Free · No sign-up required
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.
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.