Taking out a loan is a serious commitment, and you should make sure you'll be able to afford the monthly repayments throughout the term.
Use this calculator to estimate what your monthly repayments will be, and how much you’ll need to repay overall, according to the interest rate, the loan term and how much you want to borrow.
This calculator is for general illustrative purposes only and results may not be accurate. We recommend you speak to a professional financial adviser for advice tailored to your circumstances.
Taking out a loan: some key things you need to know
While most unsecured loans have a fixed interest rate charged across a fixed term, not all loans work in this way. If you take out a loan with a variable interest rate, you’ll need to consider whether you would be able to keep up your repayments even if your monthly repayment were to rise.
As well as your monthly repayments there can also be other costs involved in taking out a loan, such as arrangement or early repayment fees.
The advertised Annual Percentage Rate (APR) is calculated to include other compulsory loan fees charged by the loan provider, as well as the interest rate, so it can be a useful way to compare different loans.
When you see a loan advertised, the APR on display will normally be a “typical APR”, and as the rate only needs to be representative of at least 51% of accepted applicants, it’s not necessarily the same as the rate you’ll be offered if you qualify.
If you are having difficulty keeping up with your loan repayments, debt help charities often offer free advice.