Free · Unsecured · 8–18% APR

Personal loan calculator

Calculate the true monthly cost of a personal loan. Unsecured, fixed-rate, 2–7 year terms from $1,000 to $100,000. Best for debt consolidation and large planned purchases.

2026 personal loan APR by credit tier · Experian State of Personal Loans · LendingTree weekly trends

740+ FICO: ~9–11% · 670–739: ~13–17% · 620–669: ~18–24% · <620: 25%+

Personal loan APRs are credit-tiered more sharply than mortgage or auto. The same lender quoting 9.99% to a prime borrower will quote 24.99% to a near-prime applicant for the same $15k 5-yr loan. Origination fees of 1–8% are baked into APR but quoted separately in marketing.

We surface the tier you fall into based on your input credit score so the rate isn't a single optimistic guess.

How to Calculate a Personal Loan Payment

Find your true monthly payment, total interest, and origination-fee-adjusted APR on any personal loan in four steps.

Step 1
Enter the loan amount
Use the principal you want to borrow (e.g., $20,000). If the lender charges an origination fee, the cash you actually receive is principal × (1 − fee%); enter the gross principal here.
Step 2
Enter the APR
2026 APR by credit tier: 740+ FICO → 9–11%, 670–739 → 13–17%, 620–669 → 18–24%, sub-620 → 25%+. Always quote APR including origination fee, not the lower 'interest rate' figure.
Step 3
Set the term in years
Standard 2–7 years. Shorter term raises monthly payment but cuts total interest in half. 60-month vs 36-month on a $20K @ 11% loan: $435 vs $655/month, but $6,098 vs $3,605 total interest.
Step 4
Read monthly payment and total interest
The calculator shows fixed monthly P&I and lifetime interest cost. Compare against credit card balance-transfer math: 0% APR cards beat personal loans for 12–21 months if you can pay off in that window.

Top personal loan lenders (2026)

Lender	APR range	Origination fee
LightStream	7.49–25.99%	None
SoFi	8.99–29.99%	0–7%
Marcus (Goldman)	9.99–24.99%	None
Discover	7.99–24.99%	None
LendingClub	8.98–35.99%	3–8%
Upstart	7.80–35.99%	0–10%

When a personal loan makes sense

Debt consolidation: swap 22% credit card APR for 10–12% loan APR. Save thousands if you actually pay it off and don't reload the cards.
Major home repair: roof, HVAC, plumbing — when you can't tap home equity.
Medical bills: avoid 18% medical credit cards by switching to 8–12% personal loan.
Funeral, moving, large unexpected expense: better than putting on credit cards.

Watch for origination fees

Lenders like LendingClub and Upstart charge 3–10% origination fees deducted from your loan proceeds. Borrow $20,000 with a 5% origination fee = receive $19,000 but pay back $20,000. The effective APR is meaningfully higher than the quoted APR. LightStream, Marcus, and Discover charge zero origination — easier comparison.

Personal Loan Calculator FAQ

How does a personal loan affect my credit score?

Initial hard pull dings score 5–10 points. After that, it depends on use. Consolidating credit cards into a personal loan typically boosts score within 60–90 days as utilization drops. Missing payments tanks score quickly — personal loan delinquencies hit hard.

Can I get a personal loan with bad credit?

Possible but expensive. Borrowers with 580–640 FICO get APRs of 20–35%+. Below 580, options narrow to predatory short-term lenders. Better path: credit-builder loan + secured card for 6–12 months, then re-apply at lower APR.

Personal loan vs credit card — which is cheaper?

Personal loan in almost every case if you carry a balance. Credit cards average 21% APR; personal loans average 11–14%. For balance transfers with a 0% intro period, the card wins for 12–21 months if you can pay it off in that window.

How fast can I get a personal loan?

Online lenders fund in 1–3 business days after approval. Some (LightStream, SoFi) offer same-day funding for established borrowers. Bank loans (Wells Fargo, USAA) take 3–7 days. Application + approval typically 24 hours with a soft pull pre-qualification.

Is a personal loan tax-deductible?

No — interest on personal loans is not tax-deductible (unlike mortgage interest, student loan interest, or business loan interest). The only exception: if you can document the loan was used for investment purposes, the interest may be deductible as investment expense.

Can I prepay a personal loan?

Almost always yes. Federal Truth in Lending makes prepayment penalties on personal loans uncommon. Always read the fine print — extra payments go to principal and shorten the term, saving interest.

What's a good personal loan rate in 2026?

In 2026, a 'good' rate is one below your credit-tier midpoint: 740+ FICO should target sub-10% APR; 670–739 should target sub-15%; 620–669 should target sub-20%. Anything materially above the tier midpoint is the lender taking advantage of a low shopping habit — get 3 quotes and use the lowest.

How does the origination fee affect my real APR?

An origination fee is deducted from your loan proceeds but you still owe the full principal. A $20,000 loan at 11% APR with a 5% origination fee delivers only $19,000 cash but you pay back $20,000 + interest — the effective APR jumps from 11% to roughly 13.5%. Lenders quote APR including fees by law, but they bury this in fine print.

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Methodology and editorial standards

Each calculator uses its own inputs and method. Review the labels, units and assumption notes shown with the result. Costs, taxes, fees, benefits and other factors are not modeled unless the page or calculator explicitly says they are. A fixed-rate projection is a scenario, not a forecast or personalized recommendation.

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