UK loans for private and council tenants – bad credit loans for tenants
Calculate the loan amount borrowed and monthly payments with our online UK tenant loans calculator. Before deciding whether to apply for a tenant loan, find out how much it will cost you with our online loan calculator below. Tenants applying for loans should use the information provided to help them calculate their monthly outgoings. Once you have used the calculator you can apply for your tenant loan today, even if you have a bad credit history.
The monthly loan calculator above is designed to provide information on what the monthly repayment might be before deciding to go ahead and applying for a tenant loan. The advantage of this calculator is that it allows you to specify the interest rate which may differ from each lender. Some loan calculators that appear on lender websites only allow you to enter the term and amount because the interest rate is already determined by the lender.
Please note that this loan calculator operates on the generic compound interest repayment formula and excludes items such as application fees or set-up fees which may be also charged.
Understanding what you can afford
If you are considering applying for a private or council tenant loan, avoid using the online loan calculator in isolation when deciding what you can afford. To understand whether you can afford a monthly tenant loan payment, work out your net monthly income and subtract ongoing monthly expenses. Don’t forget to include annual and quarterly costs apportioned on a monthly basis. Then subtract from this figure a further 10% for unexpected costs or emergency expenditure. The final monthly figure left will give you some idea as to what you can afford to spend on your tenant loan repayments.
Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.
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