At Personal Loans Now, our personal loan calculator is quick, simple and easy to use. Our personal loan eligibility calculator provides insight into what the monthly repayments could be. You can adjust how much you want to borrow over many months. This way, you can find the best rates with our personal loan calculator. You’ll know exactly what you’re applying for when you fill out our application form.
How Do I Use The Personal Loan Calculator?
Using our personal loan calculator is simple. You don’t need any personal details at this stage. All you need to know is how much you want to borrow and how long you want to borrow for. Using the calculator is as simple as entering the amount you want. You can then adjust the loan amount and the repayment period to see what the monthly repayments would be. Knowing how much you’ll pay in total and what your interest rates might be is particularly useful.
It’s important to note that this is just a representative example. Quotations aren’t guaranteed and may be subject to change before acceptance. These changes may occur as a result of your credit history and affordability checks. There may be other factors relating to your financial status that can affect an application.
How Does The Personal Loan Calculator Work?
The personal loans calculator UK will take the total loan amount and divide this between the number of months. With Representative Annual Percentage Rate (RAPR), the total interest will be higher for long-term loans. However, repayments may be lower when spread over the longer period. The right repayment period for you will depend on both your monthly budget and the cost of the loan overall.
Will The Personal Loan Calculator Tell Me How Much I Should Borrow?
Our personal loan calculator can’t tell you how much to borrow. But it can offer you an insight into the repayment period that will suit you. For this reason, you should have a clear idea of the money you have available for repayments. When you apply for loans with us, we’ll conduct full affordability checks according to your credit status. This will give you peace of mind that we’ll never accept a loan we believe will cause you financial harm.
Before You Apply For a Loan
Before you use our personal loans calculator UK or go on to apply, you should be aware of the following:
Am I Eligible To Apply?
At Personal Loans Now, we are proud to be fully FCA authorized. We follow FCA regulations, guidelines and best practices to ensure we lend responsibly to all applicants. For this reason, to be eligible to apply for any of our loans, you will need to be:
- Over 18
- A UK Resident
- A UK Bank Account Holder
- Receiving A Regular Income
To Use Our Personal Loans Calculator UK You Will Need:
After you’ve calculated the cost of your personal loan, you’ll have your ideal loan and repayment period in mind. In order to apply, you’ll need to have a few things to hand. These include:
- Your bank account details
- Your personal details such as your date of birth and address(es) for the past three years
- Your employer’s details, or details of alternate income
Our application is simple to use. After you’ve filled it in just once, you’ll have access to offers from 40+ direct lenders through our brokerage service.
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Personal Loan Calculator FAQs
How Long Does It Take To Use A Personal Loan Calculator?
Using a personal loan calculator is a quick and simple process. Designed to give you an instant insight into the monthly payments you can expect to pay if you apply. The answer will be generated instantly. You’ll be able to make adjustments to determine the best repayment period to suit your needs, whether it’s a £5,000 loan or higher. Using a personal loan repayment calculator will take no time at all to complete. Entering the loan amount, repayment period and finding the right combination to suit you is made easy.
How Much Income Do I Need For a Personal Loan?
There is no set ‘ideal’ income when you apply for a loan. This is the same for motor finance, secured loans and personal loans. But we do require you to have proof of regular income to ensure you can handle the repayments. We conduct full affordability checks to consider your income, loan amount and repayment period. This is in order to ensure you can comfortably manage each payment without risking falling into further debt.
The loan amount you can borrow will depend on a number of factors. However, your income and credit status will typically be one of the core features we look at. For this reason, you need to have a comfortable, consistent and regular income. This is in order to get the best rates and highest chance of approval.
How Is Personal Loans Eligibility Calculated?
We can’t guarantee a loan via our personal loan eligibility calculator. However, we do assess your eligibility throughout the application. Not only for our own loans, but against the criteria of the 40+ brokers that we work with. As standard, all lenders will have the following criteria:
- Applicants must be over 18
- Applicants must be a resident of the UK
- Applicants must have a UK bank account
- Applicants must have a regular income
- Applicants must pass all checks (pass criteria will differ between lenders)
All lenders will check your credit history in order to determine whether you can manage your loan repayments. Most offer additional affordability checks as an extra level of security and risk assessment. If you’re currently unemployed, you may need to look into other available options such as a guarantor loan.
How Do I Use A Personal Loans Calculator UK For Debt Consolidation?
If you’re seeking a loan in order to consolidate your debts, our personal loans calculator can help you. You’ll need to take the extra step of calculating how much you will need to consolidate. From here, you can determine whether an unsecured or secured finance option will suit you and your situation best. With our unsecured options, you’ll be able to borrow up to £20,000. Larger amounts may be available as a secured alternative. In these cases, the repayments calculated above may differ following your application. This is due to lower interest rates being available.
Will The Personal Loans Calculator Check My Credit Score?
Our personal loan repayment calculator doesn’t require any personal details from you. You can calculate your loan repayments without any risk to your credit score. We’ll use representative rates when calculating repayments. But this may differ when you apply, depending on your credit report and current financial state. Those with poor or limited credit scores could still be accepted for a loan. But you may be offered higher interest rates than our representative figure. Similarly, a good credit score could receive better rates, including personalised offers from lenders.
You’ll only need to fill out one application form when you apply for any of our loans. This ensures that your credit report will only be checked as necessary to prevent any adverse effects.
Can I Repay My Loan Early?
When you take out any form of unsecured finance, you’ll always be entitled to repay the loan early. Please note, however, that you may need to pay additional charges. This is because the lender will be missing out on interest that would have accrued over the course of the loan. To find out about our early repayment charges, you can contact us or your chosen lender.