What credit score do I need for a personal loan?

Most lenders require a minimum credit score of 580–660 for personal loans. Borrowers with scores above 720 typically qualify for the lowest rates (6–10%), while those with lower scores may see rates of 20–36%.

Are personal loans better than credit cards?

Personal loans typically offer lower interest rates than credit cards (average ~11% vs ~21%) and have fixed repayment schedules. They're often better for large, one-time expenses or consolidating high-interest debt.

What is an origination fee?

Many personal loan lenders charge an origination fee of 1–8% of the loan amount, deducted from your disbursement. For example, a 5% fee on a $10,000 loan means you receive $9,500 but repay $10,000 plus interest.

Can I pay off a personal loan early?

Most personal loans allow early payoff. Some lenders charge a prepayment penalty (typically 1–5% of remaining balance), but many do not. Check your loan terms before signing.

Personal Loan Calculator – Monthly Payments & Total Interest

Calculate personal loan monthly payments, total interest, and total cost. Compare loan terms and rates with our free personal loan calculator.

Last updated: 2026-03-09

Personal loan payment calculator

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Understanding Personal Loans

A personal loan is an unsecured loan with fixed monthly payments over a set term. Unlike auto loans or mortgages, personal loans don't require collateral, which typically means higher interest rates but greater flexibility in how the funds are used.

The Formula

Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1]
where P = loan amount, r = monthly rate, n = total months

Key Facts

Personal loan rates typically range from 6% to 36% depending on credit score
Terms usually range from 12 to 84 months
Some lenders charge origination fees of 1–8% deducted from the loan amount
Shorter terms mean higher payments but less total interest paid

Frequently Asked Questions

What credit score do I need for a personal loan?: Most lenders require a minimum credit score of 580–660 for personal loans. Borrowers with scores above 720 typically qualify for the lowest rates (6–10%), while those with lower scores may see rates of 20–36%.
Are personal loans better than credit cards?: Personal loans typically offer lower interest rates than credit cards (average ~11% vs ~21%) and have fixed repayment schedules. They're often better for large, one-time expenses or consolidating high-interest debt.
What is an origination fee?: Many personal loan lenders charge an origination fee of 1–8% of the loan amount, deducted from your disbursement. For example, a 5% fee on a $10,000 loan means you receive $9,500 but repay $10,000 plus interest.
Can I pay off a personal loan early?: Most personal loans allow early payoff. Some lenders charge a prepayment penalty (typically 1–5% of remaining balance), but many do not. Check your loan terms before signing.

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