Personal Loan Calculator
Enter personal loan amount, interest rate and the term of the personal loan to calculate personal loan repayment amounts.
|What?||Personal Loan Repayment Term|
Use the personal loan calculator to work out how much your month Personal loan repayments will be. The Personal loan calculator will also provide an illustration of how much you could expect to repay each month based on different repayment periods. If you are thinking of taking out a Personal loan it is important that you:
The Personal loan calculator will provide your a monthly interest repayment over 1 year, 2 years, 3 years, 4 years, 5 years, 10 years and compare them to a monthly repayment period of your choosing (so you can create your own Personal loan illustration).
Considerations before taking out a Personal Loan
- Affordability: Be sure you can really afford to make the Personal loan repayments. Only you really know if you can afford it or not and taking out loans which you will struggle to repay will only cause you financial hardship and pain in the future.
- Shop around: It always pays to shop around and see what deals are available. Most banks and building societies run promotions at various points of the year. Never assume that one lender is better than the other, look for the good deals as they could save you a lot of money. Banks are normaly the best option.
- Check the Interest Rate: The most common mistake that lenders make is not fully reading and understanding the interest rates applied to their Personal loan. Make sure that the catchy low interest rate is the one you are getting. Most lenders advertise at low interest rates to get you in the door but you are likely to find that achieving the low rates means borrowing more than you budgeted for or taking out the loan over a longer term, this will mean you repay much more money! Don't be tempted!
- Borrow Little, Repay Quickly: The best Personal loan is one repaid quickly. A quick repayment means less interest paid and less stress about your debt.
- Pay Day Loans: Pay day loans are brilliant if you want to destroy your financial credibility, get yourself into spiraling debt and have years of stress and anxiety over your finances. DO NOT use Pay Day lenders, there are much better options. They do not care about you or your finances and will destroy your life simply to make money. At iCalculator, we seriously hope that the government takes measures to outlaw these morally and ethically corrupt businesses.
- Don't Lend at All! It's difficult to avoid taking loans in modern society. Modern life is about consumerism and spending. Our grandparents survived and had healthy life's by getting by and enjoying the rare treats. There is a lot to be said for living a simpler life without financial stress. If you can, save. Make that reward or treat worthwhile my making your money work for YOU and not for someone else.
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