Interest for this type of Loan = 2% per month or 26.82% APR
Examples of Loan repayable over 1 Year (12 months)
| Amount borrowed (£) | Length of Loan (months) | Monthly repayments (£) | Total Interest added (£) | Total Loan cost incl. interest (£) |
|---|---|---|---|---|
| 800 | 12 | 75.65 | 107.93 | 907.93 |
| 900 | 12 | 85.10 | 121.43 | 1,021.43 |
| 1,000 | 12 | 94.56 | 134.90 | 1,134.90 |
| 1,250 | 12 | 118.20 | 168.60 | 1,418.60 |
| 1,500 | 12 | 141.84 | 202.30 | 1,702.30 |
| 1,750 | 12 | 165.48 | 236.05 | 1,986.05 |
| 2,000 | 12 | 189.12 | 269.74 | 2,269.74 |
Examples of Loan repayable over 2 Years (24 months)
| Amount borrowed (£) | Length of Loan (months) | Monthly repayments (£) | Total Interest added (£) | Total Loan cost incl. interest (£) |
|---|---|---|---|---|
| 800 | 24 | 42.30 | 215.35 | 1,015.35 |
| 900 | 24 | 47.58 | 242.29 | 1,142.29 |
| 1,000 | 24 | 52.87 | 269.24 | 1,269.24 |
| 1,250 | 24 | 66.09 | 336.45 | 1,586.45 |
| 1,500 | 24 | 79.31 | 403.70 | 1,903.70 |
| 1,750 | 24 | 92.52 | 471.01 | 2,221.01 |
| 2,000 | 24 | 105.74 | 538.29 | 2,538.29 |
Examples of Loan repayable over 3 Years (36 months)
| Amount borrowed (£) | Length of Loan (months) | Monthly repayments (£) | Total Interest added (£) | Total Loan cost incl. interest (£) |
|---|---|---|---|---|
| 800 | 36 | 31.39 | 330.22 | 1,130.22 |
| 900 | 36 | 35.31 | 371.53 | 1,271.53 |
| 1,000 | 36 | 39.23 | 412.86 | 1,412.86 |
| 1,250 | 36 | 49.04 | 515.96 | 1,765.96 |
| 1,500 | 36 | 58.85 | 619.14 | 2,119.14 |
| 1,750 | 36 | 68.66 | 722.23 | 2,472.23 |
| 2,000 | 36 | 78.47 | 825.31 | 2,825.31 |