Personal Loan Calculator: See Your Monthly Payment + September 2026 Rate Guide
Quick answer: Enter your loan amount, interest rate and term below to see your estimated monthly payment, total interest and total cost. If you’re not sure what rate to enter, use the credit-tier table below, then compare real prequalified offers to see what you actually qualify for.
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What does my personal loan payment include?
Your results break down into four numbers:
- Monthly payment — what you’ll pay each month based on your amount, rate and term.
- Principal — the amount you borrow, before interest and fees.
- Total interest paid — how much you’ll pay in interest over the life of the loan. Longer terms lower your monthly payment but raise the total cost of interest.
- Total cost of the loan — principal plus interest. This calculator factors your full APR (interest + origination fees) into the estimate, so it’s a real cost projection rather than a rough guess.
Note: If your lender charges an origination fee, that fee is typically deducted from your loan money before you get it. A $10,000 loan with a 5% origination fee nets you $9,500 — so you may need to request a slightly higher amount to receive the cash you actually need. Most lenders let you adjust the amount after you prequalify.
What’s the average personal loan interest rate right now?
Personal loan rates are driven primarily by credit score. Use the table below to find your tier, then plug that APR into the calculator above.
| Credit tier | Average APR |
|---|---|
| Excellent (800 and above) | 15.34% |
| Very good (740-799) | 17.46% |
| Good (670-739) | 22.70% |
| Fair (580-669) | 27.52% |
| Poor (under 580) | 30.51% |
For context on the wider market: advertised lender ranges currently span roughly 6% to 36% APR for typical personal loans. Borrowers with bad credit should expect to land at the higher end of that range regardless of which lender they choose.
What types of personal loans are there?
Most personal loans fall into two structural categories, as well as several use-case categories:
By structure:
- Unsecured personal loans — not backed by collateral; approval is based on income, credit and debt-to-income ratio. Most personal loans fall into this category.
- Secured personal loans — backed by collateral (often a car); can help borrowers with weaker credit qualify or get a lower rate, but you could lose your asset if you fall behind on payments.
By use case (common uses include):
- Debt consolidation and credit card refinancing
- Home improvement
- Medical or dental expenses
- Emergency expenses (car repair, unexpected bills)
- Wedding, vacation or moving costs
- Large purchases
What are the eligibility requirements for a personal loan?
Requirements vary by lender, but most personal loan applications evaluate:
- Credit score — personal loan credit score minimums range widely; some lenders don’t have a minimum, while others require 660+ for their best rates.
- Income and employment — proof of a verifiable income source; some lenders also accept self-employed or gig income.
- Debt-to-income ratio (DTI) — generally, a DTI of 35% or lower is considered favorable; a higher DTI can mean a higher rate or denial.
- U.S. residency and age — most lenders require you to be at least 18, a U.S. citizen or eligible resident, with a valid U.S. bank account and Social Security number.
A previous denial doesn’t mean you’re locked out — different lenders weigh these factors differently, and prequalifying with several lenders doesn’t affect your credit.
How do I apply for a personal loan?
-
Check your credit score.
This is the single biggest driver of the rate you’ll be offered. Many credit card issuers show it for free in your online account. -
Prequalify with multiple lenders.
Prequalification uses a soft credit check, so comparing offers won’t hurt your score. LendingTree users get an average of 11 personal loan offers when they compare through the marketplace. -
Compare the full APR, not just the advertised rate.
Factor in origination fees, term length and total interest — not just the monthly payment. -
Choose a lender and complete a full application.
Be ready with pay stubs, tax documents or other income verification. -
Sign and receive money.
Many lenders can fund a loan within 24 hours to a few business days after final approval.
Why compare multiple offers? LendingTree users save $1,787
Can you get a personal loan with bad credit?
Yes, but expect significantly higher rates. Lenders serving bad credit borrowers (generally scores below 580) typically charge higher rates to these borrowers to offset the risk that they won’t get all their money back. Recent borrower data shows:
- Bad-credit borrowers received an average rate of 30.51% APR through the LendingTree marketplace for typical loan amounts and terms in the second quarter of 2026.
- Advertised APRs for traditional personal loans for borrowers with bad credit can run as high as 35.99%.
- Lenders serving this segment often add features like soft-pull prequalification, co-signer or secured-loan options and credit-building tools.
- LendingTree users with credit scores below 580 get an average of four personal loan offers through our marketplace.
What are the risks and red flags to watch out for?
Bad-credit borrowing attracts predatory offers. Before you apply anywhere, know the warning signs:
- “Guaranteed approval” is a red flag. Legitimate lenders can’t guarantee approval before reviewing your application, income and credit history. Any offer that promises approval with no review is a sign of predatory lending or fraud.
- Legitimate lenders never ask for money upfront. Origination fees are deducted from your loan money. A lender should never ask you to wire money or buy gift cards before sending you money.
- Payday loans carry extreme costs. A small fee on a small, short-term payday loan can translate to an APR in the hundreds of percent. These products are different from — and far more expensive than — installment personal loans.
Personal loan alternatives to consider
A personal loan isn’t always the cheapest option. Depending on your situation, compare it against:
| Alternative | Best for | Key tradeoff |
|---|---|---|
| Credit union loans | Members with existing accounts, especially with fair/poor credit | Often lower rates and fees than online lenders, but you typically must be a member |
| 0% intro APR balance-transfer credit card | Borrowers who can repay within the promo window (typically 12 to 21 months) | No interest during the promo period, but often carries a balance-transfer fee and reverts to a high rate after the promo period ends |
| Secured personal loan | Borrowers with an asset (like a vehicle) and weaker credit | Can unlock a lower rate or approval, but the asset is at risk if you default |
| HELOC or home equity loan | Homeowners with significant equity funding a large expense | Can offer lower rates than an unsecured personal loan, but puts your home up as collateral |
Frequently asked questions
This calculator uses the rate and term you enter. Lenders use a soft credit inquiry and consider your income, loan purpose and other criteria when making actual offers, so your real offer may differ from the estimate. Prequalifying is the most accurate way to see your real numbers.
Yes. Enter your full APR (interest rate plus any origination fee) in the rate field, and the calculator reflects your true monthly payment and total interest. Keep in mind that lenders typically keep the origination fee from your loan money before sending it to you.
No. LendingTree connects borrowers with a network of 300+ lenders, so you can compare multiple offers instead of applying to one lender and hoping for a good rate.
Requirements vary by lender. Some don’t have a minimum, while others require good or excellent credit for their best rates. Checking prequalified offers from multiple lenders is the most reliable way to find out what you’ll actually qualify for.
Funding speed varies by lender, but many borrowers see money in their account within 24 hours to a few business days after signing final loan documents.
A longer term lowers your monthly payment but increases the total interest you’ll pay. A shorter term raises your monthly payment but reduces total interest — and often comes with a lower rate. Use the calculator above to compare terms side by side before deciding.
No. Legitimate lenders review your credit, income and other factors before approving a loan. Offers claiming guaranteed approval regardless of credit are a common sign of predatory lending or fraud.
Personal loans are typically installment loans repaid in fixed monthly payments over a term of one to seven years. Payday loans require repayment in full within a few weeks and carry dramatically higher effective costs — often equivalent to APRs in the hundreds of percent.
LendingTree users save an average of $1,787
Sources and methodology: Credit-tier rate data reflects LendingTree marketplace data for personal loan offers between $5,000 and $54,999 with terms of 36 to 83 months, Q2 2026. Additional rate and market context reflects publicly reported lender APR ranges and industry borrower data current as of September 2026.