Personal Loan Calculator
Estimate your monthly payment before you borrow.
Slider increases by $1,000 increments.
Average personal loan APR is 6–36% based on credit score.
How to Use This Free Personal Loan Calculator
To get an estimate, enter the loan amount, APR (annual percentage rate), and term in months, and the calculator will show your monthly payment. Adjust the inputs to see how the numbers change.
What Makes Your Personal Loan Payment Change?
A personal loan payment calculator helps you model the loan amount, interest rate, and term that affect your repayment:
Loan amount
If you decide to borrow more, you pay more each month as the balance increases.
Interest rate
Your rate depends on your credit profile, income, and lender criteria. Even a 3-4% difference in APR can significantly impact the total cost over a multi-year term.
Repayment term
Longer terms lower the monthly payment but raise the total interest paid. Shorter terms cost more each month but less overall. Most personal loans last between 12 and 60 months.
How Much Would a $5,000 Loan Cost Per Month?
It depends almost entirely on the rate and term. Below is a comparison of usual APR ranges based on different credit profiles:
| APR (%) | Monthly payment (12-mo term) |
Monthly payment (24-mo term) |
Monthly payment (36-mo term) |
Monthly payment (60-mo term) |
|---|---|---|---|---|
| 8% | $434 | $226 | $157 | $101 |
| 15% | $451 | $242 | $173 | $119 |
| 25% | $476 | $267 | $199 | $147 |
| 36% | $503 | $295 | $229 | $181 |
As the table shows, higher APRs increase both your monthly payment and overall loan cost, even if the difference looks small at first.
*The actual numbers depend on your credit profile and the lender’s terms and fees. Use the personal loan payoff calculator above to run your specific offer and see the full picture.
How to Compare Personal Loan Offers
The total cost of lending options varies, even if the monthly payments are the same. Here’s what to focus on:
- Compare interest rate and APR. The annual percentage rate includes both the interest and lender fees. A loan with a lower rate but a 5% origination fee can cost more overall than one with a slightly higher interest and no fees.
- Check total repayment. Two loans can have the same monthly payment but very different total costs depending on the fees and terms.
- Confirm prepayment terms. If one lender lets you pay off early with no penalty and another charges a fee for it, that’s a meaningful difference, especially if you plan to pay ahead.
- Look at how quickly funds are sent. Prioritize lenders who offer a transparent funding timeframe, especially if timing matters to you.
- Know whether the rate is fixed or changing. Predictable, stable rates make budgeting easier over the full term. Variable rates can change and may add financial risk over time.
Many online lenders offer pre-qualification with a soft credit check that has no impact on your score. Comparing a few options with a personal loan calculator can help you make a smarter choice.
How to Apply for a Personal Loan
1F Cash Advance keeps the process simple:
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Fill out the form online
The application takes a few minutes. You will need to give your name, details about your income, your address and the amount you want to borrow.
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Check the offer
If a lender approves your application, you’ll see the full terms, such as APR, payment schedule, and total amount, before anything is finalized.
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Receive funds after signing
After you review and e-sign the agreement, funds are typically deposited the same or next business day.
Note: 1F Cash Advance focuses on your current income and repayment capacity, not just your credit history.
Frequently Asked Questions
What is the difference between the APR and the interest rate, and why is it important?
The interest rate is the cost of borrowing money. The annual percentage rate is a wider number that includes both the interest rate and any fees charged by the lender. When you look at small loans, APR gives you a better idea of how much they will cost. Two loans with the same stated rate but different fees can have different APRs and total costs.
How does my credit score affect the interest rate and payment on my loan?
One thing lenders look at to assess risk is your credit score. Higher scores usually lead to lower rates, which means lower monthly payments and less interest paid overall. Some lenders also put a lot of weight on income and the ability to pay back a loan. You can see exactly how much your rate affects your bottom line by using the personal loan calculator to run a few different scenarios at different APRs.
Can I pay off a personal loan early, and will I have to pay a fee?
Many lenders allow paying off the loan early at no cost, but some charge a fee for doing so. This fee can be a flat amount or a percentage of the remaining balance. Always confirm this before signing, especially if you plan to pay off the loan early. Depending on the loan terms, early repayment can reduce the total interest paid over time, so it’s important to understand how extra payments are used.
How long does it take to get a loan?
Online lenders can get you money as soon as one business day after you apply. It can take traditional banks and credit unions anywhere from a few business days to a week. The lender, how quickly they can process documents, and when they look at your application all affect the timing. If more proof is needed or documents are missing, there may be delays in some cases. Applying early in the day might also help speed up the time it takes to process your application.
What do you need to fill out an application?
Usually, you need a government-issued photo ID, proof of income (like pay stubs or bank statements), an active checking account, and your Social Security number. These are the basic things that most lenders want to see when you apply for an unsecured personal loan, but they may be different for each lender. Always look at your numbers and use the calculator above to estimate your payment at different amounts and terms.