Personal Loan Calculator: See Your Payments On a Loan - Credible News

Before you take out a personal loan, it’s important to consider how much it will cost you. You can use our personal loan calculator to estimate your future costs.
Taylor Medine

Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.

Read more” > Taylor Medine Updated September 9, 2021
Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”
If you’re wondering how much you can borrow, use our personal loan calculator below to estimate how much you’ll pay for a loan. This will help you prepare to cover any unexpected expenses, tackle home improvements, or consolidate debt.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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To use the calculator, just enter the following into the fields above:
Then you can see what your total payment will be, including interest, as well as your monthly payment.
Learn More: How Do Personal Loans Work?
If you’re ready to take out a personal loan, follow these four steps:
Check Out: How to Get a Fast Personal Loan for Quick Cash
If you’re ready to compare loan options, Credible can help: You can see your prequalified rates from our partner lenders in the table below in just two minutes.
Best for: Borrowers with poor credit
While many personal loan lenders require good to excellent credit, you might qualify with Avant even if you have poor credit. You can borrow $2,000 to $35,000* with repayment terms from two to five years**.
If you’re approved, you could get your funds as soon as the next business day (if approved by 4:30 p.m. CT on a weekday).
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrowers with excellent credit
With Axos Bank, you can borrow $5,000 to $35,000 with terms from one to five years. You could also get your funds as soon as the next business day if you’re approved. Keep in mind that you’ll typically need good to excellent credit to qualify for a loan from Axos Bank.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrowers with very good credit and income
In addition to your credit score, Best Egg will also consider more than 1,500 “proprietary credit attributes” from sources that include external data providers and your “digital footprint” to determine your creditworthiness. This means you might have an easier time qualifying with Best Egg compared to other traditional lenders.
With Best Egg, you can borrow $2,000 to $50,000 with terms from two to five years. Best Egg’s rates can be particularly competitive for borrowers with very good credit and income.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Longer repayment terms
If you’re looking for a logner repayment term, Discover could be a good choice — you can borrow $2,500 to $35,000 and could have three to seven years to repay it. Just keep in mind that by choosing a longer term, you’ll pay more in interest over time.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Consolidating high-interest debt
With FreedomPlus, you can borrow $7,500 to $50,000 with terms from two to five years. Additionally, if you use at least 85% of your loan proceeds to pay off existing debt, you could qualify for a lower interest rate. Adding a cosigner or showing proof of retirement savings might also get you a better rate.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrowers who need a cosigner
If you need a cosigner for your personal loan, LendingClub could be a good option — it’s one of the few lenders that allow cosigners on personal loans. With LendingClub, you can borrow $1,000 to $40,000 with a three- or five-year term.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrowers with near-prime credit
LendingPoint specializes in working with borrowers who have near-prime credit — usually meaning a credit score in the upper 500s or 600s. With LendingPoint, you can borrow $2,000 to $36,500 with terms from two to five years.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Large loan amounts
If you need to borrow a large amount, LightStream could be a good choice — you can borrow $5,000 to $100,000 and could get your funds as soon as the same business day if you’re approved.
Most LightStream loans come with repayment terms from two to seven years, but if you use your loan for home improvements, you could have up to 12 years to repay it.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Budget-friendly payment options
With Marcus, you can borrow $3,500 to $40,0002 with terms from three to six years. Marcus personal loans offer tailored monthly payments that can help you fit your payments more comfortably into your budget.
Additionally, after you’ve made at least 12 consecutive, on-time payments, Marcus will let you defer one of your monthly payments interest-free.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrowers with below-average credit
Unlike most lenders, OneMain Financial has no minimum credit score requirement — which means you might qualify even if you have below-average credit. OneMain Financial will also consider your financial history, income, expenses, and loan purpose to determine your creditworthiness.
With OneMain Financial, you can borrow $1,500 to $20,000 with terms from two to five years. Keep in mind that larger loan amounts might require collateral.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Consolidating credit card debt
If you’re planning to consolidate your credit card debt, Payoff could be a good option — its loans can only be used for this purpose. With Payoff, you can borrow $5,000 to $40,000 with terms from two to five years.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Small loan amounts
PenFed could be a good choice if you need to borrow only a small amount — you can borrow as little as $600 up to $50,000, depending on your loan term. Repayment terms range from one to five years.
Keep in mind that while you don’t need to be a PenFed member to apply for a loan, you’ll have to join the credit union if you are approved and want to accept the loan.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrowers who don’t have traditional income
Unlike many other lenders, Prosper doesn’t have a minimum income requirement — you’ll just need to show proof of some form of annual income. This means borrowers who don’t have traditional income might have an easier time getting approved — for example, if you are self-employed or receive pension checks.
With Prosper, you can borrow $2,000 to $40,000 with a three- or five-year term.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrower perks
SoFi is another lender that offers large loan amounts — you can borrow $5,000 to $100,000 with terms from two to seven years. With SoFi, you’ll also have access to various borrower perks, such as employment protection, career coaching, and investing advice.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrowers who want to build their credit
With Universal Credit, you’ll have access to free credit score monitoring, educational tools, and personalized recommendations that could help you build your credit. You can borrow $1,000 to $50,000 with Universal Credit.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Fast loan funding
If you need your money quickly, Upgrade could be a good choice — you could get within a day of clearing necessary verifications if you’re approved. With Upgrade, you can borrow $1,000 to $50,000 with a three- or five-year term.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Best for: Borrowers with little to no credit
In addition to your credit score, Upstart will consider your education and job history to determine your creditworthiness. This means you might still qualify even if you have little to no credit. You can borrow $1,000 to $50,0005 with Upstart.
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Learn More: Where to Get a Personal Loan
Here are the answers to several commonly asked questions regarding personal loans.
If you need a personal loan for debt consolidation, home improvements, or another purpose, you might not know where to start. To find the right loan for your needs, keep the following points in mind:
Eligibility criteria for a personal loan can vary by lender. However, there are a few common requirements you’ll likely come across, including:
A cosigner can be anyone with good credit — such as a parent, other relative, or trusted friend — who is willing to share responsibility for the loan. Keep in mind that this means they’ll be on the hook if you can’t make your payments.
Check Out: How to Get a Personal Loan With a 600 Credit Score
The average personal loan interest rates received by borrowers with credit scores of at least 720 who used Credible to take out a loan during the week of Aug. 30, 2021, were:
Keep in mind that personal loan interest rates can vary based on your credit score and other factors. In general, the better your credit, the lower the rate you’ll get. Here’s a breakdown of the interest rates you can generally expect based on your credit score:
Disclosure: This data is for a $10,000 loan amount.1
1The average minimum rate was calculated based on Credible.com users who requested personal loan prequalified rates between July 1, 2019, and July 31, 2019, for loans in the amount of $10,000 and $20,000, respectively, and who received rates through the Credible.com platform. The average minimum rates were then calculated across all of the the users within the same credit tier (Excellent 750+, Good 700-749, Fair 640-699, Poor <640). The credit scores for the users were based on Transunion soft credit pulls, not user self-reported data. If the user received more than one prequalified rate from more than one lender for multiple loan terms (e.g., loan terms between 2-7 years), the minimum prequalified rate received for the user within each data set (e.g., the $10,000 and $20,000 data set) was averaged across all users in the data set, not factoring in the term of the loan. Typically, however, shorter loan terms have lower rates.
There are several strategies that could help you improve your credit score, such as making on-time payments on all of your bills and paying down credit card balances.
Learn More: Best Personal Loans for Fair Credit
Personal loans generally range from $600 to $100,000 or more, depending on the lender. However, the amount you’ll actually be approved for will depend on your credit as well as your income and existing debt. Keep in mind that lenders might have more stringent requirements for large loan amounts.
With Credible, you can compare your prequalified rates as well as loan amounts from multiple lenders in just two minutes.

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Ready to find your personal loan?
Credible makes it easy to find the right loan for you.
Find My Rate
Checking rates won’t affect your credit


Check Out: Low-Income Loans: Personal Loans for a Tight Budget
You’ll generally have one to seven years to pay off a personal loan, depending on the lender. If you need a lower monthly payment, choosing a longer term to spread out your payments could be a good choice. But remember that this also means you’ll pay more in interest over time.
In general, it’s best to choose the shortest term you can afford to keep your interest charges as low as possible. Additionally, many lenders offer lower interest rates with shorter terms, which could help reduce your overall loan cost.
Learn More: Boat Loans: Calculate How Much Boat Financing Could Cost You
Personal loans offer several potential benefits, including:
Check Out: How to Get Out of Credit Card Debt
Unfortunately, there are plenty of scam artists willing to take advantage of borrowers desperate for a personal loan. Here are a few warning signs of personal loan scams to watch out for:
Learn More: Auto Loans for All Credit Types
While taking out a personal loan could be a good option in some circumstances, it isn’t the right move for everyone. Here’s how a few other options compare to personal loans so you can decide which is best for your situation:
If you decide to get a personal loan, remember to consider as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Ready to find your personal loan?
Credible makes it easy to find the right loan for you.
Find My Rate
Checking rates won’t affect your credit


Keep Reading: How Debt Consolidation Loans Can Help Your Credit Score
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.
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