💳 Personal Loan Calculator

Monthly repayments, total interest, and true cost of borrowing

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Loan Summary

Monthly Payment—
Total Repayable—
Total Interest—
Cost of Credit—
⚠️ Your actual rate will depend on your credit score and the lender's assessment. Always compare the APR (Annual Percentage Rate) not just the headline rate.

How Personal Loans Work

A personal loan is an unsecured borrowing arrangement where a lender provides a fixed sum which you repay in equal monthly instalments over an agreed term, with interest charged at a fixed or variable rate. Because the loan is unsecured, the rate depends heavily on your credit score.

APR vs Interest Rate

The Annual Percentage Rate (APR) includes both the interest and any mandatory fees, making it the most accurate way to compare loan costs. A loan advertised at a low interest rate but with arrangement fees may have a higher APR than one with a slightly higher rate but no fees.

Representative APR

Lenders are required to show a "representative APR" — the rate offered to at least 51% of successful applicants. If your credit score is lower, you may be offered a higher rate. Always check the actual rate offered to you before accepting.

⚠️ Personal loans are a form of debt. Only borrow what you can comfortably afford to repay. If you are struggling with debt, contact the StepChange Debt Charity for free advice.