Personal Loan Calculator
Calculate monthly payments, total interest and amortization for any personal loan.
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Frequently Asked Questions
What is a good personal loan rate in 2026?
Personal loan rates in 2026 range from about 7-8% for excellent credit (760+) to 30-36% for poor credit. The average across all borrowers is around 12-15%. Credit unions typically offer 2-3% lower rates than banks. To get the best rate: improve your credit score above 720, reduce existing debt, and compare at least 3-5 lenders before accepting an offer.
Personal loan vs credit card for debt consolidation?
Personal loans typically have lower rates (8-20%) than credit cards (18-29%) and a fixed payoff date, making them better for consolidation. Credit cards with 0% balance transfer offers (12-21 months) can be cheaper for smaller balances you can pay off within the promo period. Personal loans win for larger balances or when you need more time.
How does a personal loan affect my credit score?
Short-term impact: the hard inquiry drops your score 5-10 points. Opening a new account reduces average account age, also slightly negative. Long-term impact: making on-time payments builds positive history and can improve your score significantly over 12-24 months. Paying off credit card debt with a personal loan also improves your credit utilization ratio.