Personal loan calculator

APR stands for annual percentage rate. It helps give you an idea of how much your loan could cost over a year, shown as a percentage. The APR includes the interest rate and standard fees only.

The lower the APR, the cheaper it could be for you to borrow. But you should aim to borrow the lowest amount over the shortest possible term, helping to keep your borrowing costs to a minimum.

When you apply, we’ll work out your personalised loan rate (APR) based on:

• your application details – including how much you want to borrow and the time you need to repay it.
• your credit record – this gives us a breakdown of your credit history, your ability to keep up with repayments and any potential risks we should be aware of.
• your past account history – and how you’ve managed any previous loans, credit cards and other accounts you’ve held with us.

The maximum amount you can get on a personal loan will depend on your personal circumstances. Lenders look at your credit history, income, loan term and more to work out the amount you can borrow.

At Lloyds, the maximum loan amount you can get is £50,000.

Think about how much you really need and can afford to borrow over the shortest possible term. This can help limit your borrowing costs.

Things to ask yourself before you apply

• Does a personal loan suit my needs, or should I consider other borrowing options?
• What can I reasonably afford to repay?
• Will I be able to make repayments, even if my circumstances change?

When you apply for a loan, the lender will complete a hard credit check. This does have the potential to affect your credit score, whether you’re approved or not.

If approved, a new loan increases your total debt and decreases the average age of your accounts. This could lead to a temporary drop in your credit score but managing your repayments carefully and on time should help your score to recover.

If you’re declined, it could cause a short-term dip in your credit score, so it’s wise to wait and work to improve your score before you try again. Making multiple credit applications in a short space of time can compound any negative effect on your score.

Whether you’re a new or existing Lloyds customer, you can get a personal loan quote online, which won’t affect your credit score. If you’re able to apply, we’ll tell you how likely you are to be approved before you complete a full personal loan application, which would include a hard credit check.

A loan calculator can help you to understand your potential monthly repayments and total interest costs before you commit to borrowing.

By trying out different scenarios – adjusting the loan amount and term – you can work out what might suit your budget.

To minimise your interest costs, it’s always wise to only borrow what you really need, over the shortest possible term.

Loan calculators only provide an estimate of loan repayments and overall borrowing costs, based on an illustrative APR.

When you apply for a loan, the interest rate and terms you’re offered might vary. Factors influencing a lending decision can include the loan amount, term and an assessment of your circumstances.

Whether you’re a new or existing Lloyds customer, you can get a personal loan quote online, which won’t affect your credit score. If you’re able to apply, we’ll tell you how likely you are to be approved before you complete a full personal loan application, which would include a hard credit check.