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1Accurate as of February 2024
How much your £10,000 loan will cost will depend on a number of different factors including:
The loan term: The ‘term’ or length you choose for your loan
The interest you’ll pay: This will be decided by your lender, based on your financial situation and credit rating
Usually, the longer your loan term, the lower your monthly repayments will be – but you’re likely to pay more interest overall, so it can end up being more expensive.
Want a better idea of how much your loan will cost you? Our loan calculator can help you work out the total cost of your loan by factoring in the interest rate or APR, the loan term and how much you’re looking to borrow.
APR stands for annual percentage rate, and it basically means the interest rate at which you’ll pay back the £10,000. It includes the main interest rate of the loan, but also takes any other fees and charges into account so you get a better picture of the loan’s total cost.
When you see a representative APR advertised on a loan, it means this rate must be offered to at least 51% of applicants – you won’t be guaranteed to get this rate yourself, as this will be based on your personal circumstances.
A soft search is how we find out where you stand in terms of getting a loan without affecting your credit report, so you can find a loan you’ll be eligible for without damaging your chances of being successful when you apply.
If you miss a repayment on your loan, you risk having to pay a late fee – but you may also lose any low- or zero-interest incentives you have. Your interest rate could even go up for future repayments.
A repayment holiday is when you agree with your lender that you don’t need to make your repayments for a set period of time – which can be useful if you’ve had a change in circumstances. For example, you might benefit from a payment holiday during times of unemployment, maternity or other surprise expenditures.
You will normally be able to pay all of part of your loan off early, but it may involve an early repayment charge.
If you think you might struggle to make your loan repayments you should contact your lender as soon as possible.
They may be able to help you figure out an alternative payment plan if you do, but if you don’t you could be penalised for missing your repayments.
Once you’ve been approved for your loan you should receive the funds fairly quickly – but this will depend on the lender, as each will have their own policy. In some cases you could get your loan funds within days.
Your eligibility for a £10,000 loan will depend on the lender’s eligibility requirements. Generally, the better your credit score, the more likely you’ll be accepted for a loan. However, there are specialist lenders out there who lend to people with bad credit. You’ll also usually have to be over 18 to be accepted for a loan.
There might be fees with a £10k loan. The exact amount will vary depending on your lender and the conditions of the loan. Some fees you may encounter include:
Late Payment Fee: If you don’t make your loan repayments on time, you could face a late payment fee. If you’re experiencing loan repayment difficulty, contact your lender immediately. Late loan repayments can harm your credit score and make borrowing money difficult in the future.
Early Repayment Fee: You might think paying your loan off early can be a good thing. However, you can incur an early repayment fee if you pay before the agreed upon loan term.
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