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 aswell any additional charges.
Interest rate is just the amount you’ll 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 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.
If you’re considering a personal loan use the Choose Wisely loan calculator to work out how much it’s likely to cost you.
Representative Example: If you borrow £4000 over 36 months at a representative rate of 59.9% APR and an annual interest rate of 47.86% (variable), you would pay 36 monthly payments of £211.23. The total charge for credit will be £3604.11 and the total amount payable will be £7,604.11. Rates between 3.1% APR and Maximum 1575% APR. Loan term lengths from 3 to 84 months