Interest for this type of Loan = 1.5% per month or 19.56% 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 (£) |
|---|---|---|---|---|
| 2,250 | 12 | 206.28 | 225.61 | 2,475.61 |
| 2,500 | 12 | 229.20 | 250.67 | 2,750.67 |
| 2,750 | 12 | 252.12 | 275.73 | 3,025.73 |
| 3,000 | 12 | 275.04 | 300.80 | 3,300.80 |
| 3,250 | 12 | 297.96 | 325.85 | 3,575.85 |
| 3,500 | 12 | 320.88 | 350.91 | 3,850.91 |
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 (£) |
|---|---|---|---|---|
| 2,250 | 24 | 112.33 | 445.34 | 2,695.34 |
| 2,500 | 24 | 124.81 | 494.81 | 2,994.81 |
| 2,750 | 24 | 137.29 | 544.29 | 3,294.29 |
| 3,000 | 24 | 149.77 | 593.75 | 3,593.75 |
| 3,250 | 24 | 162.25 | 643.21 | 3,893.21 |
| 3,500 | 24 | 174.73 | 692.74 | 4,192.74 |
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 (£) |
|---|---|---|---|---|
| 2,250 | 36 | 81.34 | 677.76 | 2,927.76 |
| 2,500 | 36 | 90.38 | 753.03 | 3,253.03 |
| 2,750 | 36 | 99.42 | 828.26 | 3,578.26 |
| 3,000 | 36 | 108.46 | 903.55 | 3,903.55 |
| 3,250 | 36 | 117.50 | 978.81 | 4,228.81 |
| 3,500 | 36 | 126.53 | 1,054.20 | 4,554.20 |