Calculator
Personal Loan Calculator
A personal loan is the installment alternative to a payday advance, repaid in fixed monthly payments over a set term. This calculator shows the monthly payment, total interest, origination fee, total cost of credit, and the effective APR once the fee is included.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
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How this calculator works
A personal loan is repaid in equal monthly installments, and each payment covers that month's interest plus a slice of the principal. The calculator uses the standard amortization formula to fix the payment from the amount, rate, and term.
If the loan carries an origination fee, the fee is subtracted from the amount you receive, while the payments are based on the full amount. The calculator solves for the effective APR that makes the present value of the payments equal the money you actually got, so you can see the true cost of credit. Total cost of credit is the interest plus the origination fee.
Rates vary by credit profile and lender, so enter the rate you were offered rather than a generic figure. A personal loan is not a payday loan, but for many borrowers it is the cheaper way to cover the same shortfall.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.