How does the loan repayment calculator work?
The Investing Insiders Loan Repayment Calculator is designed to help you work out how much you can borrow and what your monthly repayments will be.
It uses the following details:
- The amount you want to borrow
- The interest rate (APR)
- The loan term
- The type of loan
It’ll then show you how much you’re borrowing in total. This estimate can help ensure that you understand how much you’ll need to pay and whether you can afford the loan.
What is APR?
The annual percentage rate (APR) is the amount of interest you pay each year on a loan or credit card. It’s an official measurement used to help you understand how much borrowing money will cost easily.
The APR also includes any account fees or application fees that apply to the loan. All lenders must tell you what APR applies to your loan before you sign a credit agreement.
Are you guaranteed the APR advertised?
Not necessarily! When a loan is advertised, lenders use a “representative APR,” which is usually the best rate. However, when you officially apply for a loan, you’ll get an APR based on your credit history and financial circumstances.
Only 51% of customers need to receive the same or lower than the representative APR advertised for a loan.
