Use this free Loans Calculator Tool to work out how much approximately how much a loan will cost you.
The Loans Calculator Tool should not be confused with the Loans Calculator which is used to work out how much borrowing will cost from our partners.
Why Is It Important To Know The Cost Of a Loan?
It is important to use the Loans Calculator Tool so that you are able to understand how much taking out a loan will cost you on a monthly basis. This will help you to see whether you can actually afford a loan of the amount you wish to borrow. If you have an unexpected expense you need to know that you have enough incoming money that you can cover the cost – without needing to resort to further borrowing, which can lead quickly to over-indebtedness.
We recommend that you use the free Loans Calculator Tool above before you even search for a lender. This will help you plan how much you need to borrow for the reason you are looking to borrow for. Also remember to consider whether your existing savings are enough to purchase the item you wish to borrow for. Or whether some of your savings can be used, which will lower the cost of borrowing.