Use the loan schedule calculator to work out how much you will have to pay back each month if you take out a personal loan. Enter the loan amount, the interest rate and the term of the loan and then click 'Calculate' to get an idea of your monthly loan schedule. When you are applying for a loan, your credit rating will affect the interest rate that you will be eligible for. Your credit rating will be determined by your financial history, for example, your bank accounts, credit cards, any loans that you have taken out before and other financial products that you have applied for, been accepted for and been turned down for.
If you have a bad credit rating, because for example you have missed payments repeatedly on a loan or credit card repayment, or if you have not borrowed any money in the past, your loan provider will consider you to be a higher-risk proposition and will charge you a higher rate of interest. It's therefore important to improve your credit rating as much as possible before you apply for a personal loan, so as to maximise your chance of acceptance and to ensure that you are offered a competitive rate of interest. Check with one of the UK's credit reference agencies (Experian, Equifax and Callcredit) to find out the current state of your credit rating - this should only cost you a few pounds - and correct any errors that you find. Don't make multiple loan applications in one go, because this will be recorded on your credit rating and work against you. Use the loan schedule calculator to work out how much a higher interest rate will affect your monthly loan schedule.