Calculate your exact monthly payment, see the full amortisation schedule and compare up to 6 rate and term scenarios side by side to find the best deal.
| Scenario | Rate | Term | Monthly EMI | Total Interest | Total Repayment | Interest Saved |
|---|
| Month | Payment | Principal | Interest | Balance | % Paid |
|---|
In a standard amortising loan, early payments are mostly interest. As the balance reduces, more of each payment goes toward principal. This is called amortisation — our schedule above shows this precisely month by month.
Representative APR for personal loans in the UK typically ranges from 3.5% (excellent credit, large loan) to 39.9% (fair credit, small loan). Most borrowers with good credit should target under 10% APR. Our comparison table helps you see the cost impact of different rates.
UK personal loans use reducing balance (as shown here). Some car finance and payday lenders quote flat rates which appear lower but cost more — a 6% flat rate is roughly equivalent to 11% APR. Always compare APR.
EMI (Equated Monthly Instalment) is calculated using the standard amortisation formula: P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1). Early payments are weighted toward interest; as the balance reduces, more of each payment reduces principal.
Representative APR for personal loans ranges from around 3.5% (excellent credit, large loan) to 39.9%+ (fair credit, small loan). Always compare APR — not the headline interest rate — as APR includes all fees and charges.