Santander Loan Calculator
If you have been thinking about taking out a loan from Santander or any other provider the first thing you probably want to know is how much your monthly repayment will be. You can use the Santander loan calculator to get an estimate of how much your loan with them would be based on how much you want to borrow and the length of the repayment period. However the Santander loan calculator can only give you an idea of the amount, if you do proceed to take out a loan with any lender the actual Annual Percentage Rate you are offered may be influenced by other factors such as your credit score, how much you earn and if you already have any existing credit commitments.
Santander loans features:
- Borrow from £1,000 to £20,000
- Repayment periods of 1 to 5 years
- No arrangement or set up fee
Although the maximum amount you can borrow with loan is £20,000 this is not a guarantee that you will be able to take out that much, your personal financial information will also affect just how much a lender is willing to loan you.
Whatever the reason you are looking for a loan you should try and get the best deal you can as it is a big commitment. Remember that Santander is just one lender of many and that there is a diverse range of loans available. You can use the calculator tool on this website to compare over 200 loans from over 20 different lenders to see if you can find the right option for you.
Before you take out a loan
Before you decide on taking out a loan it may be wise to consider other options to see if an alternative may be better as a loan is a long term commitment, for example If you have any savings it might be beneficial to use these instead, because the interest you pay on a loan might well be higher than any interest you earn from your savings.
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.
There are also other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.