Personal Loan Calculator
Enter your loan details to see your monthly payment, total interest cost, and get a Worth It Score. For debt consolidation, see exactly how much you'd save.
$1,000 – $100,000
Enter 0 if none (SoFi charges $0)
Average rate across the debt you'd be consolidating
Typical rates by credit score (2026)
Frequently Asked Questions
What is a good interest rate for a personal loan in 2026?
A good personal loan rate in 2026 is below 12% APR. Borrowers with excellent credit (750+) typically qualify for 7–10% APR. Good credit (700–749) usually sees 10–14%. Fair credit (650–699) typically pays 15–20%. Anything above 25% APR is high — if you're seeing those rates, improving your credit score first or using a secured loan may make more sense.
How much can I borrow with a personal loan?
Most lenders offer personal loans from $1,000 to $100,000. The amount you qualify for depends on your credit score, income, and existing debt-to-income ratio. SoFi, LightStream, and Discover offer up to $100,000 for well-qualified borrowers.
What's the difference between a personal loan and a credit card?
A personal loan gives you a lump sum at a fixed interest rate with fixed monthly payments over a set term. A credit card is revolving credit — you can borrow and repay repeatedly, but interest compounds daily if you carry a balance. For large expenses you need more than 12 months to pay off, a personal loan almost always costs less.
Does applying for a personal loan hurt my credit?
Rate-checking (pre-qualification) uses a soft pull and doesn't affect your score. A formal application triggers a hard pull, which temporarily drops your score by 5–10 points. Shopping multiple lenders within 14–45 days counts as one inquiry under FICO scoring.
What is an origination fee on a personal loan?
An origination fee is a one-time charge deducted from your loan proceeds before you receive the money. It typically ranges from 1–8% of the loan amount. A $15,000 loan with a 3% origination fee means you receive $14,550 but repay the full $15,000 plus interest. SoFi and LightStream charge no origination fees.
Is a personal loan good for debt consolidation?
Yes — if your personal loan rate is lower than your existing debt's average rate, consolidating saves money in interest and simplifies payments into one. The rule of thumb: if you can get a personal loan at least 5% lower than your current debt rate, consolidation makes clear financial sense.
How personal loan interest rates are set — and what moves them
Personal loan rates are primarily driven by your credit score, debt-to-income ratio, income, and loan term. Credit score is the single biggest factor: going from a 620 to a 720 score can cut your rate by 10–15 percentage points — a difference of $3,000–$6,000 in total interest on a $20,000 loan over 5 years. Lenders also look at your DTI ratio (monthly debt payments divided by gross monthly income). A DTI below 36% is considered good; above 43%, many lenders will decline or offer higher rates. Loan term also affects rate: shorter terms typically get lower rates because there's less risk of default over a shorter period.
Personal loan vs. credit card vs. HELOC: which is right for your situation
For amounts under $5,000 you can pay off in under 12 months: a 0% intro APR credit card (if you qualify) beats a personal loan on cost. For amounts $5,000–$100,000 over 2–7 years: a personal loan at a fixed rate gives predictable payments and almost always beats carrying a credit card balance. For home-related expenses over $25,000: a HELOC typically offers lower rates (currently 7–9%) because it's secured by your home, but comes with variable rates and the risk of losing your home if you can't repay. For debt consolidation: a personal loan is almost always better than continuing to carry revolving credit card debt at 20–30% APR.
The true cost of origination fees — and lenders that charge $0
Origination fees sound small as a percentage but matter significantly in dollar terms. A 5% origination fee on a $30,000 loan is $1,500 deducted from your proceeds — you receive $28,500 but make payments on $30,000. This effectively raises your true APR above the stated rate. When comparing lenders, always calculate total cost including fees. SoFi, LightStream, and Discover all offer personal loans with zero origination fees. Marcus by Goldman Sachs also charges no fees. If a lender quotes a low rate but charges 3–6% in fees, a no-fee lender at a slightly higher rate may cost less overall.
Debt consolidation math: when a personal loan actually makes sense
Debt consolidation with a personal loan makes sense when two conditions are met: (1) your personal loan rate is meaningfully lower than your existing debt's average rate, and (2) you won't run up new credit card debt after consolidating. The math is straightforward: if you have $20,000 in credit card debt at 22% APR and can get a personal loan at 12% APR for 5 years, you'll pay roughly $5,400 less in total interest. The psychological benefit is also real — one fixed payment instead of multiple minimum payments. The risk: after consolidating, many people run up their credit cards again, ending up with both the personal loan payments and new card balances. Freeze the cards or close them to avoid this.
How to get the lowest personal loan rate: a step-by-step approach
Step 1: Check your credit report for errors at AnnualCreditReport.com — disputing an incorrect derogatory mark can raise your score 20–50 points. Step 2: Pay down credit card balances to below 30% utilization before applying — this alone can raise your score 10–30 points within 30 days. Step 3: Pre-qualify with at least 3 lenders using soft pulls to compare rates without impacting your score. Step 4: Consider a shorter loan term — 3 years instead of 5 years typically gets a 0.5–1.5% lower rate. Step 5: If you're close to a credit score threshold (e.g., 697 when 700 would unlock better rates), wait 30–60 days and take targeted actions to cross that threshold before applying. A 5% improvement in rate on a $25,000 loan saves about $3,000 over 5 years.