Calculate your monthly repayments, how much you could borrow and how much you’ll repay in total.

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30.8%

Representative APR

£ 171.84

Monthly Repayment

£ 8,248.55

Total Repayment

My Community Finance is a credit broker, not a lender.

Representative example: A loan of £5,000 over 36 months will cost you £204.54 per month at a representative 30.8% APR. Total amount repayable will be £7,363.28 which includes £2,363.28 interest at 27.2% pa (fixed). The total amount of credit you'll receive is £5,000.00.

How does the loan calculator work?


Our personal loan calculator takes the amount you want to borrow, the representative interest rate and repayment term to give you an approximate idea of how much your monthly repayments could be on a loan from one of our credit union partners. 
The overall cost of your loan may be higher or lower than the example provided - the loan calculator should be used only as a guide.

What is APR?

APR stands for annual percentage rate and is a figure used to help you understand the total cost of a loan, including the interest rate and any additional fees or charges. All loan providers must tell you what the APR of your borrowing will be before you sign a credit agreement. 

How do you calculate a monthly repayment on a personal loan?

My Community Finance is a broker, not a lender. We’re providing the following information as a guide only. Your monthly loan repayments will be made to the lender - one of the credit unions we work with.

Your loan repayments are calculated by dividing the amount you want to borrow with added interest by the length of the term of your loan (the number of months or years you want to borrow the money for). 

The loan repayment calculator will do this sum for you, providing you know how much you want to borrow from one of the credit unions we work with and how long for. 
It’s important to remember the loan calculator should only be used as a guide - it uses a representative APR, which gives an indication of how much interest a typical borrower will be charged.

When you apply for a loan with one of our partner credit unions, you’ll receive a personalised interest rate based on your personal circumstances. 

This may be different from the representative APR used in the loan calculator, and the overall cost of your loan may be higher or lower than the example provided.

Does a loan calculator affect my credit score?

No - using a personal loan repayment calculator won't impact your credit score. It's a tool to help you understand how much a loan from our partner credit unions might cost, using a representative APR. 

The calculator will only use the information you provide and won't check your credit history. We'd only check your credit rating if you decided to apply for a loan via one of the credit unions we work with. 

How do I calculate interest?

It's easy to calculate how much interest you'll pay on a loan if you have the correct information. You’ll need the amount you want to borrow, the representative interest rate and total number of months you'll repay the loan over. 

Your monthly repayment will be the same each month. 

How much can I afford to borrow? 

The amount you can afford to borrow will depend on your personal circumstances. 

You can start working this out by adding up your monthly incomings and subtracting your monthly outgoings. Once you've done that, you should also budget for one-off annual costs like holidays, car repairs and funds for unforeseen emergencies like fixing a broken boiler or replacing a washing machine. 

Whatever you have left over is what you can afford to borrow in monthly repayments. 

It's vital to be realistic about how much you're regularly spending every month so you don't overstretch yourself financially by taking on a loan you can't afford. 

My Community Finance

Giving savers and borrowers access to ethical lenders such as credit unions through the Community Finance Network. For you. For everyone.

My Community Finance is a credit broker, not a lender. My Community Finance is a registered trading name of Amplifi Capital (U.K.) Limited with company number 08641995 and registered address 30 Churchill Place, Canary Wharf, London E14 5EU, UK. Amplifi Capital (U.K.) Limited is authorised and regulated by the Financial Conduct Authority with FRN 718749 and FRN 902841. Amplifi Capital (U.K.) Limited is registered with the Information Commissioner’s Office with registration number ZA040320 and is a member of the Consumer Credit Trade Association (“CCTA”) with membership number CCTA1265 

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