Personal Loan Calculator
Calculate monthly payments for personal loans, debt consolidation, and major purchases
Personal Loan Calculator
Calculate monthly payments for personal loans
Loan Details
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Enter your loan amount, term, and interest rate to see your monthly payment calculation.
Personal Loan vs. Other Financing Options
Personal Loans
- ✓Fixed monthly payments for predictable budgeting
- ✓No collateral required (unsecured)
- ✓Fixed interest rates that won't change
- ✓Clear payoff timeline (2-7 years typical)
Credit Cards
- ×Variable interest rates that can increase
- ~Flexible minimum payments (but potentially costly)
- ✓Revolving credit for ongoing purchases
- ×Often higher interest rates (15-25%+)
Best Uses for Personal Loans:
- • Debt consolidation (high-interest credit cards)
- • Home improvements and renovations
- • Major medical expenses
- • Wedding expenses
- • Moving and relocation costs
- • Emergency expenses
Personal Loan Calculator FAQ
What credit score do I need for a personal loan?
Most lenders require a credit score of 580-700 for personal loans. Scores above 700 typically qualify for the best interest rates (6-12%), while scores below 580 may face higher rates (18-36%) or require a cosigner.
How much can I borrow with a personal loan?
Personal loan amounts typically range from $1,000 to $100,000, depending on your income, credit score, and debt-to-income ratio. Most lenders cap personal loans at 3-5 times your monthly income.
Should I use a personal loan for debt consolidation?
Personal loans can be effective for debt consolidation if you qualify for a lower interest rate than your current debts. This simplifies payments and can save money on interest charges.
What's the average interest rate for personal loans?
Personal loan interest rates typically range from 6% to 36%, with an average around 10-15% for borrowers with good credit. Your rate depends on credit score, income, and loan term.
How long do personal loans take to approve?
Most online lenders approve personal loans within 1-7 business days. Some offer same-day funding, while traditional banks may take 1-2 weeks for approval and funding.
Can I pay off a personal loan early?
Yes, most personal loans allow early payoff without prepayment penalties. Paying early can save you money on interest, but verify your lender's policy first.