Personal Loan Calculator

Estimate your monthly loan payments using our personal loan calculator.

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How to use this personal loan calculator

To use LendingTree’s personal loan calculator, input the following:

Loan amount: Start by entering how much you want to borrow. Many lenders offer personal loans up to $50,000, while some offer $100,000 or more to eligible borrowers.
Interest rate: Your interest rate is the percentage you’ll pay to borrow the loan amount. Borrowers with strong credit may be eligible for a lender’s lowest rates, while borrowers with bad credit can expect to pay a higher rate.
Loan term: Your loan term is how long you have to repay your personal loan. Generally, it’s smart to select the shortest loan term you can comfortably afford. The longer your term, the more you’ll pay in total interest over the life of the loan.

With these figures, our personal loan calculator shows how much you’ll pay each month and in total for each loan. Use these numbers to compare loan options and determine which one is the best for you.

What to consider when calculating your personal loan payments

When shopping for a personal loan, keep the following in mind.

Your credit score will determine the features, amounts, interest rates and loan terms you may be eligible for. The better your credit score, the higher your chances are to qualify for a lender’s lowest rates.
Loan use can affect the loans you’re eligible for, since some lenders only service loans for specific purposes. Some of the most common uses of personal loans include debt consolidation, credit card debt consolidation, home improvement loans and medical loans.
For the best rates, look into personal loans at various types of lenders, including banks, credit unions and online lenders. Loan marketplaces like LendingTree allow you to compare multiple lenders at once.
Personal loans generally come with fewer fees compared to other forms of borrowing, but many lenders do charge an origination fee. These fees can get as high as 12.00% of your loan amount and are typically taken out of the total balance of your loan before you receive your funds.
You can prequalify with multiple lenders to get an idea of the rates and terms you may be eligible for. Then, plug in the potential rates, terms and amounts into the personal loan calculator to estimate your monthly payments and total cost over the lifetime of the loan.

What is a good personal loan rate?

A good credit score can help you access low personal loan interest rates. According to the FICO Score scale, a good credit score is at least 670. With a higher credit score, you can expect to receive a lower interest rate, reducing your total cost of borrowing.

Credit score range	Average APR	Average loan amount
720+	14.34%	$19,657.52
680-719	21.19%	$16,032.83
660-679	32.30%	$12,392.46
640-659	44.50%	$10,010.65
620-639	62.90%	$6,881.93
580-619	89.86%	$4,811.89
560-579	125.18%	$3,147.46
Less than 560	165.30%	$2,568.42

Source: LendingTree user data for closed personal loans in the first quarter of 2023

What to do next

Now that you know how to research and understand personal loan offers, here’s what to do next.

Improve your creditworthiness

Having a healthy credit history is always a good idea — even more so when you’re shopping for a loan. Strong credit increases your chances of being approved for a personal loan at a lower rate. Continue to raise your credit score by paying down debts, paying bills on time and reviewing your credit reports for free.

Navigate the application process

Applying for a personal loan can be different with each lender, but here’s what you can generally expect.

Prequalify if possible. As mentioned earlier, prequalifying for a loan is the best way to learn if you will be approved for a loan with a lender — and if so, what your rates may look like. Prequalifying is when a lender reviews your basic financial information — without a hard credit inquiry — and estimates your loan terms. Not all lenders offer this service.
Compare your loan offers with multiple lenders. Shopping around and receiving quotes from multiple lenders can help ensure you’re getting the best loan for you. Compare details like interest rates, loan lengths and fees, and use our personal loan calculator to view possible monthly payments. As long as you apply within a 14-day window, receiving multiple offers will not impact your credit score any more than receiving one.
Formally apply for a personal loan. Once you decide to move forward with a certain lender, you’ll verify your information and fill out a formal application. You’ll need to provide the lender with documents such as W-2s and pay stubs to confirm your income, as well as a government-issued identification to verify your identity. During this process, you may have to submit to a hard credit pull, which can temporarily lower your credit score by a few points.
Officially accept your personal loan. To close on your loan, you’ll need to sign the official paperwork and wait for the lender to deposit your funds into your account. This can take anywhere from one to five days after you’ve been approved, depending on the lender.

Frequently asked questions

Personal loans are a form of unsecured debt that are offered as a lump sum as opposed to a revolving line of credit, like credit cards. Personal loans typically have APRs up to 36% — and since they don’t usually require collateral, lenders review your credit report and score to determine your creditworthiness.

Yes — most personal loan lenders allow you to pay off a personal loan early without charging a prepayment penalty. This type of fee is more common among mortgage companies, but it’s a good idea to check with your lender before repaying your personal loan early.

Getting a personal loan can be an easy process, provided that you can meet the lender’s personal loan requirements. Generally, you’ll want a good credit score, a history of on-time payments and a DTI ratio below 43%.

You may still qualify for a personal loan if your credit needs some work, but it can be difficult. If you need a loan before you have a chance to improve your credit score, you can apply for a bad credit personal loan with a reputable lender. However, you’re likely to pay a high interest rate if you’re approved.