📊 Enter Your Loan Details
$
Most lenders offer $1,000 to $100,000
%
Current rates range from 6.49% (excellent credit) to 35.99% (fair credit)
Shorter terms = higher payments but less total interest
💰 Your Results
Estimated Monthly Payment
$339
$20,340
Total Amount Paid
$5,340
Total Interest
📈 Compare Different Loan Terms
See how different terms affect your payment and total interest (based on your inputs above):
| Loan Term | Monthly Payment | Total Interest | Total Paid |
|---|
📚 How Personal Loan Interest Works
Personal loans use simple interest calculated on your outstanding balance. As you pay down the principal, less interest accrues.
Your monthly payment stays the same, but the proportion going to interest vs. principal changes over time (this is called amortization).
Key factors affecting your rate:
- Credit score (most important)
- Income and employment
- Debt-to-income ratio
- Loan amount and term
💡 Tips to Get the Lowest Rate
- Check your credit score and fix any errors before applying
- Pre-qualify with multiple lenders (soft pull, no impact on credit)
- Choose the shortest term you can afford
- Set up autopay for rate discounts (0.25-0.50%)
- Consider a co-signer if your credit is fair
- Pay down existing debt to improve debt-to-income ratio