Your loan amount will depend on how much you’d like to borrow, how long you want to borrow for and when you’d like to repay, as well as your circumstances, such as credit history. As a generic example, if you wanted to borrow £2,000 for one year and the interest rate is 10%, you’ll pay back 10% of the total loan in interest as well as the money you originally borrowed. 10% of £2,000 is £200 – so, in total, you will pay back £2,200.
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