Personal Loan Calculator

A 720 FICO score typically qualifies for 11–16% APR on a 24-month personal loan from a bank or credit union. Online lenders may quote slightly lower (10–14%) or higher depending on debt-to-income ratio and income verification. Pre-qualify with 3+ lenders to compare actual offers without a hard credit pull.

At a 12% APR (typical for good credit), a $20,000 loan over 60 months has a monthly payment of about $445 and total interest of about $6,693. At 18% APR (fair credit), the monthly payment rises to $508 and total interest to $10,476 — credit score directly costs you thousands.

For balances you cannot pay off in 12–18 months, yes — typically. The average US credit card APR is over 22% (Federal Reserve G.19), while a personal loan for good credit is 11–16%. The trade-off is that personal loans have fixed payments and end dates, while credit cards offer flexibility. For short-term needs (under 12 months), a 0% balance-transfer card may beat both.

Online lenders (SoFi, Marcus, LightStream, Discover) often fund within 1–3 business days; some offer same-day funding for excellent credit. Banks typically take 3–7 days; credit unions can take 5–10 days. Expect to provide pay stubs, bank statements, government ID, and Social Security number.

The interest rate is the cost of borrowing the principal, expressed annually. The APR includes the interest rate plus origination fees and other required charges, expressed as a single annualized percentage. APR is what you should compare across lenders — TILA requires lenders to disclose it before you sign.

Yes, and most US personal loans have no prepayment penalty (the SAFE Act and post-2014 CFPB guidance discourage them on consumer loans). Paying early reduces total interest. Confirm in writing with your lender before signing — a few subprime lenders still impose prepayment penalties on the first 6–12 months.

Pre-qualification with most online lenders uses a soft pull (no impact). The hard inquiry happens only when you formally apply, typically dropping your FICO 5–10 points for a few months. Multiple hard inquiries within 14 days for the same loan type are usually treated as one inquiry by FICO scoring models.

Often yes — if the personal loan APR is meaningfully lower than your credit card APR and you have a real plan to avoid running the cards back up. The CFPB warns that about 50% of debt consolidation borrowers re-accumulate credit card balances within 2 years. Cut up the cards or freeze them in ice if needed.