How does the personal loan calculator work?

Enter your loan amount, interest rate (APR), and loan term to calculate monthly repayments. You can also use the affordability mode to find out how much you can borrow based on your monthly budget.

What does APR mean for personal loans?

APR stands for Annual Percentage Rate. It represents the total yearly cost of borrowing, including both the interest rate and any mandatory fees. The APR you're offered depends on your credit score, loan amount, and the lender's criteria.

How can I reduce the total cost of a personal loan?

Choose the shortest loan term you can afford, shop around for the lowest APR, watch out for hidden fees, and consider making overpayments if your lender allows it without penalties.

What are UK personal loan amount limits?

Unsecured personal loans in the UK typically range from £1,000 to £50,000. For higher amounts, secured loans are available which use your property as collateral, but these carry the risk of repossession if you cannot repay.

Personal Loan Calculator

Use this calculator to work out your monthly loan repayments or find out how much you could afford to borrow based on your monthly budget.

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How does the loan repayment calculator work?

What This Calculator Does
Shows how much you can borrow Calculates your monthly payments Displays total repayment amount Helps you understand the true cost of borrowing

Information You Need to Provide
Loan amount (how much you want to borrow) Monthly payment amount (what you can afford) Loan term (how many years) APR (interest rate percentage)

How do I use the loan calculator?

Option 1: Calculate Monthly Repayments
Select "Calculate monthly repayments" Enter loan amount Enter loan term (years) Enter interest rate (APR) Click "Calculate"
Example: Borrowing £12,000 over 5 years at 7% APR: Monthly payment: £236.40 Total repayable: £14,182.93 Cost of loan: £2,183.93

Option 1: Calculate Monthly Repayments

Select "Calculate monthly repayments"
Enter loan amount
Enter loan term (years)
Enter interest rate (APR)
Click "Calculate"

Example:

Borrowing £12,000 over 5 years at 7% APR:

Monthly payment: £236.40
Total repayable: £14,182.93
Cost of loan: £2,183.93

Option 2: What Can I Afford?
Select "What can I afford?" Enter monthly payment amount Enter loan term (years) Enter interest rate (APR) Click "Calculate"
Example: If you can pay £250 monthly for 5 years at 7% APR: You can borrow: £12,690.42 Total repayable: £15,000 Cost of loan: £2,309.58

Option 2: What Can I Afford?

Select "What can I afford?"
Enter monthly payment amount
Enter loan term (years)
Enter interest rate (APR)
Click "Calculate"

Example:

If you can pay £250 monthly for 5 years at 7% APR:

You can borrow: £12,690.42
Total repayable: £15,000
Cost of loan: £2,309.58

Tip:

Try different APR values to see how they affect your payments and total cost.

What does APR mean?

APR Explained
APR = Annual Percentage Rate The yearly interest rate on your loan Includes both interest and any mandatory fees Gives you the total yearly cost of borrowing The APR you actually get depends on your credit score

How are loan payments calculated?

Payment Calculation
Total loan amount + total interest ÷ Number of months in loan term = Your monthly payment

How long should my loan term be?

Shorter term: Lower total cost, but higher monthly payments
Longer term: Higher total cost, but lower monthly payments
Best choice: The shortest term you can comfortably afford

Example: Borrowing £10,000 at 7% interest with different loan terms:

Loan Term (Years)	Monthly Repayment (£)	Total Amount Repayable (£)	Loan Cost (£)
3	307.79	11,080.40	1,080.40
5	197	11,819.94	1,819.94
7	149.88	12,589	2,589.74

What factors affect the loan repayment amount?

Key Factors	How It Affects Your Loan
Loan Term	Longer term = Lower monthly payments Shorter term = Higher monthly payments
APR	Higher APR = Higher monthly payments Lower APR = Lower monthly payments Your personal APR depends on your credit score
Credit Score	Better credit score = Lower APR offered Poor credit score = Higher APR offered

How can I reduce the total cost of a loan?

Money-Saving Tips
Choose a shorter loan term - You'll pay less interest overall, even though monthly payments will be higher Look for the lowest APR - Shop around to find the best interest rates available to you Watch out for extra fees - Check for early repayment fees, arrangement fees, or other hidden charges Make overpayments - If your loan allows it, paying extra when you can will reduce the total interest

Personal Loan Amount Limits

Loan Type	Key Information
Personal Loans	Usually up to £50,000 No collateral required Based on your credit score and income
Secured Loans	Higher amounts available Requires property as collateral Warning: Your home may be at risk if you don't keep up repayments

Important:

Always make sure you can afford the repayments before taking out any loan.

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