Loan Calculator

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Estimate the monthly payments and total interest paid on your personal loan.

Loans can help you achieve your financial goals, whether that’s buying a house or paying for school. A loan calculator can help you determine how much debt you can comfortably afford. Affordability can be decided by reviewing the minimum monthly loan payment, loan amount, loan term and interest rate. LendingTree’s loan calculator can demonstrate the total cost of your personal loan and help you make a financially sound loan decision.

How to use this loan calculator

If you’re looking to take out a personal loan but aren’t sure how much you can afford to borrow, this loan calculator can help you find the answer. Plug in the following information to our calculator to get started:

  Loan amount

Enter the loan amount you expect to borrow. This loan calculator allows you to see your estimated monthly payment on a personal loan between $1,000 and $50,000.


Enter your expected annual percentage rate (APR). The APR takes both the loan’s interest rate and fees into account to measure the total cost of borrowing.

If you’re unsure about the APR you may qualify for, you can estimate it based on your credit score. For personal loans, these are the average APRs for each credit score range:

Credit score rangeAverage APR
Less than 560158.87%

Source: LendingTree user data for closed personal loans in the fourth quarter of 2022

  Repayment term

Choose the amount of time it will take you to repay the funds, between two and seven years. A long repayment term translates to lower monthly payments but a higher overall loan cost.

Lowest personal loan rates in March 2023

If you’re shopping for a personal loan, you can fill out a single form with LendingTree and receive up to five personal loan offers from top lenders.

LenderAPR rangeMin. credit scoreBest for...
Archieve logo7.99% - 35.99%620Applicants with excellent creditGet Free Offers
8.99% - 35.99%580Seamless online prequalificationGet Free Offers
BHG Money12.99% - 22.49%660Large loan amountsGet Free Offers
Discover logo6.99% - 24.99%660Consolidating debtGet Free Offers
Happy Money logo10.50% - 29.99%640Refinancing credit card debtGet Free Offers
LendingClub logo8.05% - 36.00%600Applying with a co-borrowerGet Free Offers
LendingPoint logo7.99% - 35.99%620Borrowing small loan amountsGet Free Offers
LightStream logo5.99% - 23.99%
*with autopay
Not specifiedWide variety of repayment term durationsGet Free Offers
PenFed logo7.74% - 17.99%700Small loan amountsGet Free Offers
Prosper logo6.99% - 35.99%580Fast loan fundingGet Free Offers
SoFi8.99% - 23.43%
*with autopay
680Unemployment protection during repaymentGet Free Offers
Upstart logo6.70% - 35.99%300Borrowers with thin credit historiesGet Free Offers

What to consider before taking out a loan

While getting a personal loan can be a straightforward process, here are a few points to consider ahead of time.


You shouldn’t take out a personal loan if you can’t afford to repay it. Before signing a loan agreement with a lender, review your monthly budget to see how much flexibility you have to accommodate another monthly payment.

Specifically, you’ll want to consider your debt-to-income ratio (DTI), since this factor helps lenders determine whether you can afford new debt. Your DTI compares how much money you’re bringing in to how much you owe. Generally, you want to keep your DTI below 35%.


One of the most common fees that comes with a personal loan is an origination fee. These fees can get as high as 10.00% of your loan amount and are typically taken out of the total balance of your loan before you receive your funds.

For instance, let’s say you want a $5,000 personal loan, but the lender charges a 5.00% origination fee. When your loan is disbursed, you’ll only receive $4,750, as your lender will take out $250 of your lump sum to cover the fee.

If you want to skip these sorts of fees, consider looking into no-fee personal loan lenders.

  Type of loan

There are two common types of personal loans: unsecured and secured. With an unsecured loan, you won’t need to offer lenders any valuable collateral to back the loan, such as a savings account or vehicle. On the other hand, secured loans do require collateral, which lenders can seize if you’re unable to repay.

Secured loans may be better suited for those with lower credit scores who own valuable collateral they may be comfortable parting with. Because these loans are backed by collateral, they may come with lower interest rates and borrowers with poor credit are more likely to qualify.


When it comes to unsecured personal loans, your creditworthiness determines your eligibility for a loan. Lenders examine several factors when assessing your creditworthiness, including your credit score, income and credit history. They use this information to judge how likely you are to repay your debt.

Your credit scores — FICO Score and VantageScore — are calculated based on the activity on your credit reports, which can be viewed at Your credit scores are calculated based on the following factors:

  • Payment history
  • How much you owe
  • The length of your credit history
  • The types of credit you use
  • Any new forms of credit

How we chose our picks for best lenders

We reviewed more than 25 lenders that offer personal loans to determine the overall best 12 lenders. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

LendingTree reviews and fact-checks our top picks on a monthly basis.