Lloyds Loan Calculator
Whether you want a loan to pay for a new car or other big ticket item or to consolidate debt the main thing you probably want to know is how much borrowing money is going to cost you. If you’ve been looking to borrow from Lloyds you might have considered using the Lloyds loan calculator.
The Lloyds loan calculator can give you an estimate of how much your repayment would be over your desired time period. However any quote it gives you is just an estimate, remember that when you borrow from any lender they will first want to review your credit score and financial circumstances before they calculate just how much they would be willing to lend to you and what your APR would be.
Whatever the reason you are thinking of taking out a loan, you want to make sure you are getting the best deal you can for this reason it’s wise to shop around before applying for any loan. The calculator tool on this site can compare over 200 different loans from over 20 different providers, to help you see what the different options for you are.
If you want to borrow a larger amount of money and are a homeowner a homeowner loan might be better for you. As you have placed an asset (such as your home or other property) as security banks are willing to lend more, usually up to £250,000. The actual amount you can borrow is dependent on the value of your home and how much equity you have if you have a mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you are at all unsure of the suitability of a particular product for your circumstances you should seek independent financial advice.
Things to consider
Whatever the reason for your loan and its size before you apply for one you should consider any alternatives. If you have any savings you could use instead it may be beneficial to do so. This is about the interest you pay on a loan might be higher than any interest you earn from your savings.
There are other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.
It is also important to consider if you are thinking of taking out a loan to consolidate debt that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.