Personal Loan Calculator
Monthly Payment · Interest · Payoff Date · 2026
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Personal Loan Rates in 2026
Commercial banks charged an average of 11.86% on personal loans in mid-2026, and at that rate a $15,000 loan over 36 months costs $497 a month and about $2,900 in interest. Enter your amount, rate, term and any origination fee above to see your payment, total interest, payoff date and true APR.
Personal loan rates in 2026 range from approximately 7% to 36% APR, depending primarily on your credit score, income, debt-to-income ratio, and lender. Borrowers with excellent credit (740+) typically qualify for rates of 7 to 12%, while fair credit borrowers (580 to 669) may see 18 to 29% APR.
Unlike credit cards, personal loans have fixed rates and fixed monthly payments, making them predictable and easier to budget. They are often used to consolidate high-interest credit card debt at a lower rate.
What Rate Can You Expect?
Excellent Credit (740+)
Typical APR: 7 to 12%. Best lenders: LightStream, SoFi, PenFed Credit Union. A $15,000 loan at 8% for 36 months costs $470/month and $1,922 in total interest.
Good Credit (670 to 739)
Typical APR: 11 to 18%. A $15,000 loan at 13% for 36 months costs $505/month and $3,195 in total interest. Pre-qualifying with multiple lenders helps find the best rate.
Fair Credit (580 to 669)
Typical APR: 18 to 27%. Options include credit unions, Upgrade, and Avant. A $15,000 loan at 22% for 36 months costs $573/month and $5,623 in total interest.
Origination Fees
Many lenders charge 1 to 8% of the loan amount, deducted from your disbursement. A 5% fee on $15,000 means you receive $14,250 but repay $15,000. Always check the true APR including all fees.
Payment and Interest by Rate and Term
A $15,000 loan with no fee. Each cell shows the monthly payment, then the total interest.
| APR | 24 months | 36 months | 48 months | 60 months |
|---|---|---|---|---|
| 8% | $678 / $1,282 | $470 / $1,922 | $366 / $2,577 | $304 / $3,249 |
| 12% | $706 / $1,946 | $498 / $2,936 | $395 / $3,960 | $334 / $5,020 |
| 16% | $734 / $2,627 | $527 / $3,985 | $425 / $5,405 | $365 / $6,886 |
| 20% | $763 / $3,322 | $557 / $5,068 | $456 / $6,910 | $397 / $8,844 |
| 24% | $793 / $4,034 | $588 / $6,186 | $489 / $8,473 | $432 / $10,891 |
| 30% | $839 / $5,129 | $637 / $7,924 | $540 / $10,924 | $485 / $14,118 |
Rate matters more than term for total cost, but term matters too: at 16%, choosing 60 months instead of 36 lowers the payment by $162 and adds $2,901 of interest.
How an Origination Fee Raises the APR
The fee comes out of the money you receive, but you repay the full amount. On $15,000 at a 12% interest rate:
| Fee | You receive | APR, 36 months | APR, 60 months |
|---|---|---|---|
| None | $15,000 | 12.00% | 12.00% |
| 3% | $14,550 | 14.13% | 13.35% |
| 5% | $14,250 | 15.61% | 14.28% |
| 8% | $13,800 | 17.90% | 15.74% |
The shorter the loan, the more a fee pushes up the APR, because the cost is spread over fewer payments. If you need the full $15,000 in hand with a 5% fee, you have to borrow $15,790.
Personal Loan vs Credit Card Debt
Credit cards charged an average of 22.15% on accounts paying interest in the second quarter of 2026 (Federal Reserve). Paying off $15,000 over 36 months:
| $15,000 over 3 years | Card at 24% | Loan at 12% |
|---|---|---|
| Monthly payment | $588 | $498 |
| Total interest | $6,186 | $2,936 |
| Saved with the loan | baseline | $3,250 |
The saving only holds if the cards stay paid off. To compare several debts at once, use the debt payoff calculator, or the credit card payoff calculator for a single card.
Method and sources. Payments use M = P × r(1+r)n ÷ ((1+r)n − 1), with r the monthly rate and n the number of months. APR with a fee is the rate at which the payments discount back to the amount actually received, the same method the Truth in Lending Act uses. All table values were computed with these formulas. Average rates: Federal Reserve statistical release G.19, Consumer Credit, terms of credit for Q2 2026 (commercial bank 24-month personal loans 11.86%, credit card accounts assessed interest 22.15%). Estimates only, not a loan offer.
Rates shown are estimates. Your actual rate depends on your creditworthiness and the lender. Always compare at least 3 lenders before accepting an offer.
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Frequently Asked Questions
Commercial banks charged an average of 11.86% on 24-month personal loans in the second quarter of 2026, according to the Federal Reserve G.19 survey. Rates vary significantly by credit profile: excellent credit (740+) borrowers can find rates of 7 to 10%; good credit (670 to 739) typically sees 11 to 18%; fair credit (580 to 669) ranges from 18 to 27%; poor credit may only qualify for 28 to 36% APR or may be denied. Credit unions often offer lower rates than banks or online lenders for the same credit profile.
The interest rate is the percentage charged on the loan principal per year. The APR (Annual Percentage Rate) includes the interest rate plus all lender fees, primarily origination fees, expressed as a single annual rate. A loan with a 10% interest rate and a 3% origination fee has an APR of about 12.1% on a three-year loan. Always compare APRs across lenders, not just stated interest rates, to make an accurate cost comparison. Federal law requires lenders to disclose the APR before you sign.
Most traditional lenders require a minimum credit score of 580 to 640 to qualify for a personal loan. For the best rates, you generally need 700+. Specific thresholds: LightStream requires 660+; SoFi requires 650+; Discover requires 660+; LendingClub accepts 600+. Some lenders like Avant and Upstart accept scores as low as 580 to 600. If your score is below 580, consider credit unions (often more flexible), secured personal loans, or a co-signer to qualify.
Debt consolidation with a personal loan works when you can qualify for a lower APR than your current credit card rates. For example, consolidating $15,000 at 24% APR credit card debt with a personal loan at 12% APR saves about $3,250 in interest over 36 months. Steps: (1) add up all your high-rate debts; (2) apply for a personal loan for that total amount; (3) use the funds to pay off all the cards immediately; (4) make fixed monthly payments on the loan. Critical: don't run up the credit cards again after paying them off.
For large purchases you can't pay off within a few months, a personal loan is usually better. Reasons: personal loans have fixed rates (credit cards have variable rates that can increase); fixed monthly payments make budgeting predictable; personal loan rates are typically lower than credit card rates for the same credit profile. Exception: if you can use a 0% intro APR credit card and pay off the balance before the promotional period ends, that beats a personal loan on cost. For smaller purchases paid off within 30 days, a rewards credit card is optimal.
An origination fee is a one-time charge: typically 1 to 8% of the loan amount, that covers the lender's processing costs. It is usually deducted from your loan disbursement. If you borrow $15,000 with a 5% origination fee, you receive $14,250 but owe the full $15,000. This effectively raises your true cost of borrowing. Some lenders (LightStream, SoFi, PenFed) charge no origination fees: these can be better deals even if the stated interest rate is slightly higher. Always calculate the full APR including origination fees when comparing offers.
Most personal loans allow early payoff, but check for prepayment penalties before signing. Some lenders charge a fee of 1 to 5% of the remaining balance or a few months' interest for paying off early. Lenders like SoFi, LightStream, and most credit unions have no prepayment penalties. If there are no penalties, paying off early saves you all remaining interest. Use this calculator to see how much interest you'd save by paying extra each month or making a lump-sum payment.
Online lenders are the fastest: many offer same-day or next-day funding after approval. Typical timelines: online lenders (SoFi, LightStream, Upgrade), 1 to 3 business days from application to funding; banks with existing accounts, 1 to 5 business days; credit unions, 3 to 7 business days. The process: pre-qualification (minutes, soft credit pull); formal application (15 to 30 minutes); approval (same day to 3 days); verification and signing (1 to 2 days); funding (1 to 3 business days after signing).
Standard personal loan application requirements: government-issued ID (driver's license or passport); Social Security number; proof of income (recent pay stubs, W-2s, or tax returns for self-employed); proof of address (utility bill or bank statement); and banking information for direct deposit. Some lenders also request bank statements for the past 2 to 3 months. Online lenders typically allow document upload digitally. Having documents ready speeds up the approval process.
A hard credit inquiry when you formally apply typically drops your score by 2 to 10 points temporarily and stays on your report for 2 years. However, most lenders offer pre-qualification with a soft pull, this does not affect your score and lets you see estimated rates. When comparing multiple lenders within a 14 to 45 day window, credit bureaus often count multiple hard inquiries for the same loan type as a single inquiry (rate shopping protection). So don't let fear of credit score impact stop you from comparing offers.
At 12% APR, a $10,000 loan costs $332 a month over 36 months ($1,957 of interest) or $222 a month over 60 months ($3,347 of interest). At 20% the payments are $372 and $265. An origination fee does not change the payment, but it reduces the cash you receive.
Yes. The monthly payment counts as debt in your DTI, the figure mortgage and auto lenders use to judge affordability. A $498 payment on a $6,000 gross monthly income adds 8.3 points to your DTI. Check where you stand with the debt-to-income ratio calculator before you apply for a mortgage.