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Calculate monthly payments and total interest for a personal loan or unsecured line of credit.
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P = loan amount, r = monthly rate, n = total months
Personal loans are unsecured loans used for debt consolidation, home improvements, medical bills, major purchases, or emergencies. They typically have fixed rates and set repayment terms of 1-7 years.
Rates range from about 6% for excellent credit to over 35% for poor credit. The average personal loan rate is around 11-12%. Compare offers from multiple lenders including banks, credit unions, and online lenders.
Applying creates a hard inquiry (small temporary drop). Opening the loan adds to your credit mix (positive). Consistent on-time payments build credit history (positive). High utilization or missed payments hurt your score.
Personal loans usually offer lower fixed rates than credit cards, making them better for large balances. A fixed payoff timeline adds discipline. Credit cards with 0% balance transfer offers can be cheaper for smaller amounts.
Many online lenders and credit unions have no prepayment penalties. Traditional banks sometimes charge a fee. Always check the loan agreement before signing. Paying early saves interest if no penalty applies.