Personal Loan Calculator
Calculate your personal loan payments, total interest, and compare different loan options for debt consolidation, home improvement, or other personal financing needs.
Additional Options
Payment Summary
Monthly Payment:
$0.00
Total Payments:
$0.00
Total Interest:
$0.00
Payoff Date:
N/A
Loan Analysis
Principal Amount:
$0.00
Interest Rate:
0.00%
Loan Term:
0 years
Interest as % of Total:
0.00%
Rate Comparison
Enter loan details and click calculate to see rate comparisons
Understanding Personal Loans
Personal loans are unsecured loans that can be used for a variety of purposes including debt consolidation, home improvements, medical expenses, or major purchases. Understanding the terms and comparing options can help you find the best loan for your needs.
Types of Personal Loans
Unsecured Personal Loans
- No collateral required
- Based on creditworthiness
- Flexible use of funds
- Higher interest rates
Secured Personal Loans
- Collateral required (car, savings, etc.)
- Lower interest rates
- Larger loan amounts possible
- Risk of losing collateral
Debt Consolidation Loans
- Combine multiple debts into one
- Potentially lower monthly payment
- Simplified debt management
- May extend repayment period
Home Equity Loans
- Secured by home equity
- Lower interest rates
- Large loan amounts
- Risk of foreclosure
Personal Loan Interest Rates (2024)
| Credit Score Range | Interest Rate Range | APR Range | Loan Amount |
|---|---|---|---|
| Excellent (750+) | 6.5% - 12.5% | 6.99% - 35.99% | $1K - $50K |
| Good (680-749) | 8.5% - 15.5% | 9.99% - 35.99% | $1K - $35K |
| Fair (620-679) | 10.5% - 20.5% | 12.99% - 35.99% | $1K - $20K |
| Poor (Below 620) | 15.5% - 35.5% | 17.99% - 35.99% | $500 - $10K |
Personal Loan Requirements
Qualification Factors
Credit Requirements
- Credit score: 620+ (higher better)
- Clean credit history preferred
- Debt-to-income ratio under 36%
- Stable employment/income
Documentation Needed
- Proof of income (pay stubs, tax returns)
- Identification (driver's license, SSN)
- Bank statements
- Address verification
Age Requirements
- Minimum age: 18 years old
- Some lenders require 21+
- U.S. citizenship or permanent residency
- Valid Social Security number
Loan Terms
- Loan amounts: $500 - $50,000
- Terms: 1-7 years typically
- Fixed interest rates
- No prepayment penalties
Alternative Personal Financing Options
Credit Cards
- Convenient access to funds
- Rewards and cash back possible
- Higher interest rates
- Minimum monthly payments
401(k) Loans
- Low interest rates
- No credit check required
- Limited to 50% of vested balance
- Repayment through payroll
Home Equity Line of Credit (HELOC)
- Lower interest rates
- Large borrowing amounts
- Variable interest rates
- Home as collateral
Peer-to-Peer Lending
- Competitive rates
- Fast approval process
- Alternative to traditional banks
- Varies by platform
Key Takeaways for Personal Loans
- Shop around and compare rates from multiple lenders
- Check your credit score before applying
- Understand all fees including origination fees
- Consider your debt-to-income ratio
- Only borrow what you can afford to repay
- Look for loans with no prepayment penalties
- Consider secured loans for better rates if possible
- Read the fine print and understand all terms