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Find out how much your monthly payments could be…

An online loan can offer you.....

• Low rates from 7.9% APR
• Loans from £5,000 to £100,000
• Loans for any purpose
• Fast decision in under 1 hour
• No upfront fees

Things That Will Affect The Cost of Your Loan

Although the loan calculator can give a rough idea of how much the monthly repayments will be on a loan, there are several factors that will influence the actual repayment amount.

Obviously, the amount that you borrow will affect the amount you have to repay each month. The more that you borrow the higher the repayments will be. The length of the term you take the loan over will also affect the repayment amount. If you took a loan out for 10 years, the repayments will be much lower than if you took it out for 5 years. You would obviously pay more in interest though, but it is worth remembering that you can increase the term of the loan to lower the repayment to make the loan repayments more affordable.

The interest rate of the loan will also affect the repayment. The amount of interest added to the capital balance is what you are actually repaying so the higher the interest rate, the more interest you will pay therefore the repayments will be higher than the equivalent size loan with a lower interest rate. Interest rates vary from lender to lender and loan product to loan product. Loan size can affect the interest rate. The larger the loan, the lower the interest rate tends to be. This is important to know. It is always worth enquiring where the price bands are as it could transpire that you could reduce the interest rate of your loan by borrowing a little more. It can happen that it actually costs you less to borrow a slightly higher amount than you originally wanted because you have gone over the threshold into a lower interest rate band.

You credit rating can also affect the interest rate. Loans for people with bad credit often attract a higher rate of interest. Lenders tend to do this as there is a higher level of risk involved lending to people that have a history of bad credit.

With a secured loan, the amount of equity that you have in your property can also affect the final loan repayment amounts. If you are borrowing up to 85% of your property value then you will probably pay a higher interest rate than if you were borrowing up to 70% of your property value. The difference is not huge but it is worth noting.

Alternatively, why not give us a call to discuss your requirements in more detail. Call us FREE on 0800 061 2453 Homeowners Only