Calculate personal loan monthly repayments and total cost. Compare loan amounts, interest rates, and terms to find the most affordable borrowing option.
Representative APRs on personal loans in the UK range from around 5.5-7% for amounts of £7,500-£25,000 with strong credit profiles, rising to 15-25% for smaller amounts (under £3,000) or weaker credit. The representative APR is offered to at least 51% of successful applicants — your actual rate may be higher. Always compare the total repayable amount, not just the monthly payment.
A higher credit score gives you access to lower APRs. Lenders assess your credit file (from Experian, Equifax, or TransUnion), income, existing debts, and employment history. Multiple loan applications in a short period can reduce your score due to hard credit searches. Use eligibility checkers (soft searches) to see likely rates before applying formally.
Most UK banks and building societies offer personal loans up to £25,000-£35,000. Some specialist lenders go up to £50,000. For larger amounts, you typically need a secured loan (against your home) or a commercial loan. Credit cards can also be used for short-term borrowing, though at higher rates than personal loans.
Yes — you can typically repay a personal loan early, but lenders may charge an early repayment fee (usually 1-2 months' interest). Under the Consumer Credit Act, lenders must apply any overpayment to reduce future interest. Contact your lender to get a settlement figure before making a full early repayment, as this confirms the exact amount to clear the debt.
A personal loan provides a fixed sum upfront, repaid at a fixed monthly amount over a set term at a fixed APR — giving certainty on costs. A credit card is a revolving credit line with a variable balance and minimum payment; if you only pay the minimum, debt can persist indefinitely at high rates (17-30% APR). Personal loans are generally cheaper for borrowing large amounts over 1-5 years.
Data verified against official UK government sources. Last checked April 2026.