To use LendingTree’s personal loan calculator, input the following:
With these figures, our personal loan calculator shows how much you’ll pay each month and in total for each loan. Use these numbers to compare loan options and determine which one is the best for you.
A good credit score can help you access low personal loan interest rates. According to the FICO Score scale, a good credit score is at least 670. With a higher credit score, you can expect to receive a lower interest rate, reducing your total cost of borrowing.
| Credit score range | Average APR | Average loan amount |
|---|---|---|
| 720+ | 14.80% | $18,963 |
| 680-719 | 23.48% | $14,567 |
| 660-679 | 32.06% | $10,895 |
| 640-659 | 45.00% | $8,270 |
| 620-639 | 58.69% | $6,377 |
| 580-619 | 89.33% | $4,366 |
| 560-579 | 127.20% | $3,027 |
| Less than 560 | 165.66% | $2,530 |
Source: LendingTree user data for closed personal loans in the third quarter of 2023
Personal loans are a form of unsecured debt that are offered as a lump sum as opposed to a revolving line of credit, like credit cards. Personal loans typically have APRs up to 36% — and since they don’t usually require collateral, lenders review your credit report and score to determine your creditworthiness.
Yes — most personal loan lenders allow you to pay off a personal loan early without charging a prepayment penalty. This type of fee is more common among mortgage companies, but it’s a good idea to check with your lender before repaying your personal loan early.
Getting a personal loan can be an easy process, provided that you can meet the lender’s personal loan requirements. Generally, you’ll want a good credit score, a history of on-time payments and a DTI ratio below 43%.
You can get a personal loan from a bank, credit union or online lender. While bank and credit union loans tend to have lower rates, they also generally have steeper requirements for applicants. Online loans may be more willing to work with bad-credit borrowers, though they may have higher rates.
You may still qualify for a personal loan if your credit needs some work, but it can be difficult. If you need a loan before you have a chance to improve your credit score, you can apply for a bad credit personal loan with a reputable lender. However, you’re likely to pay a high interest rate if you’re approved.
