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Personal Loan Calculator – Estimate Monthly Payments

Use the calculator below to figure out what your personal loan’s projected interest rates and payments will be.

Personal loans have a rapid application and approval process (typically only 1 or 2 business days), and you obtain the money straight immediately.

Because personal loans are unsecured, lenders place a high value on your credit score.

Borrowers with strong to excellent credit are often given the greatest rates and terms. But don’t worry if your credit isn’t perfect, we have the greatest choices for bad credit borrowers.

Comparing Personal Loan Offers

Compare annual percentage rates and use the calculator on this page to discover how much different rates will cost you throughout the life of the loan when looking for a personal loan.

If the payback time is longer, the lowest interest rate may not be the best offer.

Costs such as loan origination fees, prepayment penalties, application fees, and late fees should all be considered.

If you arrange automatic monthly payments, some lenders provide a reduction. Read the entire loan agreement carefully before signing it.

Personal Loan Calculator

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Personal Loans For Fair and Bad Credit

APR: 59% to 160%. Loan terms: 6 to 18 months

4.8

Top Choice
Interest Rates
3.5/5
Loan Amounts
4.6/5
Customer Experience
5/5
Availability
5/5
Approval Rate
5/5
Loan Amounts: $500 – $10,000. APR Range: 5.99% – 35.99%.

4.2

Financeive Rate
Interest Rates
4/5
Loan Amounts
4.5/5
Customer Experience
5/5
Availability
4/5
Approval Rate
4/5
APR: Not specified. Up to $25,000 Unsecured Personal Loan.

4.5

Financeive Rate
Interest Rates
4.5/5
Loan Amounts
5/5
Customer Experience
4.3/5
Availability
5/5
Approval Rate
5/5

Personal Loans For Good and Very Good Credit

APR: 5.99% to 35.99%. Loan Amount: $1,000 to $35,000.

5

Financeive Rate
Interest Rates
4.9/5
Loan Amounts
5/5
Customer Experience
5/5
Availability
5/5
Approval Rate
4.7/5
APR: 7.99% – 35.99%. Loan Terms: 6 – 24 months. Loan Amounts $1,000 – $35,000.

4

Financeive Rate
Interest Rates
4/5
Loan Amounts
5/5
Customer Experience
5/5
Availability
3.5/5
Approval Rate
4/5

Personal Loans For Excellent Credit

APR Range: 5.99% – 24.99%. Loan Amount: $5,000 to $40,000

4

Financeive Rate
Interest Rates
5/5
Loan Amounts
5/5
Customer Experience
4/5
Availability
4.5/5
Approval Rate
4,2/5
APR: 5.99% to 35.99%. Loan Amount: $1,000 to $35,000.

5

Financeive Rate
Interest Rates
4.9/5
Loan Amounts
5/5
Customer Experience
5/5
Availability
5/5
Approval Rate
4.7/5

What Do I Need to Know About my Loan Outcomes?

Based on the loan amount, loan length, and projected rate, this is what you may expect to pay each month. When you pick a longer loan term, your monthly payments will be cheaper, but you’ll pay more in interest.

This is the total of all interest payments you’ll make during the loan’s term. A borrower with a good credit score will almost certainly pay less interest than someone with terrible credit (FICO below 630). The more time you take to repay your debt, the more interest you’ll pay.

This is the total of all interest payments you’ll make during the loan’s term. A borrower with a good credit score will almost certainly pay less interest than someone with terrible credit (FICO below 630). The more time you take to repay your debt, the more interest you’ll pay.

You may also like: Using a Personal Loan to Invest: Is It Make sense?

Is Taking a Personal Loan Is Smart Option?

Yes, personal loans offer a lower APR than payday loans and may be used in a variety of ways, including:

  1. Home Repairs: A personal loan might be a great option for little or medium-sized projects like new windows or a room makeover. Taking out an unsecured personal loan will not put your home at danger.
  2. Debt Consolidation: Making monthly payments to various lenders may be time-consuming and irritating. A personal loan might assist you in consolidating several types of debt.
  3. Using a personal loan for a vacation: A personal loan may help you pay for a once-in-a-lifetime European vacation or a family trip to Disney World, but creating and the simplest approach to do this is to withdraw cash from your checking account or savings account and stick to a spending plan.
  4. Emergency Expense: A personal loan might help you get through a tough time while maintaining your financial security.
  5. Using a Personal Loan for Wedding: While it’s preferable to avoid taking out a loan for your wedding, there are situations when it’s unavoidable. If you take out a personal loan for your wedding, though, your credit score may increase.
  6. Big Purchase: If you take out a personal loan for anything else, it’s assumed that you’ll need it for a significant purchase, but the lender doesn’t care. The lender’s main worry is whether you will be able to make all of your payments on schedule.

Learn more about 6 ways you can use your personal loan.

Frequently Asked Questions

  1. What's a fair annual percentage rate on a personal loan?

    The APR of your loan is the interest rate plus all associated costs calculated yearly and expressed as a percentage.

    APR makes comparing rates from different lenders much easier. Personal loan APRs typically vary from 6% to 36%, with consumer advocates believing that they should not exceed 36%.

  2. What is the maximum amount of money you may borrow with a personal loan?

    Personal loans typically range from $2,000 to $50,000, while some lenders provide personal loans up to $100,000.

    Even if a lender only offers $100,000, you can be eligible for it.

  3. How do I get a personal loan with bad credit?

    Some lenders specialize in lending to those with negative credit. Make sure you shop around for lenders to obtain the greatest deal.

  4. How long can you take a personal loan out?

    The term length of a personal loan refers to the period of time you have to repay the loan.

    Personal loans are available with terms ranging from 12 to 60 months, and occasionally even longer. Longer loan terms mean cheaper monthly payments but greater interest charges over time.

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