Before you apply for a personal loan, it helps to know three numbers: the monthly repayment, the total you’ll pay back and how much of that is interest. This calculator works them out from the loan amount, the APR and the term.
Below the result you’ll see the same loan over different terms. A longer term lowers the monthly payment but raises the total cost, and the table shows exactly how much.
Same loan, different terms
| Term | Monthly | Total repayable | Interest |
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Uses the APR as the annual cost, converted to an equivalent monthly rate. Advertised rates are representative: at least 51% of successful applicants get that rate, and you may be offered a different one. Always check the figures in your personalised quote.
How the calculation works
UK lenders quote the APR, which includes interest and any compulsory fees over a year. The calculator converts it into an equivalent monthly rate and works out a fixed monthly repayment that clears the loan by the end of the term. That’s how most UK personal loans are structured.
If your lender charges an arrangement fee that’s added to the loan instead of included in the APR, add it to the loan amount for a more accurate figure.
Choosing a term
The table shows the trade-off. A shorter term means higher monthly repayments but less interest overall. A longer term makes each payment easier but costs more in total. Pick the shortest term whose monthly repayment still leaves room in your budget for bills and savings.
Check whether the lender charges for early repayment. Under UK consumer credit rules you can repay early, and for most loans the lender’s charge is capped at 1% of the amount repaid early, or 0.5% if less than a year is left.
Before you apply
Use eligibility checkers that run a soft search: they show your likely rate without affecting your credit file. Compare the total repayable, not just the monthly figure. And be wary of anyone asking for an upfront fee to release a loan; legitimate lenders don’t do this. Our loan and credit card guides explain what to look for.
Frequently asked questions
What does representative APR mean?
It’s the rate at least 51% of successful applicants receive. The rest may be offered a higher rate depending on their credit history, so the rate in your personal quote can differ from the advertised one.
Is the monthly repayment fixed?
For most UK personal loans, yes. The rate is fixed for the term, so the repayment stays the same every month. Check your agreement to confirm.
Is anything I enter saved?
Only in your own browser, so you don’t have to type it again next time. Nothing is sent to the site.