Guarantor Loan Calculator

See what a loan could cost you and GET QUOTES

Amount (£1,000 - £15,000)
Term (3 - 60 months)
Annual Percentage Rate (APR)
Typically 6.6% for a GOOD Credit Rating / 23.3% for a FAIR Credit Rating / 49.9% for a POOR Credit Rating.
Monthly payments:
Total repayable:
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  • Typical % APR's for different credit ratings: GOOD: 6.6%, FAIR: 23.3%, POOR: 49.9% 
  • Important: This loan calculator is for illustrative purposes only and the exact payment terms should be agreed with a lender before taking out a loan.

Popular Questions

1

How should I use your loan calculator?

This loan calculator should only be used for illustrative purposes ✏️

  • To help you roughly estimate what loan costs could be
  • Over a range of amounts, terms and interest rates

It does not indicate what type of loan you may get, or the costs that you could be liable to pay.


To get actual costs, and quotes for the loans you may qualify for

2

How much should I borrow?

This depends on your own personal circumstances 🧍

  • how much you need, versus
  • how much you can afford, versus
  • how much you qualify for, versus
  • how much your guarantor qualifies to support

Minimising borrowing typically lowers your commitment and minimises the amount of interest you must pay back.


  • This is only a decision that you can make and should be carefully thought about.
  • However, all lenders will undertake affordability checks prior to approving a loan application.

If you are unsure as to how much you can afford to borrow, the Citizens Advice Bureau’s Budget Sheet is a great place to start.

3

What is the ‘loan term’?

This is the repayment period ⌛

  • for the loan
  • against which the repayments are calculated

So, if the term is 24-months, the capital and interest are calculated to be paid back in full over this 24-month period.

If you increase the term, the monthly typically payments reduce, but in turn, it means that the total interest payable increases. For example:

  • Term of 12 months
    • £1,000 borrowed at an interest rate of 49.7% has an estimated cost of:
    • £102.98 per month, with a total amount payable of £1,235.72, and total interest payable of £235.72.
  • Term of 60 months
    • £1,000 borrowed at an interest rate of 49.7% has an estimated cost of:
    • A lower £39.42 per month, with a total amount payable of £2,365.07, and a higher total interest payable of £1,365.07.

Note these are only estimates.


To get lender quotes as to what you are likely to pay (based on your own circumstances)

4

What ‘loan term’ should I choose?

A longer-term and lower monthly payment may seem attractive but you'll have

  • the debt commitment for longer
  • a higher total amount of interest to payback

Typically, you should pay the maximum you can afford per month to minimise the interest you have to pay, but ensuring the payments are comfortably affordable.


  • This is only a decision that you can make, so it should be carefully thought about.
  • However, all lenders will undertake affordability checks prior to approving your application.

If you are unsure as to how much you can afford to borrow, the Citizens Advice Bureau’s Budget Sheet is a great place to start.

More Questions

1

What is 'Annual Percentage Rate (APR)’?

This is the yearly total cost of the loan expressed as a percentage 

  • This is a good starting point when looking at the costs
  • For a better idea of what your borrowing costs from a lender will be, consider the Representative APR, as below.
2

What is 'Representative APR’?

The Representative APR is

  • The effective rate of interest that is paid by at least 51% of the lender's customers
  • Taking into account all charges and fees associated with that product.

For example:

  • Amigo’s Representative APR is currently 49.9%. This is because over 51% of their customers pay an average rate of 49.9% APR including all fees and charges.
  • This is still an average, but it helps you to compare one lender with another.

To get lender quotes as to what you are likely to pay (based on your own circumstances)

3

What are 'Monthly Repayments'?

An estimate of the monthly repayment based on

  • The amount borrowed
  • Loan term
  • APR

This typically remains constant for the duration of the loan term.


The figures on our calculator are estimates

4

What is 'Total Repayable'?

The total amount that you will have to repay for

  • The amount borrowed
  • Over the term selected

(which includes repaying all the initial capital sum borrowed and all interest)


The figures on our calculators are estimates

5

Need more help?

We cannot offer advice.

There is some great information here: moneyadviceservice.org.uk (set up by the UK government)