About the estimator

This estimator is designed to help you with your financial decisions. The results are entirely dependent on the data you enter – if you enter different information, the results will be different.

We make no recommendations and the results are indicative only. We’ve made every effort to ensure that any assumptions are highlighted and accept no responsibility for any decisions taken.

Important information

1.      What is the cost of credit?

This is the amount of interest and charges you’ll pay in addition to the amount of money you’ve borrowed – calculated from today until the debts are fully paid off.

2.      Credit and store cards

Estimator assumptions

If you don’t know the applicable APR, you can use a market average.

If you don’t know what your monthly repayments are, we’ll use a minimum monthly repayment based on the higher of £5 or 3.6% of the outstanding balance.

Using these assumptions will not give an accurate figure for comparison and could increase the amount you end up paying.

Cards with different interest rates

When entering your APR, if you have a card with different rates (e.g. purchases, balance transfers, cash), please calculate a weighted average rate, or for a less accurate approximation, use the rate that you pay on your largest card debt.

3.      Loans

Early settlement fees

You may have to pay early settlement fees or compensation (please contact your current provider(s) for exact figures). This estimator does not have a specific place to enter these amounts. If you subsequently wish to apply for a loan, you may need to account for these fees in the amount you want to borrow.

Outstanding balance

The outstanding balance should be the amount you would need to pay to clear your existing loan on the date you use this estimator (not including any early settlement fees). Please note that for some lenders, this amount will be lower than the outstanding balance shown on your statement. You can use an approximate figure, but for the most accurate results, please contact your current lender(s).

4.      Overdrafts

Monthly repayments

We’ll ask you to enter a monthly sum which would pay off your overdraft in no more than 12 monthly repayments, which will help provide an estimate of the total cost of credit.

If you only go overdrawn for a few days a month and usually repay the full balance every month, include your full balance in the monthly repayment field. However, in this case, you should be aware that a consolidation loan is unlikely to be in your best interest and might increase the overall cost of credit that you would repay, especially if you don’t use your overdraft much. It’s not usually recommended that you consolidate your debts into a single loan if you repay what you owe in full every month.

Annual rate of interest

This is also known as your Effective Annual Rate (EAR). You should be able to find this on your latest statement, in your terms and conditions or on the website of your overdraft provider. If you’re paying interest on your overdraft, this tool will assume that your current balance is also your average overdrawn balance across the month.

5.      Eligibility

Use of this estimator is not an indication that we’ll lend to you. Please log in to the Barclays app or Online Banking or visit a branch to check your eligibility.

If you’ve done so, or had recent marketing material or an e-mail indicating a provisional rate, please note that we regularly review and update your provisional rate based on your personal circumstances and your provisional rate might have changed or no longer be available at the time you apply. Any change in your circumstances may affect our ability to lend to you.

6.      Loan amounts

The total amount of your outstanding debt may not be a round number. If you decide to apply for a Barclayloan, please note that we only lend in increments of £100.

7.      Estimator output

The output of this estimator is not a loan quotation.

8.      Credit checks

This estimator does not make any credit checks and will not affect your credit score.

9.      Data

We don’t store any of the information you enter into this estimator.