Personal Loan Calculator
Our personal loan calculator shows your monthly repayment, total interest, and total cost for any loan amount, APR, and term. Use this calculator to compare the true cost at different rates and terms before applying.
Personal Loan Calculator
Calculate monthly payments and total interest for a personal loan.
How Personal Loan Repayments Are Calculated
Personal loans use a standard annuity formula. On a £10,000 loan at 7.4% APR over 3 years, the monthly repayment is £310 and total interest is £1,172. Extending to 5 years reduces the monthly payment to £199 but increases total interest to £1,960 — £788 more for the same loan amount. Always compare the total cost of credit, not just the monthly payment. Use our Loans Eligibility Calculator to gauge approval likelihood, and our Loan Affordability Calculator to check the payment fits your budget.
APR vs Headline Rate
The Annual Percentage Rate (APR) includes the interest rate and any mandatory fees, giving the true cost of borrowing. Representative APRs must be offered to at least 51% of accepted applicants — your actual rate may be higher depending on your credit profile.
Frequently Asked Questions
Excellent credit: 5–7% APR. Good credit: 8–14% APR. Fair credit: 15–30% APR. Rates vary significantly by lender, amount, and term.
A soft search does not affect your score. A hard search (full application) leaves a footprint for 12 months. Use eligibility checkers first.
Yes — but some lenders charge an early repayment fee of 1–2 months interest. Check the loan agreement before signing.
Most UK lenders offer up to £25,000–£35,000 unsecured. Some specialist lenders go to £50,000. Above that, secured lending is required.
Online lenders can provide instant decisions and same-day funding. High street banks typically take 1–5 working days.
Enter the loan amount and the specific APR you have been quoted, not the representative APR shown in advertising. Representative APRs are available to at least 51% of accepted applicants — others pay more based on their credit profile. Lenders perform a soft credit search for initial quotes, which does not affect your credit score. Choose the term that balances an affordable monthly payment against minimising total interest paid. The results show the total amount repayable and total interest charged — compare these across different terms to find the most cost-effective option. If you are consolidating existing debts, compare the total interest on the loan against the total remaining interest on your current debts before assuming consolidation is cheaper.
Important Information
This calculator is provided for general information and planning purposes only. It does not constitute financial or tax advice and should not be relied upon as such. Figures are indicative estimates based on simplified, publicly available criteria and stated assumptions. Actual results depend on your full circumstances. See our Disclaimer for further information.