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Personal Loan Calculator

August 13, 2016

FreePriceCompare is a free, transparent and reliable loan comparison provider. We compare all kinds of loans that are payable over a time period of 1 and 25 years. Most of the loan providers in the UK charge an APR (Annual Percentage Rate) between 3.2% and 99.9%. The APR varies in accordance with your personal circumstances and the basis of your loan.

Find here, our loan calculator that will give you an estimated detail about the monthly repayments, total repayable amount including interest and total cost of credit. All you have to do is enter the loan amount and number of months for which you want the loan. Within seconds, you will get estimated result about the loan repayment details. Please note that these are estimated figures which must be verified with a loan provider before taking out a loan.

Points to note here are: Late repayment of any kind of loan will cause you big trouble. You can enter the loan amount or your monthly budget and the calculator will give details about the permissible amount to borrow over a certain period.

Personal loans explained in detail:

When we need a lump sum for purposes like buying a car, home improvement, holiday or the wedding expenses, then it is easier to go for a loan. There are various loan providers in the UK but you must know more about loans before taking one out.

Loan limits:

Normally, a maximum amount for a personal loan is restricted to a fixed amount by the provider. Like say £25,000. For a bigger amount than this, you need to put something as a security which could be your home, car etc. You need to clear this with your loan provider company.

Loan rates follow the tier architecture and the higher you borrow the lower would be the interest and vice versa. That means you will pay higher interest for borrowing smaller sum of money.

There is a benefit to borrow more when you fall into a tier that offers lower interest rate. For example, if you borrow any amount between £7,500 and £15,000 then it may prove very cheap in terms of interest. So, you don’t need to borrow from any other source as the best way is to get a loan of this amount.

Remember that you will have to payback whatever you borrow and the sooner the better. Loan terms generally fall between one and five years. The lower the monthly payment the higher would be the interest on the overall amount. So, wisely decide the time frame to payback.

Interest rates are fixed while borrowing and so the payable monthly amount would remain the same for the entire loan term.

Where to find personal loans?

There are numerous loan providers in the UK. However, shopping around is always a better idea. First, compare loans through and check if they have an arrangements fee, early redemption penalties or other charges in the event of you making payments before the end of the term.

How credit card scores matter in applying for a loan?

Your credit cards score will give away your borrowing history and how well managed your financial matters are. In case, you have a habit of missing payments in the past then you will be charged higher interest than advertised. It may also leave an impact on your credit rating and that too in a negative way. So, before applying for a loan compare and see if you are at a profitable end or not.

Our loan comparison facility allows you to check your eligibility to get accepted for a loan. It is always advisable to check your eligibility before applying so as to save yourself from bad credit rating.


For more details on loan comparison, do get in touch with us. All the best!!