Loan Calculator

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This calculator is for illustrative purposes only and exact payment terms should be agreed with a lender before taking out a loan.
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We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%

This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22

MISSING PAYMENTS ON A LOAN WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.

SECURED LOANS: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE, LOAN OR ANY OTHER DEBT SECURED ON IT.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

You can compare the cost of different deals by changing the loan term or amount you want to borrow. Or you can enter your monthly budget and let the calculator tell you know how much you can borrow and over what length of time.

Personal loans

Many of us take out a personal loan at some point to cover the cost of a big purchase such as a car, to fund home improvements, or perhaps to pay for a wedding or bumper holiday. 

Unless you’ve got substantial savings, then a loan is often the only way to get hold of a lump sum. But make sure you understand exactly what you’re signing up for.

Loan limits

There’s usually a maximum amount you can borrow with a personal loan, typically £25,000. If you want to borrow more, you’ll need to put down security, such as your home. That can be complicated, or even impossible if you’re renting.  

Loan rates are tiered and, as a general rule, the more you borrow, the lower the rate of interest you’ll be charged. So, you’ll pay a higher rate of interest to borrow £1,000 than you would £15,000. 

Sometimes it can be cheaper to borrow a bit more if it pushes you into a tier where loan rates are lower. For example, rates often plummet if you are borrowing between £7,500 and £15,000, so if you want to borrow £7,000, it could actually be more cost-effective to take out a loan for £7,500 instead.

Don’t get carried away though. Even though the thought of a big lump sum sitting in your bank account might be appealing, remember you’ll have to pay it all back eventually.

Most loan terms run from a year up to five years. The longer the loan term you choose, the lower monthly payments will be, but the more interest you will pay overall.  

Rates are usually fixed, so the amount you pay each month will remain the same throughout the loan term.

Where to find personal loans

You can compare loans via MoneySuperMarket’s loans channel. Before applying for any loan, check whether there are any arrangement fees, or early redemption penalties if you want to pay off what you owe before the end of the term.

Why your credit score matters

When you apply for a loan, lenders will carry out a credit check to see how you have managed debts previously. 

If you have missed any payments in the past, then your application for a loan may be refused, or you could be charged a higher interest rate than the one advertised. This process can also cause further damage to your credit rating.

Our Smart Loans Search facility allows you to check how likely you are to be accept for a loan. Pre-checking your eligibility in this way will help preserve your credit rating.

 

Moneysupermarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.

Loans Calculator

Our loan calculator is designed to show you how much your personal loan is going to cost. It shows the monthly payments based on the loan term and the annual percentage rate (APR) you choose. As well as monthly payments, the calculator comes up with the total amount repayable and the actual cost of the loan.

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