How lenders decide
Lenders check your credit history, income and existing commitments to decide whether to lend and at what rate. They want to see that the repayments are affordable after your other outgoings.
Starting from the payment you can comfortably afford keeps the loan within your budget.
Worked example
If you can afford £250 a month, at 8% over 5 years that would repay a loan of about £12,329.61. You'd repay £15,000 in total, including £2,670.39 of interest.
Before you apply
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Eligibility checkers that use a soft search can show your chances of approval without affecting your credit score.
Inputs for the loan eligibility calculator
Monthly payment you can afford
What you could comfortably repay each month after your other outgoings.
Interest rate (per year)
The annual interest rate on your loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'll repay over. A longer term means paying interest for longer.
CALCULATOR QUESTIONS
Loan eligibility calculator questions
How much can I borrow?
It depends on what you can afford to repay and the rate you're offered. Enter an affordable monthly payment above for an estimate.
What affects loan eligibility?
Your credit history, income, existing debts and the lender's own criteria.
Will checking eligibility hurt my credit score?
Not if the checker uses a soft search.
Is this a guarantee?
No. It's an estimate; the lender decides.