Calculate personal loan payments and terms. Free online personal loan calculator with payment schedule and interest breakdown.
Calculate personal loan payments, interest, and create payment schedules with our free online personal loan calculator. Get detailed breakdowns for better borrowing decisions.
Enter loan details above to see the payment breakdown.
Personal loans typically don't require collateral, making them accessible
Interest rates remain constant throughout the loan term
Loan terms typically range from 1-7 years depending on the lender
Better credit scores typically result in lower interest rates
Loan Amount: $15,000
Interest Rate: 12.5%
Term: 5 years
Monthly Payment: $337.26
Total Interest: $5,235.60
Total Repayment: $20,235.60
A personal loan is an unsecured loan that you can use for various purposes like debt consolidation, home improvements, medical expenses, or other personal needs. Unlike secured loans, personal loans don't require collateral.
Personal loan interest rates are primarily determined by your credit score, income, debt-to-income ratio, loan amount, loan term, and the lender's policies. Better credit scores typically result in lower interest rates.
Personal loan approval can take anywhere from a few minutes to several days, depending on the lender and your application. Online lenders often provide instant decisions, while traditional banks may take longer.
Most personal loans allow early repayment, but some lenders charge prepayment penalties. It's important to check the loan terms before signing. Early repayment can save you money on interest.
Unsecured personal loans don't require collateral and are based on your creditworthiness. Secured personal loans require collateral (like a car or savings account) and typically have lower interest rates.