Home » Debt & Savings » Personal Loan

Personal Loan Calculator

Calculate monthly payments, total interest, and total cost for a personal loan. Compare offers to find the best deal.

Your data stays in your browser. Nothing is stored or sent to any server.

Enter Your Details

Personal Loan Basics

Personal loans are unsecured (no collateral), fixed-rate loans typically ranging from $1,000 to $100,000 with terms of 2-7 years. Average rates (2025): 8-12% for good credit (670+), 15-25% for fair credit (580-669), and 25-36% for poor credit (below 580). These rates are significantly lower than credit cards (average 22%), making personal loans a popular choice for debt consolidation.

Watch for origination fees (1-6% of loan amount, deducted upfront), which increase the effective APR. A $15,000 loan with a 3% origination fee means you receive only $14,550 but repay $15,000 plus interest. Always compare the APR (which includes fees) rather than the interest rate alone. Check your APR with our APR Calculator.

When Personal Loans Make Sense

Debt consolidation: If you are carrying multiple credit card balances at 20%+, a personal loan at 10% can save thousands. On $15,000 of credit card debt: consolidating from 22% to 10% saves approximately $2,800 over 3 years. Major purchases: Financing a large expense at 8-12% is better than credit cards at 22%. Medical bills: If a hospital will not offer interest-free payment plans, a personal loan may beat medical credit cards. When personal loans do NOT make sense: financing discretionary spending, when you have not addressed the spending habits that created the debt, or when your credit score means you would get rates above 20%. In that case, address the debt directly with our Credit Card Payoff Calculator.

People Also Ask

What credit score do I need for a personal loan?
Most lenders require 580+. For the best rates (under 10%): 720+. Credit unions often approve lower scores than online lenders.
How long does approval take?
Online lenders: same-day to 3 business days. Banks: 3-7 days. Credit unions: 1-5 days. Funds typically arrive 1-3 days after approval.
Does a personal loan affect my credit score?
Initial hard inquiry: -5 to -10 points. Over time: improved credit mix and lower utilization (if consolidating cards) can increase your score. On-time payments build positive history.
Should I get a personal loan to pay off credit cards?
If the personal loan rate is at least 5% lower than your card rates AND you commit to not running up the cards again, yes. Otherwise, you risk having both the loan and new card debt.