Loan Calculator
There are often a lot of emphases put on the banks or building
societies to practice responsible lending. But a matter that
must also be addressed is the one of the financial world insuring
that clients practice responsible borrowing. A recent conference
on the financial system of the 21st century called for financial
products, such as loans and mortgages, to be “bought”
rather than sold. A good starting point for putting this in
to practice is that you as the borrower know the amount you
can afford to borrow and what you can realistically afford to
pay each month depending on the different interest rates. It
should not be that you are told what you can borrow; you should
be able to take the responsibility for making sure that any
loan you take out can be easily maintained.
Before referring to a loan calculator
As part of your role as a responsible borrower, find out what
you can afford in monthly loan repayments by performing a full
financial appraisal on yourself. Subtract from your monthly
income the obligatory expenses that you are committed to, and
then give yourself 10% leeway on that in case of emergencies
(it’s surprising how often these occur). The figure that
you are left with is the maximum monthly loan repayments you
can afford. You need to know how much you want to borrow and
over how long a period you are prepared to pay it back. Then
you can use a loan calculator and get the most out of it.
Secured loan rate tables.
| Amt
of loan |
APR %
Var. |
300
Mths |
240
Mths |
180
Mths |
120
Mths |
60
Mths |
| £10k |
8.4% |
£78.00
|
£84.42 |
£96.28 |
£121.98 |
£203.36 |
| £20k |
7.9% |
£149.99
|
£163.18 |
£187.32 |
£239.16 |
£402.36 |
| £25k |
7.9% |
£187.49
|
£203.97 |
£234.15 |
£298.95 |
£502.85 |
| £30k |
7.7% |
£220.53
|
£240.58 |
£277.08 |
£355.17 |
£600.28 |
| £35k |
7.7% |
£257.28
|
£280.67 |
£323.26 |
£414.36 |
£700.33 |
| £40k |
6.9% |
£275.91
|
£303.72 |
£353.36 |
£458.93 |
N/A |
| £50k |
6.9% |
£344.89
|
£379.65 |
£441.96 |
£573.66 |
N/A |
| £60k |
6.9% |
£413.87
|
£455.58 |
£530.35 |
£688.39 |
N/A |
| £70k |
6.9% |
£482.84
|
£531.51 |
£618.74 |
£803.12 |
N/A |
| £75k |
6.9% |
£517.33
|
£569.47 |
£662.93 |
£860.49 |
N/A |
Please note that the above stated APR's are a typical example,
and should only be used as a guideline. Loans can be from £3,000
to £100,000. Rates vary from 6.9% APR.
Without Insurance...
|
