Personal Loan Calculator
Calculate your personal loan monthly payment, total interest, and amortization for 2026. Compare loan terms and see exact repayment schedules.
%
%
Monthly Payment
$0
Amortization Schedule (First 12 Months)
| # | Payment | Principal | Interest | Balance |
|---|
2026 Average Personal Loan Rates
Excellent (750+)10โ12% APR
Good (700โ749)13โ17% APR
Fair (650โ699)18โ25% APR
Poor (<650)26โ36%+ APR
Frequently Asked Questions
- As of 2026, average personal loan APRs range from ~10โ12% (excellent credit, 750+) to 13โ17% (good credit, 700โ749) to 18โ30%+ (fair/poor credit, below 700). Top lenders include LightStream, SoFi, Marcus, and Discover. Rates depend on credit score, income, loan term, and lender type.
- Monthly payment = P ร [r(1+r)^n] รท [(1+r)^n โ 1], where P = principal, r = monthly interest rate (APR รท 12), and n = number of months. Example: $10,000 loan at 12% APR for 36 months โ r = 0.01 โ payment = $10,000 ร [0.01 ร 1.01^36] รท [1.01^36 โ 1] = ~$332/month.
- Most lenders require a minimum 580โ620 FICO score for approval. To get the best rates (under 12% APR in 2026), aim for 720+. LightStream requires 660+. SoFi looks at income, employment, and cash flow in addition to credit. Some credit unions approve scores as low as 580 with higher rates.
- Personal loan amounts range from $1,000 to $100,000 depending on the lender. Most lenders cap at $40,000โ$50,000. SoFi and LightStream go up to $100,000 for qualified borrowers. Your maximum depends on your credit score, income, existing debt-to-income (DTI) ratio, and employment status.
- For large expenses, personal loans usually win: they have fixed rates, fixed payments, and lower APRs than most credit cards (average credit card APR in 2026: ~21โ24%). They also have a defined payoff date. Credit cards are better for small, short-term expenses where you can pay the balance quickly.
- Online lenders (SoFi, LightStream, Upgrade) often fund in 1โ3 business days after approval. Traditional banks may take 1โ2 weeks. Same-day funding is available from some lenders for existing customers. Prequalification (soft pull, no credit impact) typically takes minutes.
- Key fees: Origination fee (0%โ8% of loan amount, deducted from proceeds), prepayment penalty (rare today, but check), late payment fees ($25โ$40 or 5% of payment), and insufficient funds fee ($15โ$30). Always compare the APR (not just rate) as it includes origination fees.
- Most modern personal loans have no prepayment penalty. Paying early saves interest โ every extra dollar applied to principal shortens the loan and reduces total interest. For example, paying an extra $100/month on a $15,000 loan at 14% for 60 months saves roughly $1,200 in interest and pays off 11 months early.
- Lenders prefer a DTI below 36%. Most will approve up to 43โ50%, but at less favorable rates. DTI = (Total monthly debt payments รท Gross monthly income) ร 100. Include mortgage/rent, car loans, student loans, credit card minimums, and the proposed new loan payment.