PR Newswire published an article on the new personal finance calculators launched by Souqalmal.com. According to Souqalmal.com, 70 per cent of UAE residents do not know how to calculate their own loan repayments. The article highlighted the topic and here’s what Souqalmal founder and CEO Ambareen Musa had to say.

The poll of 350 respondents highlighted the lack of financial literacy among potential borrowers signing up for credit. Souqalmal.com has launched three new personal finance calculators to help residents better manage their financial affairs and avoid taking on debt they cannot afford.

Ambareen Musa, CEO and founder of Souqalmal.com, said: “Thousands of UAE residents are trapped in never-ending debt cycles they cannot escape because they have taken on too much credit via loans and credit cards that they simply do not have the means to pay off. For those that don’t know how to calculate their loan repayments, Souqalmal.com has now developed a series of calculators to help UAE residents accurately assess the actual cost of signing up for credit.”

The three calculators include a personal loan calculator, a car loan calculator and a mortgage calculator. Users can calculate the total cost of the loan – factoring in the fees and interest rate – and work out their monthly repayments.

For the full article go to PR Newswire