How the loans are compared
Each repayment comes from the loan's APR, converted to a monthly rate the way UK lenders do (FCA CONC App 1.2). The total charge for credit is everything repaid minus the amount borrowed. The cheaper loan is the one with the lower total charge.
A UK APR must include compulsory fees, so there's no separate fee box. If a fee isn't in the APR, add it to that loan's amount.
Worked example
Loan A is £10,000 at 7.9% APR over 5 years: £200.99 a month and £2,059.19 of interest. Loan B is £10,000 at 6.9% APR over 7 years: only £149.42 a month, but £2,551.32 of interest.
Loan A saves £492.14, even though its APR is higher, because you borrow for two fewer years.
Lower payment or lower cost?
A longer term lowers the monthly repayment but usually raises the total cost. Pick the shortest term whose repayment you can comfortably afford.
What this calculator assumes
Fixed rates, equal monthly repayments and no early repayment. Compare your personal APRs, not representative ones, once lenders have quoted you.
Borrowing in the US?
The country choices above the inputs open separate local pages. US offers list a note rate and an origination fee separately, so the US page adds a fee for each loan and works out its APR. Choosing United States opens that page and resets the inputs; amounts are not converted.
For US loan offers, use the US compare loans calculator in US dollars.
Inputs for the UK loan comparison calculator
Loan A: amount
How much the first quote lends you, in pounds.
Loan A: APR
The APR on the first quote.
Loan A: term
How long the first quote gives you to repay, in years.
Loan B: amount
How much the second quote lends you.
Loan B: APR
The APR on the second quote.
Loan B: term
How long the second quote gives you to repay.
CALCULATOR QUESTIONS
UK loan comparison calculator questions
How do I compare two loans?
Compare the total charge for credit: everything you'll repay minus what you borrow. The lower one is cheaper overall, even if its APR or repayment is higher.
Is the lowest APR always the cheapest loan?
Not if its term is longer. A lower APR over more years can cost more in total.
Why isn't there a box for fees?
UK APRs must include compulsory fees, so the APR already counts them.
Does comparing loans affect my credit score?
Using this calculator doesn't. Quotes from lenders that use a soft search don't either; a full application does.