Personal Loan Calculator

Calculate monthly payments, total interest, and total cost for personal loans.

M = P x [r(1 + r)^n] / [(1 + r)^n - 1], where P = principal, r = monthly interest rate, n = number of months
$15,000 loan at 8.5% APR for 5 years: Monthly payment = $307, Total interest = $3,407, Total repayment = $18,407

What can I use a personal loan for?

Personal loans are versatile: Debt consolidation, home improvements, medical expenses, weddings, moving costs, emergency expenses. NOT recommended for: Vacations, luxury items, or things you can save for. Never use personal loans for investing or gambling. Best use: Consolidating high-interest credit card debt.

What credit score do I need for a personal loan?

Minimum 580-600 for approval, but rates vary dramatically. 720+ gets best rates (6-8%), 680-719 gets good rates (8-12%), 640-679 gets fair rates (12-18%), under 640 gets poor rates (18-36%). Every 20-point credit score improvement can save 1-3% APR, meaning hundreds or thousands in interest.

Personal loan vs credit card for debt consolidation?

Personal loans often better for consolidation: Fixed rate (vs variable), fixed payment (vs minimum), forced payoff date, typically lower APR (8-15% vs 18-25% credit cards). Only consolidate if: New rate is lower, you won't rack up more credit card debt, and you can afford the payment. Otherwise you'll be in worse shape.

Should I get a secured or unsecured personal loan?

Unsecured loans (no collateral) are most common, higher rates. Secured loans (backed by car, savings, etc.) have lower rates but risk losing the asset if you default. Only go secured if you: Need lower rate, have poor credit, and are CERTAIN you can repay. Never secure a loan with your home - that's basically a home equity loan with different terms.