How do I calculate my personal loan monthly payment?

To calculate your personal loan monthly payment, use the amortization formula: Payment = P × [r(1+r)^n] ÷ [(1+r)^n-1], where P is principal, r is monthly interest rate (APR ÷ 12), and n is number of payments. Our calculator does this automatically and shows you exactly how much you'll pay each month.

What is APR and why is it important?

APR (Annual Percentage Rate) represents the true cost of borrowing, including interest rate and lender fees. It's more accurate than just the interest rate because it reflects the total cost of the loan. When comparing offers, always compare APRs rather than just interest rates to find the best deal.

How much can I borrow with a personal loan?

Personal loan amounts typically range from $1,000 to $50,000, though some lenders offer up to $100,000. The amount you can borrow depends on your credit score, income, debt-to-income ratio, and other factors. Use our affordability calculator to determine how much you can comfortably borrow based on your financial situation.

What credit score do I need for a personal loan?

While minimum requirements vary by lender, you'll generally need a credit score of 580-620 for approval. However, scores above 720 typically qualify for the best rates. Some lenders specialize in loans for borrowers with lower credit scores, though these come with higher interest rates and stricter terms.

Should I use a personal loan for debt consolidation?

Personal loans can be excellent for debt consolidation if you can get a lower APR than your current debts. This strategy simplifies payments into one monthly bill and can save money on interest. However, ensure the monthly payment fits your budget and avoid running up new debt on paid-off accounts.

Personal Loan Calculator - Compare Rates & Calculate Monthly Payments

Personal Loan Calculator

Loan Amount ($)

Interest Rate (%)

Loan Term (Years)

Credit Score Range

Loan Purpose

Origination Fee (%)

Extra Monthly Payment ($)

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Calculate Your Personal Loan

Enter your loan details above to see monthly payments, compare offers, and analyze affordability

Understanding Personal Loans and Making Smart Borrowing Decisions

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What Are Personal Loans?

Personal loans are unsecured installment loans that provide a lump sum of money that you repay over a fixed term with regular monthly payments. They offer flexibility for various financial needs without requiring collateral.

✓Unsecured: No collateral required

✓Fixed Terms: Predictable monthly payments

✓Flexible Use: Various purposes allowed

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Compare Loan Offers

Our calculator helps you compare loan offers from different lenders by analyzing APR, monthly payments, total interest, and loan terms. This ensures you choose the most cost-effective option for your financial situation.

📈APR Comparison: True cost of borrowing

💰Monthly Payments: Affordability analysis

📊Total Cost: Interest over loan life

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