Loan calculator

Whether you’re taking out a loan to consolidate your debts or pay for your dream wedding, you’ll no doubt want to know how much it’s going to cost you to pay back every month. Enter our handy loan calculator.

Just enter a few details:

  • How much money you want to borrow
  • How long you want to borrow it for
  • The estimated APR

Our loan calculator will give you an idea - based on our representative Annual Percentage Rate (APR) - of how much your loan will cost to repay each month

Our loan calculator is for illustrative purposes only and exact payment terms should be agreed with a lender before taking out a loan.

Monthly payments:

Total repaid:

Cost of credit:

Knowing how much your loan’s going to set you back is super important as it allows you to work out if it’s affordable for you both now and in the future. See how much you could borrow against the equity in your home with our borrowing capability calculator.

How do you calculate a loan payment?

Here at Ocean Finance, we calculate your loan cost based on three things:

  1. Your loan amount
  2. How long you borrow it for
  3. The interest rate (APR)

We’ll take the amount you’re borrowing, add on the cost of interest, and then divide it by the number of months (or years) you want to make your repayments.

If you choose to take your loan out over several years, the APR’s calculated per year which can make long-term lending more expensive overall.

And remember, our loan calculator will give you an estimate of how much your desired loan will cost you, if you like what you see and decide to proceed the exact payment terms will be determined by your lender.

Let’s see what we can do for you today

Find personal loans
from £1,000 to £15,000

  • Instant online decision
  • All credit histories welcome
  • No upfront fees

49.7% APR Representative (variable)

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Homeowner loans
from £10,000 to £250,000

  • Check if you'll be accepted before you apply
  • Getting a quote won’t affect your credit score
  • We compare 100s of loans with competitive rates

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How much can I borrow?

The amount you can borrow with a loan from us will depend on two things:

  1. How much you can afford to repay
  2. The type of loan you choose (secured or unsecured)

Secured loan

With an Ocean Finance secured loan, you can borrow between £10,000 and £250,000 for between 3 and 25 years.

Secured loans, sometimes called homeowner loans, are tied to the equity you own in your property. For that reason, they’re only available to homeowners. Lenders allow for larger borrowing with a secured loan because they have the security of your home to fall back on should you struggle to keep up with repayments.

Because lenders are less concerned with the risks of a patchy credit history when they have a property as collateral, secured loans can be a good option for people with poor credit. Remember though, it’s your home at stake, so if you’re in any doubt you’ll not be able to make your loan repayments now or in the future, a secured loan probably isn’t the best option.

Unsecured loan

Unsecured loans, sometimes called personal loans, aren’t secured to any asset other than you, and that’s why the sums on offer are lower.

Because of the reduced risk to you, unsecured loans can be trickier (but certainly not impossible!) to get your hands on if your credit score isn’t squeaky clean. But don’t panic, there are lenders who specialise in lending to people with less than perfect credit histories, so you could still certainly get that all-important ‘yes’.

How much interest will I pay?

The amount of overall interest you pay on your loan will depend on two things:

  1. The interest rate you’re charged
  2. How long you take to pay back your loan

The APR you are offered will vary depending on your credit history. If you’ve struggled managing money in the past, you’re more likely to be charged a higher interest rate in exchange for your lender giving you a second chance.

We work with a large panel of trusted lenders and always endeavour to find you the best loan deal out there - whether your credit score’s pristine or not.

Because APR is calculated annually, if you choose to take your loan out over a prolonged period it’ll result in you paying more in interest over the lifetime of your loan. So, while spreading the cost over a longer timeframe can make your monthly payments more manageable, it’ll also make your loan more expensive overall.

Other types of loans we offer