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Use the comparison table to look at the provider, the loan, the loan amounts available and the time it takes to pay it back. We have comparison tables you can use for: unsecured loans, secured loans, bad credit loans, guarantor loans and debt consolidation loans. When you know which type you want, use the comparison table on the relevant page to see what loans are available. Read our guide to loans and decide what kind of loan you want. To compare the total cost of different loans you can use the APR, which includes these costs. However, there are other costs you might need to pay including arrangement fees. The total would be different if you borrowed money for a shorter or longer period. When you take out a loan, you will make repayments that cover the cost of borrowing, which is also known as the interest.įor example, if you borrowed £200, and the rate was 5%, you’d have to pay back £100 in interest over a year, which would mean £2,100 in total. The APR on the loan is the rate of interest you pay, plus any other fees charged, so it covers the full cost of the debt. When you take out a loan, you agree to repay the money you’ve borrowed, plus interest. It represents the total cost of taking out a loan, credit card or mortgage. What is APR?ĪPR is the annual percentage rate. You can use our guides, loan comparisons and interest repayment calculator free of charge. We don’t charge you any fees for our services. The interest you pay is decided by the lender and based on your credit history and financial circumstances. It is not an APR calculator, or loan interest calculator. This means you can check if you can afford each loan, and which option works out cheapest overall. Try different variations based on the APRs in our comparison table, the possible term lengths and different amounts of borrowingīased on the details you enter, the loan repayment calculator tells you what your monthly repayments would be and how much you’ll repay overall.
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Think about how long you want to borrow the money for (the term) To use it our loan repayment calculator, simply:Ĭheck the APRs of the loans you’re considering You can personalise your results based on the loan amount and term you want using our unsecured loans comparison. Our calculations assume that you’ll pay the same fixed interest rate for the entire repayment period, and that you don't miss any payments, make overpayments, make underpayments or have to pay any additional fees. We’ll work out how much it’ll cost you monthly and how much you’ll pay back overall. If you want to borrow money, but don’t know how to work out what you’ll owe, this makes things simple.Įnter the details of the loan you’re looking at into the monthly repayment calculator. So you can think of a loan as an annuity you pay to a lending institution.Our loan repayment calculator gives you an idea of what different kinds of loans could cost. When you take out a loan, you must pay back the loan plus interest by making regular payments to the bank. For additional compounding options use our Compounding This calculator assumes interest compounding occurs monthly as with payments. Monthly Payment The amount to be paid toward the loan at each monthly payment due date. Number of Months The number of payments required to repay the loan. Interest Rate The annual nominal interest rate, or stated rate of the loan. Loan Amount The original principal on a new loan or principal remaining on an existing loan. You can also create and print a loan amortization schedule to see how your monthly payment will pay-off the loan principal plus interest over the course of the loan. Find your ideal payment by changing loan amount, interest rate and term and seeing the effect on payment amount. Use this loan calculator to determine your monthly payment, interest rate, number of months or principal amount on a loan.