Brianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also con.
Brianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also con.
Written ByBrianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also con.
Brianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also con.
Jordan Tarver Lead Editor, Mortgages & LoansJordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf.
Jordan Tarver Lead Editor, Mortgages & LoansJordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf.
Jordan Tarver Lead Editor, Mortgages & LoansJordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf.
Jordan Tarver Lead Editor, Mortgages & LoansJordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf.
| Lead Editor, Mortgages & Loans
Updated: Apr 10, 2024, 1:29pm
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Personal Loan Calculator Loan Amount Loan Terms Interest Rate Per Annum Monthly Payment Total Interest Paid Total Amount Paid Show Amortization Schedule And Graph Monthly Payment (Before taxes and fees) Total Interest Paid Total Amount Paid (Over the loan term) Loan Breakdown Amortization Graph Annual Amortization Schedule Annual Schedule Monthly ScheduleA personal loan is an installment loan that can help borrowers meet a wide range of goals, including consolidating debt and covering big purchases. When you take out a personal loan, you’ll receive a lump sum that you’ll pay back in fixed monthly payments, over the course of a loan term that you choose.
Use the personal loan calculator above to see how much you’d pay, per month and overall, which will help you compare your options.
Our loan calculator can give you insight into what your monthly loan payments could look like. Here’s how to use it:
While the exact application process may vary depending on your lender, you can follow these general guidelines to apply for a personal loan:
A good interest rate on a personal loan is one that’s lower than the national average, which is about 15%. However, the rate you’ll receive heavily depends on your credit score, income and overall creditworthiness as a potential borrower. To receive the most favorable interest rate, be sure to maintain a good-to-excellent credit score of at least 720, have consistent income and reduce any unpaid debts.
Personal loans aren’t right for everyone. If it doesn’t feel like the right financial decision for you or you don’t qualify, consider personal loan alternatives including:
Personal loans are very flexible. Common reasons to apply for a personal loan include consolidating multiple debts into one; paying for home improvements or a major life event, like a move; or covering emergency expenses. While it’s possible to use a personal loan to finance nearly any purchase, student loan and auto loan interest rates are typically lower than personal loan rates. So college costs and car financing may not be wise uses for a personal loan.
If you have fair or bad credit (below 670), you’ll need to rely on fair credit personal loans or bad credit loans. While most lenders require you to have good credit to qualify for a loan, some lenders offer loans with minimum credit score requirements as low as 580. Before applying, take the necessary steps to improve your credit score to ensure you get the best terms possible.
Personal loan terms typically last from one to seven years. The shorter the term you choose, the less interest you’ll pay overall. Opt for a term that will provide a monthly payment you can afford but that won’t significantly add to the cost of your purchase.
When you apply for a personal loan, you’ll typically receive a decision within a couple of hours to a few days, depending on your lender. Online lenders are usually able to provide prompt decisions while banks take longer to process applications. If your lender or bank needs more documentation, this may slow the process down, and the turnaround time will become partially dependent on how quickly you can get them the documents.
Personal loans are available from traditional lenders, including banks and credit unions, in addition to online lenders and peer-to-peer lending platforms. When comparing personal loan offers, check not only the APR you qualify for, but the fees you’ll be charged and the options available to you if you experience financial hardship and have trouble making payments.
Helping You Make Smart Loans DecisionsGet Forbes Advisor’s ratings of the best lending platforms and helpful information on how to find the best loan based on your credit score.
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Brianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also contributed her expertise to outlets including The New York Times, ABC World News Tonight and the Today Show.
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