Personal Loan Comparison
Compare up to three UK personal loan offers side by side by total cost, not just monthly payment. Enter the APR, amount and term for each offer to see the exact total amount repayable — so you can pick the deal that actually costs the least.
Which loan costs the most?
Total interest vs principal
Bar height = total repaid. Grey = principal returned to lender. Coloured = interest paid on top. Dashed line marks the original loan amount.
What to bear in mind
This calculator uses the representative APR advertised by lenders. In practice, only 51% of successful applicants need to be offered that rate — your actual rate may be higher based on your credit score and income. Most UK personal loans are fixed-rate, so the monthly payment here is accurate once you know your rate. Early repayment charges may apply if you clear the loan ahead of schedule — check the loan agreement before overpaying.
Personal loan providers worth considering
Disclosure: links below are affiliate links — we may earn a commission at no cost to you. We only list providers we'd genuinely consider.
Consistently among the lowest rates for good-credit borrowers. Soft search eligibility check won't affect your credit score. Fully FCA-authorised digital bank.
Flexible repaymentCompetitive fixed rates with the option to choose your repayment date. Rate depends on loan amount and term — use the comparison above first, then check their quote.
Soft eligibility checkCompare personal loan rates across the full market in one place. Eligibility checker shows likelihood of approval without affecting your credit score.
For smaller amounts (under ~£3,000) a 0% purchase credit card can be cheaper than any loan — if you clear it before the promotional period ends. Use our credit card calculator.
Why monthly payment is the wrong number to compare
Lenders lead with the monthly payment because it's the smallest-looking number. A longer term makes the monthly payment fall — but the total interest paid rises significantly. A 5-year loan at the same APR as a 3-year loan will have a lower monthly payment, but you'll pay roughly 65% more total interest. This calculator shows you what actually matters: total interest paid.
How APR works on a personal loan
Annual Percentage Rate (APR) reflects the yearly cost of borrowing including interest and any mandatory fees. For a standard personal loan with no upfront fees, APR and interest rate are the same number. The monthly payment is calculated using the standard annuity formula: your rate is divided into monthly periods, and the payment is sized so that exactly N payments repay both principal and interest in full.
The 51% rule
UK rules require that lenders only offer the advertised representative APR to 51% of successful applicants. The other 49% can be offered a higher rate. Practically this means the rate you see advertised is a best-case figure. Your actual rate depends on your credit history, income, existing debts and the lender's own risk models. Always use an eligibility checker (soft search) before applying — hard searches leave a mark on your credit file.
Shorter term vs lower rate: what matters more?
If you're comparing a loan at a lower rate over a longer term against a higher rate over a shorter term, the answer isn't obvious. A lower rate doesn't always win — if the term is much longer, the total interest can still be higher. Use this calculator to check both combinations: enter the same loan amount with each offer's APR and term and compare total interest directly.
Early repayment
Most UK personal loans allow early repayment, but many lenders charge an early repayment fee — typically up to 1–2 months' interest. If you think you might clear the loan early, factor this into your choice. Some lenders (including newer fintechs) offer no early repayment charges. Check the key financial information document (SECCI) before signing.
Loan vs credit card for large purchases
For purchases over ~£3,000–£5,000, a personal loan at a fixed rate typically beats a credit card — even a 0% purchase card — because 0% periods rarely run long enough to clear the balance, and the revert rate on credit cards (usually 20–30%) is far above most loan APRs. For smaller amounts, a 0% purchase card with disciplined repayment often wins on total cost.
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