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Loan calculator.

Don't compare loans blindly, it could be expensive. Calculate what your loan could cost first, and get the right loan first time.

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Representative 99.9% APR.

Representative 99.9% APR. Representative Example: If you borrow £3,000 over 24 months at a Representative rate of 99.9% APR and an annual interest rate of 71.3% (fixed), you would repay 24 monthly payments of £238 per month. The total charge for credit will be £2,706 and the total amount payable would be £5,706.

How our loan calculator works

Step 1: Enter an amount.

This is the amount you’re looking to borrow.

Step 2: Loan term or monthly budget?

Enter either the length of time you wish to repay the loan or the amount you can afford to repay each month.

Step 3: Pick the APR.

If you have an APR in mind, then great. If not, choose from good, fair or poor credit and our calculator will provide an estimate based on typical market rates.

What is APR?

Annual percentage rate (APR) is shown as a percentage and illustrates the total cost of borrowing. This includes interest as well as any additional charges.

Interest rate is just the amount you’ll be charged by the lender for borrowing money. This doesn’t take into account any extra charges.

How much can I afford?

Before you jump into applying for a personal loan it’s vital you first work out what you can afford to repay each month.

The easiest way to do this is to put together a quick spreadsheet listing all your incomings and outgoings. This will allow you to see what spare cash you have left at the end of the month and what you can comfortably afford to repay. By entering this amount into the Choose Wisely loan calculator you’ll also be able to get an idea of how long it would take to pay back what you want to borrow.

If things are tight then borrowing more is not the answer. Instead, try cutting back on any unnecessary spending or look at ways of boosting your income. You can find out more information on how to do this in our simple guide to tackling debt.

Why does my credit score matter?

Everyone has a credit file, and more importantly a credit score. Every time you apply for a financial product (such as a personal loan) your credit file will be checked and what’s inside will play a major part in the lender’s decision of whether or not to lend to you. Make sure you know what’s in there and ensure it’s all up to date.

Help, I have poor credit!

If you know your credit history isn’t great, then don’t panic. You still have a bunch of options and there are deals to be had you just need to approach your search in the right way. Our guide to borrowing with bad credit is a good place to start.

I want to compare loans.

Choose Wisely has comparison tables for all different types of loan, just pop over to the loan section of the site. There you’ll also find a host of customer reviews, expert guides and in-depth product information for each provider featured on Choose Wisely.