Personal loan calculators 2020

Find out how much you'll pay with a personal loan and how much you could save.

Updated

How much will I pay each month?

Your estimated monthly payment depends on a few key factors, including the amount you want to borrow, the interest rate and the duration of the loan. You can enter these into the calculator below to calculate the monthly repayments and the total cost.

Monthly repayments calculator

Calculate how much you could expect to pay each month

Your loan
Loan amount
£
Loan term (in years)
Interest rate (p.a.)
%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

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Based on your loan terms…

You can expect to pay around

£
per month

with a total payable of

£
(that’s £ in interest).

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For the purposes of this calculator, we’ve made a few assumptions – such as a fixed rate of interest. We’ve also assumed that there are no set-up fees associated with the product, which tends to hold true in the majority of cases (you’ll want to double-this is the case for the loan that you’re considering). We’ve also assumed that the monthly repayments will be equal (give or take a few pence) – it’s not unheard of for lenders to structure loans with decreasing repayment amounts, or with repayment holidays (where the borrower makes no repayments for, say, the first two months of the loan, for example).

Compare live rates from popular lenders

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR Link
Hitachi Personal Finance Hitachi Personal Loan
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View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
NatWest Existing Customer Personal Loan (specific eligibility criteria apply)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Post Office Money® Personal Loan
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View details
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Royal Bank of Scotland Existing Customer Personal Loan (specific eligibility criteria apply)
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View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
AA Member Loan
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View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.0% p.a. (fixed). Representative APR 3.0% and total payable £10,462.68 in monthly repayments of £290.63.
Zopa Personal Loan
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View details
Representative example: Borrow £10,000.00 over 5 years at a rate of 8.8% p.a. (fixed) with an application fee of £240.00. Representative APR 9.9% and total payable £12,602.87 in monthly repayments of £210.05.
Lending Works Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 5.8% p.a. (fixed) with an application fee of £0.00. Representative APR 10.0% and total payable £11,543.40 in monthly repayments of £320.65.
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Name Product Total Payable Monthly Repayment Representative APR Link
1st Stop Personal Loans Ltd Homeowners Unsecured Loan
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View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 31.3% p.a. (fixed). Representative APR 31.3% and total payable £14,801.76 in monthly repayments of £411.16.
118 118 Money Personal Loan (fair credit)
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View details
Representative example: Borrow £2,000.00 over 2 years at a rate of 35.9% p.a. (fixed). Representative APR 35.9% and total payable £2,710.32 in monthly repayments of £112.93.
besavvi Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 18.9% p.a. (fixed). Representative APR 18.9% and total payable £12,913.20 in monthly repayments of £358.70.
Everyday Loans Personal Loan (fair credit)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 34.4% p.a. (fixed). Representative APR 34.4% and total payable £15,269.04 in monthly repayments of £424.14.
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With no guarantor

Name Product Total Payable Monthly Repayment Representative APR Link
Likely Loans Personal Loan
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View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 59.9% p.a. (fixed). Representative APR 59.9% and total payable £19,010.16 in monthly repayments of £528.06.
118 118 Money Personal Loan (poor credit)
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Representative example: Borrow £2,000.00 over 2 years at a rate of 99.9% p.a. (fixed). Representative APR 99.9% and total payable £3,804.00 in monthly repayments of £158.50.
Everyday Loans Personal Loan (poor credit)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 58.4% p.a. (fixed). Representative APR 58.4% and total payable £18,795.60 in monthly repayments of £522.10.
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With a guarantor

Name Product Total Payable Monthly Repayment Representative APR Link
TFS Loans Guarantor Loan
Go to site
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 39.9% p.a. (fixed). Representative APR 39.9% and total payable £16,091.64 in monthly repayments of £446.99.
Bamboo Guarantor Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 49.7% p.a. (fixed). Representative APR 49.7% and total payable £17,537.04 in monthly repayments of £487.14.
UK Credit Limited Tenant Guarantor Loan
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View details
Representative example: Borrow £5,000.00 over 3 years at a rate of 39.9% p.a. (fixed). Representative APR 39.9% and total payable £8,045.64 in monthly repayments of £223.49.
Amigo Guarantor Personal Loan
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Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.
Trusttwo Trusttwo (Tenant Guarantor) Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 49.7% p.a. (fixed). Representative APR 49.7% and total payable £17,537.04 in monthly repayments of £487.14.
1plus1 Loans Guarantor Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 47.8% p.a. (fixed). Representative APR 47.8% and total payable £17,259.12 in monthly repayments of £479.42.
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With a guarantor who is a homeowner

Name Product Total Payable Monthly Repayment Representative APR Link
UK Credit Limited Homeowner Guarantor Loan
Go to site
View details
Representative example: Borrow £14,000.00 over 3 years at a rate of 29.9% p.a. (fixed). Representative APR 29.9% and total payable £20,426.40 in monthly repayments of £567.40.
Trusttwo Trusttwo (Homeowner Guarantor) Personal Loan
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View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 49.5% p.a. (fixed). Representative APR 49.5% and total payable £17,507.88 in monthly repayments of £486.33.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Late repayments can cause you serious money problems. See our debt help guides.

What to keep in mind

Before applying for a personal loan, it’s absolutely crucial to know how much you’ll be expected to pay each month – keeping the total cost down and the monthly repayments affordable will normally be what dictates the length of your loan.

Ultimately you need to be sure that your monthly repayments are affordable, taking into account you income and expenditure. If you’ve done your homework and you’re confident that a particular sum each month would be comfortably manageable, then there’s a fair chance that a lender assessing your application would come to the same conclusion.

Some important terms you should know

  • APR. The Annual Percentage Rate (APR) is designed to be a benchmark for consumers, providing an annual summary of the cost of a loan. As well as the interest, the APR also takes into account any compulsory charges – like an “admin” or “set-up” fee (if there is one). However, crucially, lenders only have to award the advertised APR to 51% of those who take out the loan – the other 49% could be offered a different (higher) rate, at the lender’s discretion. That’s why it’s often referred to as the representative APR.
  • Capital. Also referred to as the “principal” or “loan amount”, this is the original amount borrowed.
  • Default. Defaulting on a loan means failing to make a pre-agreed repayment at the specified time. This will typically result in the borrower being charged a penalty plus damage to the borrower’s credit record.
  • Draw down. Drawing down simply refers to the transfer of funds to the borrower at the start of a loan.
  • Eligibility criteria. A list of conditions that a borrower must meet in order to be considered for a loan. These vary from lender to lender.
  • Fixed rate. A fixed rate will not change for an agreed amount of time, even if market conditions mean that bank interest rates generally are increasing or decreasing. A fixed rate can be a popular option for some borrowers, and it allows them to budget with more certainty – knowing in advance the exact cost of a loan and the exact figure for each instalment.
  • Guarantor. An individual who promises to repay a loan in the event that the borrower does not. Typically a friend or relative of the borrower.
  • Instalment. A repayment towards an outstanding loan. This will normally consist partly of interest accrued so far, and partly of a proportion of the original sum borrowed.
  • Interest rate. The interest rate is a charge for borrowing, and is a percentage of the amount of credit.
  • Loan term. The amount of time over which a loan is to be repaid.
  • Principal. Also referred to as the “capital” or “loan amount”, this is the original amount borrowed.
  • Repayment holiday. An agreed period (normally either one or two months) where the borrower will not make repayments. The debt continues to accrue interest during this period, so taking a repayment holiday will generally increase the total cost of borrowing (and the loan term). Repayment holidays are typically offered to borrowers at the start of a loan, or at a specified frequency – for example one per year.
  • Unsecured. An unsecured loan does not use an asset, such as a property or vehicle, as collateral for the loan.
  • Variable rate. A variable rate is the opposite of a fixed rate, and can increase or decrease over time at the lender’s discretion. Typically, variations occur as market conditions generally shift – for example in increase or decrease in the Bank of England base rate.

Try our lender-specific calculators

Got a specific brand in mind? Use the links below to see how much your loan could cost with that particular lender.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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