Personal Loan Repayment Calculator
How Much Debt is too Much?
Amount you wish to borrow
For how long (in years)?
Annual Percentage Rate (APR)
To use our personal loan repayment calculator to determine how much the debt will cost you, you’ll need to input some details about the loan you’re considering. When you calculate the total value of your loan and the interest rate you are charged over the months it will take to repay the loan, you can estimate your repayments.
Also, you can find out how much you can afford to borrow using our specially designed UK personal Loan Repayment Calculator. Enter the amount that you can pay towards your loan repayment every month, for how long you can manage to bear the expenses and your assumption of how much APR you will be charged. Our calculator will determine the amount that you can afford to repay. It will help you clearly understand your budget to make an informed decision.
Please note that the estimates are based on the assumption that you will pay the same fixed interest rate for the entire loan term and that you will not miss any payments, make overpayments, or have to pay any extra fees.
Benefits of using a Personal Loan Repayment Calculator in the UK
Three Benefits
The personal repayment calculator offers a quick and convenient way to compute the monthly instalments.
The calculator enables the borrower to know the numbers without the need for manual calculations or any assumptions.
The personal UK Loan Repayment Calculator helps compare various loan offerings for affordability.
How to compare personal loans?
We have made comparing personal loans easier and more transparent. LoanTube will help you compare personal loans based on real interest rates. All the lenders we are associated with will show you the exact APR you are supposed to pay after assessing your profile.
That means what you see is exactly what you will get. Also, our lenders will show you the certainty or probability of the rate you will accept. This will help you stabilise your finances and redesign your budget accordingly.
To compare loans, you must fill out our easy application form and wait for a few seconds. All the results will be displayed on your screen. You will also see the list of lenders who have yet to accept your loan application. It will help protect your credit score as you will not have to reapply to those lenders.
You can compare loans with us without hurting your credit score as our lenders conduct a soft credit check for a preliminary assessment of your profile.
How are personal loan payments calculated?
Monthly loan payments are calculated by dividing the total loan amount and the interest by the number of months in the loan tenure.
Our specially designed UK Loan Repayment Calculator will help you understand what the loan will cost you every month, as well as the total interest you will be paying over the complete tenure of the loan.
What is the ideal loan tenure?
The shorter the term of the loan, the lower will be the cost of the loan. Hence, choose a shorter tenure if you wish to repay your loan as quickly and affordably as possible. That said, you must remember a short loan term implies that you will have to pay larger monthly instalments.
You can choose a loan tenure ranging from 12 months to 60 months for most personal loans. Using a personal loan repayment calculator in the UK, check the amount you can comfortably pay each month and choose your loan term accordingly. While doing so, consider all your income and expenses and keep some room for any unexpected costs that might come up on the way. This will help ensure that you can repay the loan comfortably.
What are the extra costs associated with personal loans?
Different lenders have different criteria for lending. Therefore, some lenders may charge you additional costs while others may not. However, it is the lender’s responsibility to inform you of all the charges being added to the loan. We have explained a few additional costs that may be added when you borrow a personal loan.
Late payment fee
This is added when you need to make the repayment on time. The lender may penalise you if you fail to repay the loan on time and in full. Hence, be prepared financially while taking out a personal loan. Because if you miss loan repayments, your credit score will also be impacted. You can read more about credit scores and how to manage personal loan repayments on our blogs
Prepayment fee
Repaying the loan early may help you save a hundred or sometimes a thousand pounds. It may add to the overall cost of borrowing. Your credit provider may charge an early repayment fee if you pay the debt before the agreed date. Talk to your lender if you want to pay your loan off early and read what you should do and what you should avoid while repaying debt early.
Loan origination fee
This is a one-time fee upfront that loan providers charge for processing your loan application. Lenders may charge the processing fee separately. You can negotiate the fee if you have a good credit score. To understand more about how it works, you can read our blog, where we have explained it in detail.
Be a responsible borrower
Borrowing a personal loan is a financial commitment; you should understand your responsibility. If you default on the loan, your credit score will be hurt, impairing your future borrowing experience. Secondly, the lender may take legal help by sending you a County Court Judgement to recover the money they owe to you.
Draft a budget and compare loans calculator UK to find out your affordability. Apply for an amount that you can easily manage to repay. Contact the debt advice services if you face any difficulty with your loan repayments and also inform your lender to sort such issues.
FAQs
What should I look for when comparing loans?
The APR is the first and foremost aspect that needs your consideration when comparing loans. To calculate what each loan would cost you every month, you can compare loans calculator UK.
In an ideal scenario, you should take a loan with the lowest interest rate. However, you must also consider the upfront fee charged by the lender, as it could significantly increase the overall cost of the loan. Moreover, check if the lender levies a penalty for early repayment or overpayments towards the loan.
What’s the difference between the loan calculator and the eligibility checker?
Our loan repayment calculator UK is designed to give you an idea of the monthly payment you would need towards the loan repayment based on the advertised APR by your chosen lender.
On the other hand, our loan eligibility checker is designed to help you understand which loans are best suited for your financial needs and will be easy to obtain based on your credit score.
While the loan repayment calculator estimates the monthly repayments, the loan eligibility checker runs a soft check on your credit history to understand your current creditworthiness. The two are distinct in their nature and purpose. However, if you use them both, you can better understand the type of loan you should avail of and the amount you should borrow to pay back your loan comfortably.
Is there a way that can help me reduce the cost of a loan?
If you wish to make your loan more affordable, there are a few tips that can come to your rescue :-
Switch Your Loan
Try finding a loan with a lower APR or shorter repayment tenure. You can then use our compare loans calculator UK to understand the difference in cost between your existing loan and the new loan. Based on this comparison, you can switch your loan, making it more affordable to make timely repayments.
Repay Your Loan Early
To save on the interest, you can make some overpayments on your loan or even completely pay off your loan earlier than your stipulated tenure. However, when you do so, check if your lender levies any early or overpayment fees.
What type of loans does LoanTube offer?
With LoanTube by your side, you can choose a wide array of loans offered by FCA-authorised lenders, including but not limited to –
- Secured Loans (wherein you take a loan by pledging an asset such as your home or your vehicle)
- Unsecured Loans (wherein you do not pledge any asset but are generally required to pay a higher interest rate)
- Car Loans
- Guarantor loans
- Bad credit loans
- Debt consolidation loans
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