Personal Loan Calculator

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Personal Loan Monthly Payment Calculator

If you are considering a personal loan you should use a monthly payment calculator. Personal loan monthly payment calculators can help borrowers determine which terms are most favorable while estimating monthly payments. While you could use formulas to calculate personal loan payments, personal loan calculators are much more efficient. Keep reading to learn more about personal loans and what to expect.

What are personal loans?

Personal loans can provide a lump sum of cash while allowing borrowers to make easy monthly payments over time with interest. Personal loans can offer lower interest rates than credit cards making them a popular option for debt consolidation. Personal loans are also commonly used for financing home improvements, weddings, emergency expenses, vacations, and more.

What is the average interest rate on a personal loan?

According to Bankrate, the average personal loan rate may be as low as 10.3% for borrowers with credit scores of 720+. This is much lower than the average credit card rate of about 16%. Keep in mind these are averages and you can find personal loan rates as low as 5.24%. Rates may vary depending on the borrower, lender, loan term, loan amount, and other factors.

What is a good loan rate?

What is considered a good loan rate can vary from borrower to borrower. If you have excellent credit and consistent income a “good” interest rate would be lower than a “good” interest rate for a borrower with credit challenges. Most borrowers qualify for a personal loan rate between 10.3% to 28%. Considering these averages, a good interest rate could be any rate below this threshold.

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How to Use a Personal Loan Calculator

Taking out a personal loan means adding to your list of monthly payments due. Before committing to a loan, you will want to ensure that you can afford the monthly payment. Of course, you will need to get pre-qualified before you know the rates and terms available, but prior to applying you may want to estimate payments. Estimating payments prior can help you determine how much you should apply for or if you should apply at all.

Some of the information you can figure out includes what your estimated monthly payments will be, how much total interest you will pay over the term of the loan, and how much you will end up paying in total for the principal plus interest once the loan is paid in full. What the loan calculator does not include is if you are required to pay any fees. If there is an origination fee included on the loan, that may not be included in the loan calculator’s findings.

Additionally, if you incur any late fees throughout the life of the loan, or if there is a penalty for paying off the loan before the final payment due date, then those amounts will not be included either. A general rule that you should be aware of is that the longer the loan term, the more interest you usually pay but the lower the monthly payments should be. The shorter the loan term, the less interest you may pay but the higher the monthly payments may be. This is why using a loan calculator can help you to estimate your monthly payments ahead of time before choosing the length of the loan repayment period. You will want to find a monthly payment that is comfortable for your budget and that will not cause too much strain on your monthly finances. You may want to take on higher monthly payments to cut down the total amount of interest you will pay through the life of the loan, however, if your monthly payments are too big and begin to fall behind on payments, then you run the risk of defaulting on the loan.

Depending on the type of loan, there are different severe consequences that could have a lasting impact on your credit history. Any type of loan default can stay on your credit history and continue to drag down your credit score for a minimum of six years. If you have a secured loan, whatever asset you used to secure the funds of the loan can be repossessed by the lender and sold to pay the loan balance, plus fees, in full. Any proceeds from the sale of the asset will be returned to you. If the loan was unsecured, you may not lose an asset, but you still will take a significant hit on your credit score for a minimum of 6-years and you could potentially be sued by the lender. If a judgment is granted against you in favor of the lender, they may be able to garnish your wages or put a lien on your home or one of your vehicles. If you default on a home equity loan or a home equity line of credit, then you run the risk of home foreclosure. The lender may have the right to sell your home to cover the unpaid debt. Again, any proceeds from the sale of your home will be returned to you once the sale is complete. Home foreclosures can stay on your credit history for a minimum of 7-years and they can continue to cause credit issues long into the future after those initial 7-years.

The point is, when you are thinking about taking on a new loan, it is important that you do three things. First, only borrow what you can afford. Second, use a loan calculator to get a good idea of what kinds of monthly payments you may have to pay based on the APR, the amount of the loan, and the length of the loan repayment period. Last, choose a loan repayment period that gives you the monthly payments that will set you up for success. Taking on a loan can have some immediate and minor negative effects on your credit score, but after a few months of making payments on time and in full, you may start to see your credit score increase as you are building a positive credit history.

Using a personal loan calculator is simple. First, enter in the loan amount you are looking to obtain. Next, select a loan repayment period. Common loan repayment periods could be anywhere from 12 to 60-months depending on the amount. Next, you can put in an estimated APR that you think you may qualify for. It is good to know what your credit score is before doing this step. Based on your credit score, you could enter in a few different APRs to give yourself an estimated range of the amount of interest you may be required to pay. Some personal loan calculators actually let you enter in your credit score category, e.g. excellent (800+) or fair (580-669) and the calculator will give you an estimated APR based on current market rates. Once you have entered in all the required information, the loan calculator will give you an estimated monthly payment as well as tell you how much interest you can expect to pay during the life of the loan.

What Can a Personal Loan Be Used For?

The most beautiful thing about taking out an unsecured personal loan is once you are approved for the funds, the bank or lender has no say in how you use the money, as long as there are no spending restrictions. To qualify for an unsecured personal loan, a lender can look at your credit score, your debt-to-income ratio, and a few other determining factors to decide whether or not you should be approved or denied for the loan amount you are requesting. During the approval process, they may ask what the money will be used for in general, like for example, a home improvement project, purchasing a used car, debt consolidation, etc. However, if you are doing a home improvement project, for example, the lender is not going to require professionally drawn-up blueprints or bids from contractors as they may require for other types of financing.

Once you are approved for the loan and the money hits your account, you can use the money however you would like, as long as there are no spending restrictions. You could totally change your mind on how you want to use the money and you would never need to inform the lender. For example, let us say you take out a $20,000 personal loan to renovate your kitchen, and then while you were waiting for the funds to hit your account, you had a large storm and your entire backyard flooded due to drainage issues. You could decide to clean up your yard and hire a company to come in and complete a full backyard excavation and landscaping project with the money instead. The bank should not care that you change how you use the funds as long as you continue to make the monthly payments in full and on time.

That being said, there are some uses of a personal loan that may be a wiser use of funds than others. Here is a quick breakdown of some of the more common and more intelligent ways to use the funds from a personal loan.

Home remodeling projects: One of the best uses of a personal loan is home remodeling projects that can add value to your home. If you are looking for the highest return on your investment, then you may want to consider a minor bathroom remodel, a landscaping project, a minor kitchen remodel, converting an attic to a living space, or a full basement remodel. If you are looking for a remodeling project that improves the quality of living for you and your family, then may you would like to install a deck, patio, or other outdoor living space. Or, you could put in all new carpeting, new windows and doors, or even install an in-ground pool. With an unsecured personal loan, you can use the funds to complete any home remodeling project that you can think of.

Debt consolidation: Debt consolidation is a smart use of funds for any type of borrower. Whether you have good credit or bad credit, a debt consolidation loan can help you organize your finances and simplify your life by combining all of your debts into one easy monthly payment. First, you take out a car loan, then you have a small personal loan for an emergency repair, then you max out one credit card and apply for and begin using another credit card. Before you know it, you have 6, 7, 8 different monthly payments all with different due dates and for different amounts. A debt consolidation loan will give you the funds to pay off that car loan, pay your credit cards, pay off that other personal loan, and then simply just pay off the one loan over time with monthly payments. If you are interested in a debt consolidation loan, some lenders may even offer to pay your creditors on your behalf and deposit any remaining funds into your personal account.

Emergency expenses: Untimely expenses are never welcomed with open arms, however, they are inevitable in life. Whether it is to cover the costs of a funeral for the untimely death of a loved one or to replace a furnace that goes out in the dead of winter, no one enjoys untimely emergency expenses. This is why it is always important to have a rainy day fund for these exact types of emergencies, however, sometimes that is not realistic for a modern family. Or, sometimes you may want to hold onto your savings for other expenses, and by using a personal loan, you can make sure your rainy-day fund stays intact. By using a personal loan to cover any unexpected emergency expenses, you can get the funds to cover the costs and simply pay them off through monthly payments. If you use an online lender, you may find a lender who is able to deliver same-day funding so that you can take care of your emergency immediately.

Purchasing appliances: Purchasing new appliances can add up costs quickly. If you are moving into a new home and need to fill the place with new appliances, electronics, and even furniture, using one larger personal loan to cover all those expenses may be a better option than using in-store financing at three or four different stores. With a personal loan, you can receive one lump sum payment to your personal account, and then you can shop for everything you need and pay cash at the time of purchase at each of the stores you visit. Simply pay off everything with one easy monthly payment rather than several payments spread out across multiple creditors. Keep in mind, if you are looking to replace older appliances with newer energy-efficient appliances, you may be eligible for certain federal, state, or local tax credits.

Wedding expenses: Weddings seem to get more and more expensive every year. The costs to rent a venue, pay for the caterer, florist, photographer, videographer, DJ or live band, etc. can add up quickly. In 2019, the average cost for a wedding was around $28,000, with the venue rental accounting for the most expensive part coming in at about $10,000 alone. The $28,000 does not include the engagement or wedding rings. Bottom line, even if you try to have a small conservative wedding, you are looking at a few thousand dollars at a minimum. Some people may be fortunate enough to have some family who can help pay for some or all of these expenses, but for everyone else, a personal loan may be a good way to cover any expenses related to your wedding. Additionally, you could ask for a loan that is a little bit larger than what your wedding is expected to cost and use any leftover funds for the honeymoon.

Vehicle financing: If you are buying a used car or truck from an individual and not through a dealership, you can use a personal loan to pay for that purchase. Additionally, if you qualify for an unsecured personal loan and for some reason you are unable to continue to make your monthly loan payments, you will not have to risk the lender coming in and repossessing the car or truck. Of course, there will be severe consequences for defaulting on a personal loan, however, your transportation to and from work will not be taken from you. Just like a personal loan can be used for a car or truck, it can also be used for a boat, RV, motorcycle, ATV, snowmobiles, or any other vehicle type.

Moving costs: To be frank, moving is a pain. It can be hard work to pack everything up, load it into multiple vehicles including a large moving truck, drive it all across the city, state, or country, and then unload and unpack everything. Not to mention the cleaning that needs to be done and all the other stresses of paperwork and other moving logistics that need to be coordinated. There was a time when maybe you could entice some friends to help with the promise of free beer and pizza, but those times may have come and gone. It might be time to bite the bullet and pay for a professional moving company to come in and help with the move. A professional moving company can save you time and energy and give you peace of mind. They are worth their weight in gold. Before moving you may want to consider taking out a personal loan to cover the costs of the professional moving company as well as cover any unexpected costs that may occur during the transition.

As discussed before, a personal loan, once approved, can be used for any purpose that you see fit. However, it is important to remember that there are intelligent ways to use the funds from a personal loan that may be better than other uses.

How to Apply for a Personal Loan

There are two main ways to apply for a personal loan. The first way is through your personal bank or credit union where you have your checking and savings accounts. The second way is through an online lender. Both processes are essentially identical with only the slightest differences. The main difference is that when you apply for a personal loan through your bank, you may have to go into a branch to complete some or all of the process. Some banks may have updated their banking capabilities to include online financing options, however, not all of them have. When it comes to applying for a personal loan from an online lender, the entire process can be completed online with maybe some of the process done over the phone depending on your situation. Aside from these main differences, the loan application process is pretty much the same. Here is a quick step-by-step guide to how to apply for a personal loan.

Set a budget: Before applying for a personal loan, you should try to set a budget for how much you can afford and how much you need for what you are trying to accomplish. Use a loan calculator to get some rough estimates of what kind of monthly payments you may be looking at. Always borrow within your means.

Check your credit report: Also before applying for a personal loan, you may want to review your credit report to ensure it is accurate and to see if there are any minor issues you can resolve to increase your credit score quickly.

Decide where you want to get a loan: Choose where you would like to obtain our loan. You can go with your bank or credit union, or you can shop for a personal loan online. One thing to consider is that if your bank or credit does not offer prequalification, you may want to consider using an online lender so you can shop for loan offers without impacting your credit score.

Get prequalified: Getting prequalified is the best way to determine how much you could qualify for and at what interest rates. The prequalification process is based on a soft-pull credit check that has no impact on your credit score.

Shop lenders and review loan offers: If you go the route of online lending, once you prequalify, you should start to receive loan offers from various lenders. You will want to review the loan offers and the lenders for things like interest rates, fees, and penalties, types of interest, secured versus unsecured options, autopay discounts, and also you will want to read all the fine print.

Apply for the loan: When you find a loan offer you like, prepare all your proof of income, identification, and proof of address documents plus whatever documents the lender requests and send copies in with the loan application.

Close the loan: Once all the documents have been verified, close the loan by signing the loan agreement and receiving your funding.

Some lenders or financial institutions may have additional steps or requirements, however, this is a basic summary of the most basic steps for applying for a personal loan. If you are ready to check personal loan offers, visit Acorn Finance. Acorn Finance has a network of top national lending partners. Within 60 seconds or less you can check offers without impacting your credit score.

How to prequalify for a personal loan

To pre-qualify for a personal loan, all you need is an internet connection and a little of your time. The process is simple and you can typically receive an answer within a few minutes. By asking a few quick questions about your identity and income information, a soft pull credit check can be conducted that can tell you how much you could qualify for and at what interest rates. Once you prequalify, you can then begin to receive loan offers from various lenders across the United States.

How to calculate a personal loan and personal loan monthly payments:

The best way to calculate a personal loan and personal loan monthly payments is to use an online personal loan calculator. Before you use an online personal loan calculator, you should check your credit score so you have a rough idea of what kind of interest rates you may qualify for. By looking at what kinds of APRs different lenders are offering, and by knowing where you may fall on a lender’s APR spectrum, you can use that estimated APR combined with the loan amount and the length of the repayment period to determine what your monthly payments may be and how much total interest you may need to pay.

To summarize here is how you can calculate personal loan monthly payments. . .

  • Check your credit score
  • Check offers or browse rates and terms available based on your score
  • Use a personal loan payment calculator

Shopping for a personal loan – what it means:

When you shop for a personal loan, you will want to compare offers. When comparing offers, there are several different elements you should consider.

  • APR: The annual percentage rate is the total cost of the loan including any origination fees.
  • Monthly Payment: The amount you are required to pay each month based on your loan amount, APR, and the length of the loan term,
  • Principal: The amount you and the lender agreed upon for the loan.
  • Interest: The cost of having access to the principal amount.

What’s a good annual percentage rate on a personal loan?

Here are some average APRs based on credit score ranges that consumers have paid on personal loans through the period of July 1, 2020, to July 31, 2021. Keep in mind that these averages are calculated across all online lenders and that an individual’s experience will vary depending on the lender and their individual financial situation.

  • Excellent credit (720 to 850): Average APR of 11.2%
  • Good credit (690 to 719): Average APR of 15.5%
  • Fair credit (630 to 689): Average APR of 20.5%.
  • Bad credit: (629 or below) Average APR of 25.3%

Where is the best place to get a personal loan?

For many potential borrowers, the best place to obtain a personal loan is going to be online. The online lending market is fiercely competitive which can help to keep interest rates lower and encourage lenders to create incentives and perks to attract consumers. Additionally, the ability to pre-qualify and shop multiple lenders at the same time is a powerful tool that can help a potential borrower save a lot of money.

Calculating current rates based on lender:

Below are some of the current estimated interest rates that the top online lenders are offering on personal loans. If you know what your credit score is, you can then kind of gauge what kind of interest rate you would qualify for when applying for a personal loan through a particular lender and then enter that estimated APR into a personal loan calculator to estimate monthly payments and the total amount of interest you may need to pay. For example, if you have a credit score of around 660 and you qualify for a personal loan through LightStream, you may want to enter in an estimated APR that is closer to the 17.49% higher end of the APR spectrum that LightStream currently offers.

Here are the current APR ranges for many of the top online lenders in the online lending market.

  • LightStream 5.24% – 17.49%
  • SoFi 5.99% – 20.94%
  • BestEgg 5.99% – 29.99%
  • Prosper 7.95% – 35.99%
  • Upgrade 6.94% – 35.97%
  • Axos Bank 7.99% – 35.97%
  • OneMain Financial 8.98% – 36%
  • LendingPoint 15.49% – 35.49%

Why use a personal loan calculator?

A personal loan calculator can help you determine how much you can afford to borrow and how long you need to pay back the loan. You can enter in different loan amounts, loan terms, and APRs, to help find the right combination that can give you the monthly payments you can afford.

Why are personal loan rates so high?

Personal loans do not require collateral which means there is increased risk for the lender. Primarily, this is why personal loans may have higher interest rates than other types of loans such as secured loans. However, personal loans are less risky for the borrower and usually easier to get since they do not require collateral. Most lenders do not have an early payoff penalty meaning you can pay the personal loan off early and save money on interest without incurring fees.

Are personal loans bad?

Personal loans are designed to help individuals consolidate debt or make large purchases. In most cases, they can be beneficial. However, if an individual has too much debt and takes out a personal loan, they may experience financial stress and hardships. If you are unable to repay a personal loan your credit may be damaged.

Do personal loans hurt your credit?

Personal loans can hurt your credit if you miss payments or fail to repay the loan. However, this could happen with just about any type of loan. If you make on-time payments and pay off a personal loan, your credit score may improve.

What should I know before getting a personal loan?

Before getting a personal loan you should know that a variety of lenders offer them. It’s equally important to choose a reputable lender and a competitive loan offer. When you apply for a personal loan, most lenders will pull your credit. As you may already know, you should avoid multiple credit inquiries. So how can you compare personal loan offers without impacting your credit score? The answer is simple, use Acorn Finance. Acorn Finance has multiple top-rated lending partners. Individuals can submit an inquiry at Acorn Finance to check offers within seconds without impacting their credit score.

What are the disadvantages of a personal loan?

One of the biggest disadvantages of a personal loan is taking on more debt. However, if you are using a personal loan for debt consolidation, you may not be taking on more debt. Another disadvantage of a personal loan is higher interest rates. In some cases, the alternative option may have even higher interest rates or more risk. As long as you spend personal loan funds wisely, there should be more advantages than disadvantages.

Which bank personal loan is best?

LightStream, has been applauded for its high loan amounts, competitive interest rates, and flexible approval requirements. In addition, LightStream has no fees. LightStream is an Acorn Finance lending partner. Borrowers can receive a personal loan offer from LightStream and other top-ranked lenders by submitting one form at Acorn Finance.

Is it smart to pay off credit cards with a personal loan?

If you are overwhelmed by credit card debt, using a personal loan for debt consolidation can be a smart choice. While you are technically paying off credit cards with another loan, you are really consolidating multiple credit card balances into one lower interest loan. Consolidating debt into one loan with a lower rate can save borrowers money on interest while making debt much easier to manage with just one monthly payment.

Will my credit score increase if I pay off a personal loan?

If you maintain on-time payments and successfully pay off a personal loan, your credit score should increase. However, there are external factors that could cause your credit score not to increase. For example, if you pay off the personal loan but take out another loan around the same time it may appear that your credit score does not improve. Regardless of whether your credit score increases or not, paying off a personal loan should leave a good mark on your credit report, thus improving your overall credit history.

What credit score is needed for a personal loan?

To qualify for a personal loan you should have a FICO score of 600 and above. If your FICO score is below this, there’s a chance you still qualify but it may be difficult. For borrowers with a FICO score below 600, you should apply with a cosigner to increase the chance of approval.

Can you use a personal loan for anything?

Unlike secured loans such as home or auto loans, personal loans can be used for just about anything. Personal loans are versatile in the sense that they can be used for many purposes. As long as your bank or lender does not have spending restrictions, you should be able to use a personal loan for just about anything. Acorn Finance helps thousands of people get personal loans from the best lenders, helping them finance home improvement projects.

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Does a personal loan show up on a credit report?

Shopping for a personal loan may or may not show up on a credit report, depending on whether the lender does a hard or soft pull. Soft credit pulls usually do not show up on a credit report. However, if you accept a personal loan offer and borrow the money it should reflect on your credit report.

How much can I get for a personal loan if my salary is $15,000?

Most lenders have a minimum income requirement for personal loans. If you have an annual salary of $15,000, it may be difficult to get a personal loan. Furthermore, it’s likely that you will not qualify for a large loan amount. If you have a monthly salary of $15,000 you should easily qualify for a personal loan in terms of income requirements.

How much is a payment on a $10,000 loan?

The monthly payment for a $10,000 personal loan can vary depending on the rate and terms. The best way to calculate your monthly payment is to use a personal loan payment calculator. Monthly payments for a $10,000 personal loan could be as low as $150 per month or as high as $400 or more.

What is the monthly payment on a $30,000 loan?

Whether you are trying to estimate the monthly payment for a $10,000 loan or $30,000 loan you should use a personal loan payment calculator. The monthly payment for a $30,000 personal loan could be as low as $360 per month.

How much would a monthly payment be on a $50,000 loan?

The monthly payment for a $50,000 loan may be as low as $598 per month. Monthly payments can vary depending on the loan amount, rate, and term. For a $50,000 personal loan, you’ll probably want to use a longer loan term. Some lenders may offer terms up to 12 years.

What is the monthly payment on a $150,000 loan?

Most lenders only offer personal loans up to $100,000. If you need to borrow more than a $100,000 personal loan, you should consider a secured loan. To estimate the monthly payment for a $150,000 loan you should contact a lending specialist or professional.

What should I do next?

As you compare personal loan offers, you may be wondering which offer is actually best. For example, one offer may offer you more money but at a higher rate or shorter term than another offer. So which offer is actually better? Using a personal loan payment calculator you can estimate monthly payments and calculate interest costs. Personal loan payment calculators can help you choose the best personal loan offer.

Discover competitive personal loan offers without impacting your credit score…apply online today!

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