Loan Calculator - Check How Much Can You Borrow
- Estimate your monthly repayments
- Total interest payable
- Overall cost of the loan based on the amount
- Loan terms
Are you a homeowner or a tenant?
How much would you like to borrow?
The longer the loan term, the less you pay each month - but you will end up paying more interest.
Representative Example of a Loan
If, for example, you borrow £10,000 over 5 years (60 months) at an Annual Percentage Rate (APR) of 3.9%, the total amount payable could be £11,032. This includes £1,032 in interest and assumes 60 monthly repayments of £183.87.- Loan Amount: £10,000
- Interest Rate: 3.9%
- Loan Term: 5 years
- Monthly Payment: £183.87
- Total Interest Paid: £1,032
- Total Repaid: £11,032
This example could give you a clear idea of how different factors, such as loan amount, interest rate, and loan term, could affect your monthly payments and the potential overall cost of your loan. Our loan calculator will just show you an example cost, not the actual cost of a loan. You may not qualify for the APR rate you see advertised; the rate you receive will be based on your specific circumstances, including your credit score.
For more accurate information and up-to-date loan offers tailored to your unique situation, get in touch with our team today.
How do I use the loan calculator?
Whether you’re looking at a loan for bad credit, for home improvements, or to consolidate your debt, our loan calculator is user-friendly and provides you with quick, accurate results. It’s really easy to use.
- Enter the loan amount: If you know how much you want to borrow, type this amount in. This may look like the total sum you’re considering for your loan.
- Set interest rate: Then enter the interest rate you expect to get on your loan. This rate could vary based on your creditworthiness and the lender’s terms.
- Choose loan term: Finally, choose how long you want to take to repay your loan. You can choose from a range of months or years.
- Click calculate: Once you’ve filled in these details, hit the “Calculate” button. Our calculator will instantly process the information and generate your results.
- Review your results: Now, take a look at the numbers. You’ll see your estimated monthly payment and the total amount you could pay over the entire loan term. This breakdown may help you understand the cost of your loan.
- Play with different scenarios: Feel free to experiment with different loan amounts, interest rates, and terms to see how they could impact your monthly payments and overall costs.
- Compare your options: If you’re considering various loan scenarios or offers from different lenders, our calculator can be your trusty sidekick. Use it to compare and contrast, so you can choose the loan that fits your needs and budget perfectly.
Remember, our loan calculator will just show you an example cost, not the actual cost of a loan. For more accurate information and up-to-date loan offers tailored to your unique situation, get in touch with our team today.
Why use a loan calculator
Our online calculator can help you quickly and easily see how much a loan could cost you: More specifically, it’s:
Transparent
Our calculator provides clear and unbiased estimates to help you make informed decisions.
Saves time
Quickly compare loan options without the need for manual calculations.
Helps with financial planning
Understand the potential impact of different loan terms and interest rates on your budget.
Customised
Tailor your loan parameters to your specific needs and financial goals.
How is a loan calculated?
Our loan calculator doesn’t work by magic; it relies on some nifty formulas to calculate your monthly payments and total loan cost.
The key factors in these calculations are your loan amount, interest rate, and loan term. The calculator uses this information to determine your monthly repayments and the total cost of the loan.
For your monthly payment, we use a formula that factors in these elements to give you a consistent amount to pay each month throughout your loan term. This makes budgeting a breeze.
To find out the total cost of your loan, we consider the sum you’re borrowing, the interest rate, and the length of your loan. This gives you a clear picture of the grand total you could end up paying by the time your loan is fully repaid.
FAQs
How much would a loan cost me?
To find out the cost of your loan, simply enter the amount you’re thinking of borrowing and your desired repayment period.
Our calculator will instantly display the estimated monthly payments you might need to make and the potential total cost of the loan over its duration. This could help you gauge the affordability of the loan in relation to your financial situation.
How much can I afford to borrow?
- Tell us your monthly budget, the interest rate you expect, and the loan term you prefer.
- Click “Calculate,” and we’ll show you the maximum loan amount you might be able to afford within your budget.
How long should my loan term be?
- A longer-term can make monthly payments more manageable but may result in higher total interest.
- Conversely, a shorter term could increase monthly payments but decrease the total interest paid.
How to improve my loan eligibility?
Boosting your eligibility for a personal loan could lead to better terms and lower interest rates. Explore 10 simple strategies to improve your creditworthiness and potentially secure more favourable loan offers:
- Check your credit score: Review and enhance your credit profile.
- Reduce existing debt: Pay down outstanding debts to lower your debt-to-income ratio.
- Boost your income: Find opportunities to increase your earnings.
- Consider a co-signer: If needed, enlist a co-signer with better credit to make a joint application with you.
- Compare lenders: Shop around for the best loan terms.
- Leverage existing relationships: Build on relationships with your bank or credit union.
- Offer collateral: Use assets as collateral to secure better terms.
- Show stability: Maintain steady employment and residence history.
- Timely payments: Ensure bills are paid on time to enhance your creditworthiness.
- Financial planning: Create a budget and financial plan to demonstrate responsible money management.
How does our loan application work?
Once you’ve used our loan calculator and are ready to move forward, we’re here to guide you every step of the way.
At Believe Money, we aim to empower you with the tools and knowledge you need to make informed decisions about your loans. Our Personal Loan Calculator is just one of the resources we offer to help you on your financial journey. Explore your loan options, calculate your potential costs, and start making your financial dreams a reality.
Ready to get started? Use our Personal Loan Calculator now!
Step 1.
Simple, easy application
Step 2.
We search our panel of lenders to find the deal that’s right for you
Step 3.
When you confirm your chosen deal, we get your application moving
Step 4.
The money lands in your bank account – usually within two weeks
Why Use Believe Money?
Believe Money is an award-winning finance broker dedicated to offering the best range of affordable loan options. Whatever your circumstances or credit rating, we’re committed to getting you the best secured loan interest rates by searching our entire panel of secured loan providers.
Whatever you need a secured loan for, we’re here to help. Our specialist advisors are available Monday to Friday, so if you need any help please contact us online or give us a call on 01302 591 360.
We compare loans from our panel of the UK’s top lenders to get you the best deal.
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Friday 9am – 3pm
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