Secured Loan Calculator

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When looking for secured loans, it’s best to know exactly how much you need to pay for the amount you want upfront. That’s why you can use our secured loan calculator to work out everything you’ll need to know before applying. You can borrow up to £250,000 with a secured loan through us. With our credit on demand system, we’ll show you lenders available to compare the best rates available. Free to use, why not try our secured loan calculator today. We’ll show you what the repayments and interest will be in an instant.

Interest Only Secured Loan Calculator

Simple to use, our secured loan calculator will quickly show you what you need to know. For great rate secured loans online, enter the amount you want to borrow between £10,000 and £250,000. Put the length of time you want to repay the loan also, which can be up to 15 years as a maximum. Once entered, we’ll show you what the repayments will be and how much interest you’ll be expected to pay for the credit. You can then adjust these details however you want. Whether you decide to go for a longer repayment term or higher monthly repayments. Using our interest only secured loan calculator, you’ll see all the charges expected with a secured loan. Find out how much you can borrow today!

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How Does the Secured Loan Calculator Work?

If you want the best available rates for a secured loan or homeowner loan, use our online secured loan calculator. This will provide you with the easiest way to see what you need to pay. Once you’ve decided how much you want to borrow and loan term, we’ll work out the interest. We’ll then divide this between the number of months you’ve chosen. Depending on the loan term, the amount of interest charged can be higher than for a short term loan. We calculate interest in RAPR (Representative Annual Percentage Rate). This means although interest may be higher than a personal loan you can spread the term over a longer period. Your monthly repayments will be smaller, which means a secured loan can be easier to manage. The monthly repayments are much cheaper, meaning you can budget easily every month.

Bad Credit Secured Loan Calculator

If you have bad credit, you’re still free to use our secured loan calculator to see how much you could borrow and repay. However, if you do have bad credit, this can heavily affect how much a lender will be able to approve. Using our secured loan calculator is a guide, not a guarantee of credit, so please bear this in mind. For example, you may decide you want to apply for credit of £75,000 over 10 years of repayments. With our secured loans calculator, it will show you exactly how much this will cost. However, when you click apply now, you may find with bad credit, some lenders won’t be able to agree to the terms. You may find a better option through other means, for example, Credit Union loans.

In this instance, you may be declined, or a lender will be able to offer alternative terms, such as £40,000 over 7 years. This all depends on your credit rating, affordability in general and the lender themselves. You’ll also need to consider that the rates of interest may be much higher if you have bad credit. For example, a lender may be able to offer you the full amount you want but with much higher interest. We recommend you carefully consider your financial position before applying for any form of secured loan. Ideally, you’ll check your credit report before proceeding as well.


Will the Secured Loan Calculator Tell Me Exactly How Much I Can Borrow?

The best way to use our secured loan calculator is to guide you when considering taking out a secured loan. It won’t tell you how much we or other lenders can offer to you for a secured loan. Instead, it will give you a great idea of how much potentially you can borrow. Also, it will show you what the interest and monthly payments will look like. We want to provide you with as much insight as possible when it comes to secured loans. All so you can make an informed choice before applying.

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What Do I Need to Know Before Applying for Secured Loans?

There are a number of things you’ll need to consider before clicking apply now. This is so you can be in the best possible position before you apply:

What are the Eligibility

To be eligible for a secured loan through Personal Loans Now, you’ll need to meet the following requirements:

  • Over 18 years of age
  • A current UK resident
  • Have a bank account
  • Receive a regular income

What Details Do I Need to Use the Secured Loan Calculator?

Once you have the loan amount and repayment terms you want, click apply now. You’ll need to provide the following details:

  • Your bank account details
  • Your personal details including date of birth and address history
  • Your employment details, or source of income details

If you can meet the above criteria and have your personal details to hand, we can help you proceed. As a direct lender of secured loans, if we approve your loan, we can deposit the funds into your account. If we cannot approve your loan, we’ll show you our secured loans comparison table. This will show other secured loan lenders who are best placed to help.

Secured Loan Calculator FAQs

Will My Credit Score Be Checked When Using the Secured Loan Calculator

Using our secured loan calculator does not require a search of your credit file. This means you can calculate what a potential secured loan will look like without impacting your credit score. This is useful if you have a poor credit rating. There will be no further search when using the secured loan calculator as well. Please note, a credit search will be required once you start an application for a secured loan online. Make sure you’re happy to proceed with this before clicking apply now and entering your personal details.

Will I Have to Pay More Interest on a Secured Loan if I Have a Poor Credit Score?

This will depend on the lender as you may be seen as a higher risk applicant if your credit rating is poor. As the amounts of a secured loan can be over £10,000, lenders will want to ensure you can afford the repayments. If your credit score is poor, usually this can mean the APR may be higher. At Personal Loans Now, we charge a fixed rate of interest at 39.7% APR representative. However, other lenders may only be able to offer you the money at a much higher rate of interest. You’ll be able to see the full amounts of interest a lender will charge before proceeding with an application.

Am I Able to Repay a Secured Loan Early?

Yes, most lenders will be able to agree to an early settlement of a secured loan. But please be aware this may result in additional charges which will be made clear to you before proceeding. Most people will tend to use a secured loan to buy a property or a vehicle for example. If you decide to sell the possession, then you will normally use that money to pay off the loan. Check the credit agreement for details of early repayment terms. This way you’ll be fully aware of any charges that can be applied. If you’re still unsure, then it’s always best to contact the lender directly to discuss.

Can I Get a Secured Loan for a Smaller Amount?

A secured loan is most commonly used for loan amounts above £10,000. Due to the higher risk involved, the borrowing would need to be secured against something. This can be a vehicle or property for example. If you’re looking for borrowing under £25,000, you may be more suitable for our direct unsecured loans. You’ll be able to borrow amounts between £1,000 and up to £25,000. Additionally, because they are unsecured, you’ll not need to provide any collateral against the loan. This is especially helpful in the event you cannot make repayments.

What Happens If I Cannot Make the Repayments on Secured Loans?

If you cannot maintain repayments with a secured loan, this could risk the collateral guaranteed against the loan. If you know that you won’t be able to make a repayment, you will need to contact the lender at the first instance. This way you’ll be able to discuss a suitable repayment plan. You’ll be able to make arrangements to avoid any collateral being used straight away. If your finances are stretched at the time of your application, you’ll need to consider if a loan is right for you. You’ll maybe need to consider alternative options instead. This is so you can avoid increasing the chances of defaulting on a secured loan.

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