For using our loan repayment calculator to figure out how much the debt will cost you, you’ll need to input some detail about the loan you’re considering. Your loan repayments at the end of a year can be found out by calculating the total value of the loan and the amount of interest you are charged by the number of months that the loan will take to pay off.
Also, you can find out how much you can afford to borrow using our calculator. Enter the amount that you can manage to 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 so that you can 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, or make overpayments, make underpayments or have to pay any extra fees.
We have made comparing personal loans easier and transparent. LoanTube will help you compare personal loans based on real interest rates. All the lenders that we are associated with will show you the exact APR that you are supposed to pay after an assessment of your profile.
That means what you is exactly what you will get. Also, our lenders will show you the certainty or the probability of the rate for which you will be accepted. This will help you stabilize your finances and redesign your budget accordingly.
To compare loans, all you have to do is 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 the lenders who have not accepted your loan application. It will help you in protecting 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.
This is added when you do not make the repayment on time. The lender may penalize 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 score and how to manage personal loan repayments in our blogs
While repaying the loan early may help you in saving 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 decide to pay the debt off 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 should you avoid while repaying debt early.
This is a one-time fee upfront fee that loan providers charge for processing your loan application. In simple words, it is the processing fee that lenders may charge separately. You can negotiate on 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.
Borrowing a personal loan is a financial commitment and you should understand your responsibility. If you default at the loan, your credit score will be hurt which will impair 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 take help of our loan repayment calculator 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.