While it is not possible to get a new Northern Rock Loan they did feature:
- Roll your outstanding credit into one monthly payment
- Borrow from £1,000 to £25,000
- Spread your repayments over 1 to 10 years
- Fixed interest rates
As such you may want to look for a loan from a different lender with similar features. There are many loans are the market, from a diverse range of providers, therefore shopping around beforehand is a really good idea, to try and find the most suitable product for your specific needs. You can use the free comparison tables above to look at loans from different lenders at the same time.
There is not currently a Northern Rock loan calculator as they are not currently offering new loans, however if you are thinking of taking out a loan with another lender you may find using a calculator can help you. You normally just need to enter how much you are thinking about borrowing and how much you would like the repayment term to be, the loan will then work out an estimate of how much you would need to repay then lender using their Representative APR. However the actual APR you might be offered if you were to apply for the loan may be different from the one used by the loan calculator. This is because lenders will consider more than just how much you want to borrow and how long for when they actually receive your application, they will take into consideration things like your credit history and current financial circumstances, which will influence the APR they will offer you.
Before you apply for a loan
As well as shopping around to try and find the best deal, before you sign for a loan you may also wish to consider alternative options than credit. For instance if you already have the required sum in your savings it may be better to use these instead, this is because any interest you earn on your savings might be less than any interest you are charged from a loan.
Also consider if you are thinking of taking out a loan to consolidate debt understand that spreading your payments over a longer term could mean you ultimately pay more overall than you would with your existing arrangements, even if the interest rate on the new loan is less than the rates you have at the moment.