Calculate monthly payments, total interest, and true APR for personal loans.
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Monthly payment = P × (r(1+r)^n)/((1+r)^n-1). True APR = stated rate + (origination fee / term × 12). Total cost = payment × months + origination fee.
Excellent credit (750+): 6-12%. Good (700-749): 12-18%. Fair (650-699): 18-26%. Avoid rates above 30% — predatory territory. Credit unions offer lowest rates.
Most lenders: $1,000-$50,000. Some up to $100,000. Limit based on income, credit score, and DTI. Borrow only what you need — interest adds up fast.
At 12% for 36 months: $332/month, $1,957 total interest. At 12% for 60 months: $222/month, $3,333 interest. Shorter term = less interest.
Personal loans typically have lower rates than credit cards (12% vs 22%). Fixed payments ensure payoff. Use personal loan to consolidate high-rate credit card debt.
Hard inquiry drops score 5-10 points temporarily. Long-term: adding installment loan diversifies credit mix (+). Payments on time boost score.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.