A personal loan gives you a fixed amount up front that you pay back in equal monthly payments over a set period. Before you apply, it helps to know what that monthly payment might look like and how much the loan could cost in total.
Use the estimator below. Set the amount you want to borrow, the repayment term, and an estimated interest rate, and you will see your monthly payment along with the total interest and total amount repaid. When you are ready, Fast Loan Advance can connect you with lenders who offer personal loans from $500 to $35,000.
Set your loan details
Drag the sliders to match what you are looking for.Your estimate
Here is what this loan could look like.Estimates only. Fast Loan Advance connects borrowers with lenders and is not a lender. Loans range from $500 to $35,000 with APRs of 5.99% to 35.99% and repayment terms of 91 days to 72 months. The interest rate shown is one you choose for estimating and is not an offer. Actual rates, terms, and approval depend on the lender and your qualifications.
How a personal loan payment is calculated
A personal loan payment depends on three things: the amount you borrow, the interest rate (APR) you receive, and the length of time you take to pay it back, known as the term. The calculator above combines these into a single fixed monthly payment using standard loan amortization, the same method lenders use. Each payment covers a portion of interest plus a portion of the original amount you borrowed, called the principal. Early in the loan, more of each payment goes toward interest. As the balance shrinks, more of each payment goes toward the principal until the loan is paid off.
The three numbers that shape your payment
- Loan amount: How much you borrow. A larger amount means a higher monthly payment and more total interest, all else being equal.
- Interest rate (APR): The yearly cost of borrowing, shown as a percentage. A lower rate lowers both your monthly payment and the total you repay.
- Repayment term: How many months you take to pay it back. A longer term lowers the monthly payment but increases the total interest, while a shorter term does the opposite.
How to use the personal loan calculator
The estimator is built to help you find a payment that fits your budget before you apply. Set the amount you want to borrow, choose a term, and move the interest rate to an estimate based on your credit. The tool instantly shows your estimated monthly payment, the total interest over the life of the loan, and the total amount repaid, along with a simple visual of how much of that total is the amount you borrowed versus interest.
Try adjusting one slider at a time to see the effect. Lowering the term, for example, raises the monthly payment but can save a meaningful amount in total interest. Finding the balance that works for your monthly budget is the goal. When you are ready, Fast Loan Advance can connect you with lenders who offer personal loans from $500 to $35,000.
What affects the interest rate you are offered
The rate you actually receive is set by the lender and depends on several factors. Your credit score and history are usually the largest factor, since they signal how reliably you have repaid borrowed money in the past. Lenders also look at your income and your debt-to-income ratio to gauge whether a new payment fits comfortably alongside your existing obligations. The loan amount and term can play a role too. Because rates vary from one borrower to the next, the rate in the calculator is an estimate you choose, not an offer.
Common reasons people use a personal loan
A personal loan is flexible, which is part of why it is so widely used. People often turn to one to consolidate higher-interest debt into a single payment, cover a large planned expense, handle a home or auto repair, or manage the cost of a major life event. Because the payment is fixed and the payoff date is set from the start, a personal loan can make a large cost more predictable than putting it on a revolving credit card.