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Personal Loan Calculator

Calculate personal loan payments with detailed amortization schedule and total cost analysis

Personal Loan Details

$

Total amount you want to borrow

%

Annual percentage rate

Length of the loan

$

One-time fee charged by lender (typically 1-8% of loan)

$

For debt-to-income ratio calculation

$

Other monthly debt payments (credit cards, car loans, etc.)

Quick Scenarios:

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Enter your personal loan details to calculate payments

About Personal Loans

Personal loans are unsecured loans that can be used for various purposes like debt consolidation, home improvements, medical expenses, or major purchases. They typically offer:

  • Fixed Interest Rates: Your rate stays the same throughout the loan term
  • Fixed Monthly Payments: Predictable payments make budgeting easier
  • No Collateral Required: Unlike secured loans, you don't risk losing assets
  • Flexible Terms: Typically 1-7 years, choose what fits your budget
  • Quick Funding: Many lenders provide funds within a few days

Interest Rates

Personal loan interest rates typically range from 6% to 36%, depending on your credit score, income, debt-to-income ratio, and the lender. Better credit scores qualify for lower rates. Many lenders offer rate quotes without affecting your credit score.

Key Considerations

  • Credit Score: Higher scores (700+) qualify for better rates
  • DTI Ratio: Keep debt-to-income below 43% (36% is ideal)
  • Fees: Watch for origination fees, late fees, and prepayment penalties
  • Purpose: Have a clear plan for using the funds wisely
  • Comparison Shop: Compare at least 3-4 lenders before deciding

Frequently Asked Questions

What can I use a personal loan for?

Personal loans can be used for almost anything: debt consolidation, home improvements, medical bills, weddings, vacations, moving expenses, or emergency costs. However, most lenders prohibit using them for illegal activities, gambling, or post-secondary education.

How much can I borrow with a personal loan?

Personal loan amounts typically range from $1,000 to $100,000. The amount you qualify for depends on your income, credit score, existing debts, and the lender's policies. Most lenders require proof of income and employment.

What is a good interest rate for a personal loan?

A "good" rate depends on your credit. Excellent credit (720+): 6-12%, Good credit (690-719): 12-18%, Fair credit (630-689): 18-25%, Poor credit (below 630): 25-36%. Rates below 10% are generally considered excellent.

Will applying for a personal loan hurt my credit score?

Checking rates with a soft inquiry won't hurt your credit. However, formally applying (hard inquiry) may temporarily lower your score by 5-10 points. Multiple applications within 14-45 days usually count as one inquiry. Once approved, responsible payment can improve your credit over time.