Calculate monthly payments, total interest, and amortization for personal loans. Compare different loan amounts, rates, and terms side by side.
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FAQ
What is a typical personal loan rate?
Personal loan rates range from 6% to 36% APR depending on credit score. Excellent credit (750+): 6-14%. Good credit (700-749): 14-20%. Fair credit: 20-30%. Bad credit: 25-36%.
Are personal loans better than credit cards?
For large expenses, personal loans are usually better than credit cards: fixed interest rate, fixed payoff date, lower interest rate (for good credit), no revolving balance temptation.
Is there a penalty for paying off a personal loan early?
Some lenders charge prepayment penalties. Check your loan agreement before making extra payments. Many online lenders (SoFi, LightStream) charge no prepayment penalties.
How does the origination fee affect my loan?
Origination fees (typically 1-8% of loan amount) are deducted from loan proceeds or added to loan balance. They increase your true APR above the stated rate — always compare APR, not just interest rate.