Personal Loan Calculator

Work out monthly repayments, total interest and the full cost of a UK personal loan in seconds.

Loan Details
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years
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About UK Personal Loans
Common loan amounts and typical APRs
  • £1,000 – £3,000: often 18–35% APR (smaller loans cost more)
  • £3,000 – £7,500: typically 8–20% APR
  • £7,500 – £15,000: usually 6–10% APR (cheapest band)
  • £15,000 – £25,000: typically 7–11% APR
  • £25,000+: may be secured – check carefully
What affects the rate you're offered?
  • Credit score and history (CCJs, defaults, missed payments)
  • Loan size – the "sweet spot" is usually £7,500–£15,000
  • Loan term – longer terms can attract slightly higher rates
  • Income, employment status and existing debts
  • Whether the loan is unsecured or secured against an asset
Tips for a cheaper loan
  • Use eligibility checkers (soft search) before applying – avoid hard credit hits
  • Check your credit file for free with ClearScore, Experian or Equifax
  • Compare total amount payable, not just monthly payment
  • Don\'t borrow more than you need just to get a better headline rate
  • Consider 0% money-transfer credit cards for smaller amounts
Quick Tips
  • Aim for the shortest term you can afford
  • Even £20/month extra saves a lot of interest
  • Always check the total cost, not just APR
  • Use eligibility checkers (soft search) first
Related Tools
Borrow Responsibly

If you\'re struggling with debt, free, confidential help is available:

  • StepChange: stepchange.org
  • National Debtline: nationaldebtline.org
  • Citizens Advice: citizensadvice.org.uk
Frequently Asked Questions

Personal loans use standard amortisation: each monthly payment is the same and covers both interest (charged on the outstanding balance) and a slice of capital. The formula is M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly rate (APR/12) and n is the number of months.

APR (Annual Percentage Rate) is the standardised cost of borrowing, including interest and certain fees, expressed as a yearly percentage. UK lenders must show "representative APR" – at least 51% of accepted customers get that rate or better. A higher APR means you pay more interest over the loan term.

A shorter term means higher monthly payments but much less interest paid overall. A longer term lowers monthly payments but increases total cost. Choose the shortest term you can comfortably afford – use the calculator to compare both side-by-side before applying.

Most UK personal loans allow early repayment under the Consumer Credit Act, but lenders can charge up to 1 month's interest (2 months if more than a year remains). Check your loan agreement. This calculator does not include early-repayment charges – it shows the cost if you run the loan to term.

Representative APRs for unsecured personal loans typically range from around 6% for amounts of £7,500–£15,000 with good credit, up to 25%+ for smaller amounts or weaker credit profiles. Always compare the total amount payable, not just the headline rate.