Loans from
$300 – $5,000

Repayment term
4 – 24 Months

Minimum credit score
No min. to apply

The figures provided are representative of a typical installment loan made or arranged by CreditNinja and are not guaranteed rates or terms that you may qualify for.

Many people use personal loans to deal with unexpected expenses. In fact, 24% of Americans used personal loans to get by during the pandemic.¹

There are many types of personal loans out there, bad credit loans and good credit options, and it can be difficult to compare them when trying to find the right one for you. Things like interest rates, additional fees, repayment periods, and more should all be considered when searching for your loan.

Luckily, CreditNinja’s Personal Loan Calculator can help you make the right choice when it comes to taking out a loan.

Using Our Personal Loan Payments Calculator Is Easy

We’ve designed this easy-to-use loan calculator to help you calculate all of the loan fees associated with different personal loans.

Follow these simple steps to input all of your specific information:

  1. Slide the amount you wish to borrow into the “How much do you want to borrow?” field.
  2. Specify the desired length of the loan repayment term in the “For how long?” field.
  3. Select the Annual Percentage Rate from one of the five color-coded buttons.
  4. Review how toggling various terms and loan amounts alters your total loan amount.

Once your loan payments are calculated, it’s time to research your loan options by clicking the “Apply Now” button.

Personal Loan Payment Calculator

How much do you want to borrow?
Common Loan of 12 Months
Annual Percentage Rate:
Loan amount
Loan Term
Interest to pay
Total to pay

The Borrower’s Cheat Sheet

CreditNinja cares about your financial situation. Making good financial choices means brushing up on your financial literacy. Here are some common terms to familiarize yourself with in order to make better money choices:

  • Loan Amount — A loan amount is the sum you will receive after the loan agreement is made. Lenders transfer that sum safely to your checking account before any of your loan payments are made.
  • Loan Term — Think of loan terms as the duration of the loan payment process. Make sure you know when your payments are due and the total length of the repayment period.
  • Interest Rate — The personal loan interest rate is essentially the amount of money you pay for the service of borrowing the principal loan amount.
  • Annual Percentage Rate (APR) — The APR is one of the most important factors to consider when comparing different loans. The APR not only includes the interest rate but any other fees associated with the loan.
  • Payment Frequency — Knowing your payment frequency and sticking to it is very important. Late payments or defaulting on the loan can make it even more difficult to pay off in the long run.

Types of Personal Loans

There is more than one type of personal loan you can get. The best option depends on your financial needs, credit score range, and repayment preferences. 

Secured Loans

Secured loans require collateral for approval. Although most personal loans are unsecured, some lenders offer secured loans as well. A secured loan could help borrowers with a low credit score range get funding and a lower interest rate. However, if the borrower defaults, they risk losing their asset. 

Unsecured Loans 

Unsecured loans do not require collateral. In order to get loan approval, the borrower generally needs a good credit history and reliable income. The loan amount, repayment length, and interest rate also depends on the borrower’s creditworthiness.

Fixed-Rate Loans

A fixed interest rate does not change, which means that every monthly payment will be the same from start to finish. Fixed-rate loans are ideal for borrowers who want a predictable repayment schedule and want to budget. 

Variable-Rate Loans

A variable rate can change on a monthly, quarterly or annual basis depending on the index. A variable interest rate can increase or decrease unpredictably, which means the borrower can get a higher or lower monthly payment. These rates are risky, which is why most people prefer a fixed interest rate. Fixed-rate loans have a predictable monthly payment. 

Debt Consolidation Loans

A debt consolidation loan is an installment loan that can help a borrower consolidate high-interest debt. Debt consolidation may help someone get a lower interest rate, which makes it easier to pay off credit card debt, payday loans, and more. 

Eligibility Criteria for Personal Loans

When considering a personal loan, understanding the eligibility criteria is crucial. Lenders evaluate several factors to determine whether you qualify for a loan and what terms they can offer. Here’s what you need to know:

Credit Rating 

Your credit is a key factor that reflects your creditworthiness based on past financial behavior. Most lenders look for a score within a certain range, often above 600. However, some lenders specialize in providing loans for those with bad credit.


Almost every lender will require proof of a steady income to ensure you can make your loan payments. Proof of income could be from employment, self-employment, or regular income from other sources.

Debt-to-Income Ratio (DTI)

Your DTI ratio is the percentage of your monthly income that goes towards paying debts. Lenders usually prefer to work with borrowers that have a DTI ratio lower than 40%. A low DTI indicates that you are not overly burdened by debt and are more likely to manage additional loan payments.

Age and Residency

Generally, you must be at least 18 years old to apply for a personal loan. In addition, you may have to prove you are a U.S. citizen or permanent resident with a valid Social Security number.

How a Personal Loan Affects Credit Scores

If you are interested in getting a personal loan, it’s critical to know how it will affect your FICO score. Knowing how different steps of the loan process can change credit scores allows you to minimize the negative effects. 

Aspect of Personal LoanImpact on Credit ScoreExplanation
Loan ApplicationSlight DecreaseApplying for a personal loan often involves a hard credit inquiry, which can temporarily lower your credit score by a few points.
New Credit AccountSlight DecreaseOpening a new loan account can decrease your score initially due to the uncertainty of new credit behavior.
Credit Mix DiversificationPotential IncreaseAdding a personal loan can improve your credit mix (the variety of credit types you have), which can positively impact your score.
Debt-to-Credit RatioVariable ImpactIf you use a personal loan to pay off credit card debt, you lower your credit utilization ratio, which can improve your score. However, a high loan balance relative to the loan amount can negatively affect your credit score range.
Repayment HistorySignificant Increase or DecreaseTimely loan repayments can significantly improve your credit score over time. Conversely, late or missed payments can severely damage your score.
Loan Term and Outstanding DebtVariable ImpactOver the loan term, as you pay down the debt, your score can improve. However, a high outstanding loan balance can negatively impact your score.
Prepayment or Early ClosureNeutral or Slight DecreasePaying off a loan early is generally neutral but can sometimes slightly decrease your score if it reduces your credit mix or the average age of your accounts.
Loan DefaultsSevere DecreaseDefaulting on a personal loan can lead to a significant drop in your credit score and can stay on your credit report for up to 7 years.

How To Apply for a Personal Loan

Applying for a personal loan doesn’t have to be daunting. By following these straightforward steps, you can navigate the application process with ease and confidence.

Step 1: Research Potential Lenders

It’s critical that when you are looking for a personal loan that you compare various lenders, including banks, credit unions, and online lenders, to find the best rates and terms. A good way to narrow down your options is to read customer reviews. Reviews from past and current customers can provide insight into the lender’s service and reliability.

Step 2: Gather Necessary Documentation

If you apply for a traditional personal loan, you may have to provide some documentation. But keep in mind that most online lenders do not require documentation. 

  • Proof of Identity — This can include a driver’s license, passport, or other government-issued ID.
  • Proof of Income — Typically borrowers use paycheck stubs, tax returns, or bank statements.
  • Proof of Residence — Utility bills or a lease agreement can serve as proof of your current address.
  • References — Some lenders may require professional or personal references. 

Step 3: Review the Loan Offer

Once you submit your loan application, the lender will make an approval decision. If you qualify for a personal installment loan, you will receive a loan offer with your personalized loan terms. It’s essential to carefully review the interest rate, APR, repayment length, monthly loan payment, and loan fees before signing the loan agreement. If anything is unclear, don’t hesitate to ask the lender for clarification.

Step 4: Accept the Loan and Receive Funds

If you agree with the terms of the loan offer, you can go ahead and sign the loan agreement. Depending on the lender, funds can be deposited into your bank account as quickly as the same day or within a few business days.

Step 5: Set Up a Repayment Plan

Once it’s time to start making monthly payments, make sure you avoid late payments. Late loan payments can negatively affect your FICO score. Consider setting up automatic payments to ensure you never miss a due date. And make sure you adjust your budget to include the new monthly payment.

Frequently Asked Questions About Personal Loan Payments

How does my credit score affect my personal loan options?

Your credit score plays a crucial role in determining your eligibility for personal installment loans. Lenders use it to assess your creditworthiness. A higher credit score often means more favorable interest rates and loan terms.

Can I use a personal loan calculator to estimate monthly payments?

Absolutely! A personal loan calculator is a handy tool to estimate your monthly payments. Just input your loan amount, interest rate, and loan term, and it’ll do the math for you.

What’s the typical range for personal loan interest rates?

Personal loan interest rates can vary widely depending on factors like your credit score, loan amount, and lender. The interest rate typically ranges from around 3% to 36%, but it’s always best to shop around for the best offer.

How does the loan term affect my monthly payment and total loan cost?

The loan term, or the duration you have to repay the loan, directly impacts your monthly payment and the total interest you’ll pay. A longer loan term means smaller monthly payments but more interest over time, while a shorter term means higher monthly payments but less interest overall.

Is it possible to get a personal loan with a low credit score?

Yes, it is possible. While a higher credit score improves your chances of getting better loan terms, there are lenders who offer personal loans to individuals with lower credit scores. However, be prepared for potentially higher interest rates.

How do lenders determine the maximum loan amount I can borrow?

Lenders typically consider your income, credit history, existing debts, and sometimes the purpose of the loan to determine the maximum loan amount. They want to ensure you can comfortably manage the monthly payments without financial strain.

Will applying for multiple personal loans affect my credit score?

Applying for several personal loans in a short period can impact your credit score, as each application can result in a hard inquiry on your credit report. It’s wise to research and compare options first before applying.

Can I pay off my personal loan early, and are there penalties for doing so?

Many lenders allow early repayment of personal loans without penalties, but some might charge a prepayment fee. It’s important to check the terms of your loan agreement for any early repayment charges.

A Note From CreditNinja on Using a Personal Loan Calculator 

At CreditNinja, we think that you should have the tools necessary to increase your financial literacy. Our online blog offers information on various personal finance topics, such as the difference between a background check vs credit check

If you have any other questions or concerns about personal loans, repayment, or interest rates, reach out to our customer care team or use one of our financial calculators


  1. Survey: Here’s What Americans Used Personal Loans For During The Pandemic │ NASDAQ