Personal Loan Comparison
| Lender | APR from | Monthly | Total Cost | |
|---|---|---|---|---|
MoneySuperMarket Comparison Soft Search | 6.1% | £152.34 | £5484 +£484 interest | Check Rate |
Sainsbury's Bank Bank Existing customers | 6.2% | £152.56 | £5492 +£492 interest | Check Rate |
Experian CreditMatcher Comparison Personalised | 6.5% | £153.25 | £5517 +£517 interest | Check Rate |
Novuna Personal Finance Lender | 6.9% | £154.16 | £5550 +£550 interest | Check Rate |
Bamboo Loans Lender Bad credit OK | 14.9% | £173.08 | £6231 +£1231 interest | Check Rate |
* Representative APR shown. Your rate may differ based on credit profile. Soft search won't affect your credit score.
How to actually compare personal loans
The headline APR is a useful starting point, but the number that matters most is the total amount you'll repay over the full term — including interest and any fees. Two loans with similar APRs can have meaningfully different total costs depending on the term length, so always look at both the APR and the total repayment figure side by side before choosing a lender.
Smart borrowing tips
Use eligibility checkers before applying
A soft search shows your likely approval odds and rate without affecting your credit score — always check eligibility with 2-3 lenders before submitting a full application.
The advertised rate isn't guaranteed
Lenders only have to offer their advertised "representative APR" to 51% of successful applicants — your actual rate depends on your credit profile and could be higher.
Shorter terms cost less overall
A loan over 3 years instead of 5 will have higher monthly payments but typically saves hundreds or thousands of pounds in total interest — always compare total cost, not just the monthly figure.
Watch for early repayment charges
If there's a chance you'll pay off the loan early (e.g. from a bonus or house sale), check for early repayment charges (ERCs) — many modern lenders now waive these.
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Frequently Asked Questions
What is APR?
APR (Annual Percentage Rate) includes the interest rate plus any fees, so it reflects the true annual cost of borrowing. Always compare APR, not just the headline rate.
Does checking loan eligibility affect my credit score?
A soft search (eligibility check) does not affect your credit score. Only a full application triggers a hard search, which can leave a mark.
What loan term should I choose?
A longer term means lower monthly payments but more total interest paid. A shorter term costs more monthly but saves money overall.
Can I repay early?
Yes, but some lenders charge early repayment fees (ERCs). Check the terms before signing — many online lenders now offer fee-free early repayment.
Key Terms Explained
Plain-English definitions of the financial terms used in this calculator.
- APR (Annual Percentage Rate)
- The yearly cost of borrowing, including interest and standard fees, expressed as a percentage. APR lets you compare loans, credit cards and mortgages on a like-for-like basis — a lower APR means cheaper borrowing.
- Principal
- The original amount borrowed or invested, before any interest. On a repayment mortgage or loan, each monthly payment covers interest plus a slice of the principal until the balance reaches zero.
- Amortisation
- The gradual repayment of a loan through fixed regular payments. Early payments are mostly interest; later payments are mostly principal. An amortisation schedule shows this split month by month.
- Interest Rate
- The percentage charged for borrowing or paid on savings, usually per year. The Bank of England base rate influences most UK mortgage, loan and savings rates.
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Not Financial Advice: This calculator is for informational and educational purposes only. Results are estimates and do not constitute financial advice, recommendations, or regulated advice. We are not authorised or regulated by the Financial Conduct Authority (FCA). Always consult a qualified financial adviser for personalised advice. Tax treatment depends on your individual circumstances and may change. Tax laws and rates may change. Past performance does not guarantee future results.
