Your overview before you apply
The calculation is based on your answers. It is illustrative: the lender decides whether to lend and at what rate.
Repayment at different rates
Interest rateMonthly repaymentTotal repayable
6.9 %––
12.9 %––
24.9 %––
Your spare budget
Left after costs and repayments
–
Highest amount at the chosen term and 12.9 %
–
Costs and current repayments
–
The repayment at 12.9 % fits your budget. Still keep a buffer for unexpected costs.
The repayment at 12.9 % is higher than what you have left. Try a smaller amount or a longer term.
After your costs and current repayments there is no room for a new repayment.
The loan type that suits your purpose
Car finance or a personal loanCompare a personal loan with dealer car finance. With car finance the car usually secures the agreement, so compare the APR and total amount payable for both.Read more → Remortgaging or a personal loanFor a larger renovation, borrowing more on your mortgage usually has a lower rate but you repay it over a longer period. For smaller amounts a personal loan can make sense.Read more → Debt consolidation loanConsolidating pays off when the new APR is lower and the total amount repayable falls after all fees.Read more → A small short-term loanFor small amounts over a short term, look mainly at the total cost and fees, not just the repayment.Read more → Student Finance firstCheck what you can get from Student Finance before looking at a bank loan. Its terms are usually more favourable than a personal loan.Read more → Personal loanYou can use the money for anything. Compare the APR and total repayable with several lenders.Read more →What your credit history means
The best starting pointWith a clean credit file you can compare banks and other lenders and negotiate on the rate.
Paid debtA CCJ stays on the Register of Judgments for 6 years. If you paid it in full within one month, you can ask the court to remove it; if you paid later, it is marked as satisfied. Some lenders still assess your application individually.
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Unpaid debtsLenders check your credit file, and with arrears, a default or a CCJ you will usually be declined. Be wary of offers that ask for a fee before paying out. Free debt advice is available, for example from Citizens Advice.
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Check your credit fileYou can check your credit file for free with the three main credit reference agencies: Experian, Equifax and TransUnion. That way you know what lenders will see before you apply.
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