Personal Loan Calculator

A personal loan could help you consolidate debts, buy a car, or fund a home renovation project. With our personal loan calculator, you can find out what your monthly repayments might look like and how APR affects what you need to pay back.

Please remember that by consolidating existing borrowing, you may be extending the term of the debt and increasing the total amount you repay

26% APR 

Representative example


Representative 26% APR fixed, based on a loan amount of £5,000, over 5 years. This would give you a monthly repayment of £141.92 and a total amount repayable of £8,515.01.


Top FAQs:

Benefits of our Loan Calculator

Our loan calculator will help you:

  • Understand what your monthly repayments may be: When you complete the loan calculator, you’ll see a monthly repayment figure based on the total repayable amount of a loan. It can help you decide what you can afford.
  • See how the annual interest rate affects your monthly repayments: You can enter an annual percentage rate (APR) that outlines the interest and extra charges you would need to pay.
  • Understand how the length of the loan affects the monthly repayments: By changing the loan term on our calculator, your monthly payments will either go up or down. This can help with understanding what you could afford.
  • Discover the potential for your financial future: With all the figures at hand, you can decide if a personal loan is affordable and the right option for you.


With this information, you can start to consider whether or not to check your eligibility for a personal loan. It could also help with planning your finances for the long term.

How does the Loan Calculator work?

It’s easy to use our loan calculator. Simply:

  • Enter the amount you want to borrow: From £500 to £25,000
  • Tell us how long you want to pay it back: From one up to seven years
  • Enter your chosen interest rate: This is a guide on what you could be offered by lenders
  • See your results.


By changing the interest rate or the term of the loan, you can start to understand how each affects the monthly repayments. Remember, the loan calculator just gives you an example, but it can be a helpful guide of what a personal loan could look like for you.

How are my repayments calculated?

Your monthly loan repayments can be calculated by dividing the total loan amount and interest by the number of months across the term of the loan. Using our loan calculator is a much simpler way to work this out. It will show you how much you’ll pay each month and what the total interest will be across the term of the loan.

How long should I take out a loan for?

It’s up to you to choose the option that suits your circumstances. If you choose a shorter loan term you’ll generally pay less in interest over the length of the loan, but your monthly repayments will be higher. A longer-term loan means less to pay each month, but more in interest overall.

Generally, you should choose the shortest loan term you feel you can afford and that won’t overstretch your budget each month. That’s why it’s super handy to use our loan calculator, as it gives you an idea of your potential monthly payments, you can then weigh this up carefully with your income and other outgoings.

How can I improve my eligibility for a personal loan?

There are several things you can do to improve your eligibility for a loan. They include:

Improve your credit score: Paying your existing monthly bills on time shows you are a responsible borrower. Simple things like registering for the electoral roll and closing unused accounts can give your score a quick boost too.

Check your credit report for errors: Any mistakes on your credit report can negatively impact your score, so always check and ask for them to be corrected.

Don’t make too many applications at the same time: Whenever you apply for a personal loan, the lender registers a hard search on your credit history which shows up on your file. If lenders see a lot of applications in a short space of time, it can count against you. This is why it is best to check your eligibility for a loan before making a direct application to the lender.

Keep below 50% of your credit limit: Not going too far into your overall credit limit demonstrates responsible borrowing.



What is an APR on a personal loan?

APR means annual percentage rate and is the yearly interest you pay on your personal loan. It also includes any fees or charges you may need to pay. This means when you see APR on a loan, it gives you the full picture of what it will cost.

Your loan offer and APR depends on you, your personal circumstances and your credit score.

Discover more about financial phrases and acronyms with our helpful Personal Loan Jargon Buster.

How Asda Money’s loan eligibility check works

At Asda Money, we work with Aro, who have a carefully selected panel of trusted UK lenders. With just one quick eligibility check, you’ll be able to see all the available personal loans that match your requirements including the APR, you can then adjust the loan amounts and terms to see how your options change.

We have partnered with Aro to make sure we search a wide range of trusted lenders to find the right loan for you. You can then compare all the available personal loans to find the one that fits you and your personal circumstances.

Looking to borrow a specific amount? We can help you to find a loan for varying amounts including £5,000, £10,000 and £15,000.Only borrow what you can afford to repay.



Ways to use a personal loan

You can use a personal loan for a range of things including:

Debt Consolidation: Combining multiple debts into one place for easier management

Rep rate 26%

Debt consolidation loans overview

Car Purchase: Buying a new car outright

Car loans overview

Home Improvement: Helping you improve your home in small or big ways

Home improvement loans overview

Holiday: Finance for a short break or a trip of a lifetime

Holiday loans overview

Wedding: Helping you fund some or all of your big day

Wedding loans overview

Bride and groom dancing in front of friends at wedding

Trustpilot reviews