Personal Loan Calculator
Calculate your exact monthly payment, total interest cost, and true APR for any personal loan. Compare lender rates, see full amortisation, and discover how extra payments slash your interest bill.
2026 Personal Loan Rates � Major US Lenders
📅 Updated January 2026 � indicative ranges only| Lender | Min APR | Max APR | Notes |
|---|---|---|---|
| SoFi | 8.99% | 29.99% | No fees, autopay discount 0.25% |
| LightStream | 7.49% | 25.99% | Best credit: 7.49%, Rate Beat programme |
| Marcus by Goldman Sachs | 6.99% | 24.99% | No fees; fixed rate |
| Discover | 7.99% | 24.99% | 30-day return guarantee |
| Upstart | 7.80% | 35.99% | AI underwriting; fair/no credit OK |
| Prosper | 8.99% | 35.99% | Peer-to-peer; fair credit |
| Best Egg | 8.99% | 35.99% | Fast funding (1 day) |
| Avant | 9.95% | 35.99% | Bad/fair credit focus |
| Wells Fargo | 7.49% | 23.24% | Existing customers preferred |
| Citibank | 10.49% | 19.49% | Citibank customers only |
| TD Bank | 8.99% | 23.99% | Northeast US focus |
| Navy Federal CU | 7.49% | 18.00% | Military/govt employees only |
Rates are representative ranges based on lender published data. Your actual rate depends on credit score, income, debt-to-income ratio, and loan purpose.
Personal Loan Formulas & Math
Monthly Payment Formula
Where P = principal, r = monthly rate (APR � 12 � 100), n = term in months.
True APR (with origination fee)
The origination fee raises your effective cost above the stated interest rate. Always compare APR, not just rate.
Debt-to-Income (DTI) Ratio
Most lenders approve up to 36% DTI. Some allow 43%. Below 20% is considered excellent.
Credit Score → Expected APR (2026 benchmarks)
| Score Range | Rating | Typical APR | Example: $15k / 48 mo |
|---|---|---|---|
| 800 � 850 | Exceptional | 7% � 9% | $366/mo |
| 740 � 799 | Very Good | 9% � 12% | $384/mo |
| 670 � 739 | Good | 12% � 18% | $417/mo |
| 580 � 669 | Fair | 18% � 28% | $481/mo |
| 300 � 579 | Poor | 28% � 36% | $558/mo |
💡 Tips to Get the Best Rate
- Check your credit report for errors before applying (free at AnnualCreditReport.com).
- Pay down revolving debt to lower your credit utilisation below 30%.
- Pre-qualify with multiple lenders � soft pulls don't hurt your score.
- Set up autopay to get the 0.25% discount most lenders offer.
- Choose the shortest term you can comfortably afford � lower total interest.
- A co-signer with excellent credit can dramatically lower your APR.
Frequently Asked Questions
What is a good interest rate for a personal loan in 2026?
The national average personal loan APR is around 12�13%. If you have excellent credit (740+), you should be able to qualify for 7�10%. Anything above 20% is high-cost territory � consider credit union alternatives.
How does an origination fee affect my loan cost?
An origination fee of 1�8% is charged upfront and either deducted from your payout or added to your balance. A $15,000 loan with a 3% fee means you receive $14,550 but repay $15,000 � effectively raising your APR by ~0.6% on a 48-month term.
Should I choose a shorter or longer loan term?
Shorter terms mean higher monthly payments but less total interest paid. Longer terms lower the monthly burden but cost significantly more overall. Example: $15,000 at 10.5% � 36 months costs ~$2,500 in interest; 60 months costs ~$4,200.
