If you are a student who needs to borrow money for the first time and don’t have any bank accounts, the SBA’s new Instant Loan Calculator can help.
It allows you to calculate the amount of money you need to borrow, the interest rate and the repayment terms.
The calculator will also help you compare loans to different lenders and the best terms and conditions.
The SBA says the calculator was developed in response to a number of customer concerns and has received “overwhelming support”.
The calculator has been tested with the latest technology to ensure it is accurate, but there is still a long way to go before it will be available on the SBE website.
SBA spokesperson Ben Jones said the calculator would be available for download to SBA students, but that it was not ready to go to SBE customers.
“SBA will be providing a free version of the Instant Loan calculator to SFA students, with all the features you would expect of a SBA student loan, and with more advanced features such as income verification and interest rate alerts, so that students are always confident about the terms and condition of their loan,” Mr Jones said.
“As the calculator has yet to be fully tested, we are not providing it to SFE students, and will not be making it available to students until the app has been updated to include the full information needed to make a decision.”
The SFA is now working with the SBB to make the app available to all SBA members.
If you have a question about student loans, ask it here.