
Term (months) ?   mos.
Interest Rate ?   %
Cost of Funds ?   %
Delinquency Incident Rate ?   %
Late Fee ? $  
Personnel Expenses Per Loan ? $  
Servicing Expenses Per Loan ? $  
Fixed Expenses Per Loan ? $  
Origination Fee ? $  

ALERT: To ensure that loans are safe and affordable, the FDIC recommends that small dollar loans be less than $2500.

ALERT: To encourage repayment and discourage a cycle of debt, small dollar loan terms should be greater than 90 days.

ALERT: The APR to consumer interest rate is over 36%.This could be considered a predatory loan. APR to consumer can be reduced through lower up-front fees, lower interest rate, and longer loan terms.

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