How to use Bounce Back Calculator

Bounce Back Loans were a government-backed loan scheme in the UK that was introduced in 2020 to support small businesses during the COVID-19 pandemic While the scheme is no longer available for new applications, if you have already received a Bounce Back Loan, you may be interested in using a Bounce Back Loan Calculator to help you work out your repayments

Here's how you can use a Bounce Back Loan Calculator in the UK in 2023: Choose a reputable Bounce Back Loan Calculator online: There are many Bounce Back Loan Calculators available online, so it's important to choose a reputable one.You can look for the best Bounce Back Calculator Provided by Simple Liquidation

Enter your loan amount: Enter the amount of your Bounce Back Loan into the calculator. This should be the total amount you borrowed, not including any interest or fees.

Select your loan term: Choose the length of time you have to repay the loan Bounce Back Loans have a standard term of 6 years, but some lenders may offer longer or shorter terms.

Input your interest rate: Enter the interest rate you are being charged on your loan Bounce Back Loans have a fixed interest rate of 2 5% for the full term of the loan

Calculate your repayments: Once you have entered all of the relevant information, the calculator should be able to give you an estimate of your monthly repayments It may also show you the total amount of interest you will pay over the life of the loan

It's important to remember that a Bounce Back Loan Calculator can only give you an estimate of your repayments Your actual repayments may vary depending on a number of factors, such as changes to interest rates or early repayment penalties If you're unsure about any aspect of your Bounce Back Loan, it's always a good idea to speak to your lender or a financial advisor