How much money do you need to borrow?

If you’re thinking of taking out a loan, one of the key decisions to make is how much money to borrow. When looking for loans, it can be tempting just to opt for a nice round number, for example £500 loans. But it’s really important to take the time to work out exactly how much money you need to borrow.

On the one hand, it’s important to ensure that your loan will give you enough money to cover everything you need. If you don’t do that, you may find that you still end up a bit short of money and then have to try and find it from somewhere else. So, for example, don’t limit your search to £500 loans if you actually need a little more money than that.

On the other hand, you don’t want to borrow significantly more money than you do really need. There are three main reasons for this:

It will increase your overall level of debt;
Your loan repayments will be higher;
It can be more difficult to be approved for a higher value loan.

So how can you decide how much money to borrow? As well as having a clear picture of how much money you need to sort out your financial situation, it’s also really important to understand how much the loan repayments are going to cost you.

How much will your loan repayments cost?

When taking out a loan it is essential that you know how much your repayments are going to be. Both you and your lender need to be confident that you can afford to make the repayments.

At Loans 2 Go we offer loans of between £250-£2000. The loans are repayable over 18-24 months, and can be repaid on a weekly, fortnightly or monthly basis.

To help you see how much your repayments would be, we have information pages available for loans of the values listed below. Each of these pages explains more about the loan and shows you how much the repayments would be.

So for example, our £500 loans page has a slider that clearly shows how much your repayments would be if you took out one of our £500 loans. You can adjust the loan amount up or down to see how this affects the loan repayments.

The same applies to any other amount listed below:

What could I use a loan for?

Many people are unsure about the rules on what you can and can’t use a loan for. The good news is that you can use your loan pretty much any way that you need.

On our loan value pages, we describe some of the ways in which a loan could help you to get things sorted. For example, one of our £500 loans could make a significant difference if you are faced with any of the following demands on your finances:

How do I apply for a loan?

Our loan value pages explain how to apply for a loan, and include a link to do so. So if you are interested in loan for any of the values below, just click on the page for further help: