Personal Loan Calculator
Calculate your personal loan payment and total cost. Compare rates, calculate monthly payments, and get AI-powered advice for debt consolidation, home improvements, and major purchases.
Personal Loan Guide
Understanding Personal Loans
Personal loans are unsecured installment loans that can be used for various purposes. They typically offer fixed interest rates and predictable monthly payments over 2-7 years.
• No collateral required
• Fixed rates and terms
• Quick approval process
• Versatile use of funds
Interest Rates by Credit Score
Excellent (720+):6-12%
Good (660-719):10-18%
Fair (580-659):16-25%
Poor (<580):25-36%
Rates vary by lender and loan purpose. Shop around for the best offers.
Common Personal Loan Uses
• Debt consolidation (most popular)
• Home improvements
• Medical expenses
• Wedding costs
• Major purchases
• Emergency expenses
• Business startup costs
• Vacation funding
Avoid using personal loans for investments or unnecessary purchases.
Qualification Requirements
• Credit score 580+ (varies by lender)
• Stable income verification
• Debt-to-income ratio < 40%
• Valid identification
• Bank account for funding
• Employment history (2+ years preferred)
Pre-qualification allows rate checking without impacting credit score.
Pros and Cons
Pros:
• No collateral required
• Fixed rates and payments
• Quick funding (1-7 days)
• Can improve credit mix
Cons:
• Higher rates than secured loans
• Origination fees (0-8%)
• Credit score requirements
• Prepayment penalties possible
Smart Borrowing Tips
• Shop multiple lenders for rates
• Check rates within 14-45 days
• Consider credit union options
• Read all loan terms carefully
• Avoid unnecessary add-ons
• Set up automatic payments
• Consider shorter terms to save interest
• Have a clear repayment plan
Only borrow what you need and can comfortably repay.
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