Personal loan calculator
A personal loan is repaid in equal monthly instalments over a fixed term. Enter how much you want to borrow, the APR and the term to see your monthly repayment, the total interest, and the total you repay. The rate you are actually offered depends on your credit profile and the lender.
Advertised personal-loan APRs often run from about 6% to 25%; the rate you get depends on your credit profile.
Indicative planning estimate from the figures you enter, not advice, a quote, or a credit decision. Reviewed July 2026.
Each payment: interest vs principal
Balance down to zero
What you repay
Watch this payoff date move as you pay down
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Worked example
For a £10,000 balance at 9.9% APR, the monthly repayment is £212. Total interest: £2,719. Total repaid: £12,719. Total interest as % of the loan: 27.2%.
How it works
- A personal loan is a fixed amount repaid over a fixed term at a fixed monthly payment, so you know the cost from day one.
- Each payment covers the month's interest first, then reduces the balance; early on more goes on interest, later more clears the debt.
- A longer term lowers the monthly payment but raises the total interest, because you borrow the money for longer.
- The advertised APR is representative: lenders only have to give it to a proportion of accepted applicants, so your rate can be higher depending on your credit profile.
APR, flat rate and total interest: why the percentages differ
You will see interest quoted in more than one way, and they measure different things rather than contradicting each other. The APR (9.9% in the default example) is charged each year on the balance you still owe; because you pay the loan down every month, the actual pounds of interest come to less than 9.9% of the original amount. The total interest is every pound of interest added across the whole term, and as a share of what you borrowed that is the total interest percentage, which is larger than the APR because it spans several years, not one. Spread evenly over the term, it works out to a flat-rate equivalent of a few percent a year. Treat that one with care, because it always looks lower than the APR, so some lenders quote a flat rate to make a loan seem cheaper than it is. The rule is simple: compare loans on the APR, or on the total interest in pounds, and never weigh a flat rate against an APR.
Frequently asked questions
What does representative APR mean?
It is the rate a lender advertises and must offer to at least 51% of people it accepts. The rest can be offered a higher rate. So treat the representative APR as a planning figure; your personal rate is confirmed only when you apply and the lender assesses you.
Should I pick a longer or shorter term?
A shorter term costs less in total interest but has a higher monthly payment; a longer term is easier on the monthly budget but costs more overall. Use the term slider to find a monthly payment you can comfortably afford while keeping the total interest as low as you can.
Can I repay early?
Usually yes. Under UK rules you can settle a regulated personal loan early, and the lender can charge up to a capped amount of interest (commonly up to about 58 days' worth). Early repayment still normally saves money overall. Check your agreement for the exact terms.
Is this a quote?
No. It is an indicative planning estimate from the figures you enter, not advice, a quote, or a credit decision. Your actual rate, and whether you are approved, are the lender's decision.
This calculator gives an indicative planning estimate from the figures you enter. It is not advice, a quote, or a credit decision. CoreFi is a trading name of JG Core Ltd (company 16218779). Figures reviewed July 2026.