Personal loans are borrowed funds that you can use for various purposes like debt consolidation, home improvements, or unexpected expenses. They typically have fixed interest rates ranging from 6% to 36% and repayment terms of 12-84 months. Unlike credit cards, personal loans provide a lump sum upfront that you repay in equal monthly installments. The application process involves submitting financial information for lenders to evaluate your creditworthiness. Once approved, funds are typically deposited directly into your bank account within 1-7 business days. Personal loans are unsecured, meaning they don't require collateral, but this results in higher interest rates compared to secured loans. Your credit score significantly impacts the rates you qualify for—excellent credit (720+) can secure rates as low as 6-10%, while fair credit (580-669) might result in rates of 17-36%. Our personal loan calculator helps you determine affordable monthly payments based on different loan amounts, interest rates, and terms before you apply.

Yes, you can refinance a personal loan, and it's often beneficial in certain situations. Refinancing involves taking out a new loan to pay off your existing personal loan, ideally with better terms. This is particularly advantageous if your credit score has improved since your original loan, potentially qualifying you for interest rates 3-6% lower than your current rate. For example, refinancing a $15,000 loan from 15% to 9% interest could save you over $2,000 in interest over the remaining loan term. Other good reasons to refinance include extending your term to lower monthly payments (though this increases total interest paid), consolidating multiple loans into a single payment, or removing a co-signer from your original loan. Most lenders require that you've made at least 3-6 months of on-time payments on your current loan before refinancing. Be aware of potential refinancing fees, including origination fees (typically 1-8% of the loan amount) and prepayment penalties on your existing loan. Our calculator can help you compare your current loan with refinancing options to determine if the savings justify any associated fees.

An unsecured personal loan is a type of financing that doesn't require collateral (assets like your home or car) to secure the loan. Instead, lenders approve these loans based primarily on your creditworthiness, income, and debt-to-income ratio. Because there's no asset to seize if you default, unsecured loans typically carry higher interest rates than secured options, with APRs ranging from 6% for excellent credit to 36% for fair credit. Most major banks, credit unions, and online lenders offer unsecured personal loans with amounts typically ranging from $1,000 to $50,000 (though some lenders offer up to $100,000 for highly qualified borrowers). Repayment terms usually span 12-84 months. The application process involves a credit check that may temporarily lower your score by 5-10 points. Approval decisions can take anywhere from minutes to several days depending on the lender. Unsecured personal loans offer flexibility in how you use the funds, whether for debt consolidation, home improvements, medical expenses, or other major purchases, without risking specific assets as collateral.

The amount of personal loan you can qualify for depends primarily on your income, credit score, existing debt, and the lender's specific criteria. Most lenders offer personal loans ranging from $1,000 to $50,000, though some institutions provide up to $100,000 for highly qualified applicants. Your income plays a crucial role, as lenders typically limit loan amounts to ensure your debt-to-income ratio (DTI) remains below 45-50% after taking on the new loan. For example, if you earn $5,000 monthly with existing debt payments of $1,500, lenders would likely approve a loan with maximum monthly payments of $1,000 ($5,000 × 50% = $2,500 maximum debt; $2,500 - $1,500 = $1,000 available). Your credit score significantly impacts how much you can borrow—excellent credit (720+) can qualify for maximum loan amounts at competitive rates, while fair credit (580-669) usually limits you to smaller loans with higher interest rates. Most lenders also consider your employment stability, requiring at least 6-12 months at your current job. Our personal loan calculator can help you determine what loan amount results in affordable monthly payments based on your financial situation and projected interest rate.

No, Chase Bank does not currently offer personal loans to consumers. Despite being one of the largest U.S. banks, Chase has focused its lending products on mortgages, auto loans, credit cards, and business loans rather than personal loans. This has been their consistent approach since 2019 when they discontinued their personal loan offerings. If you're a Chase customer seeking a personal loan, you'll need to explore alternatives. Major banks that do offer personal loans include Wells Fargo (with loans up to $100,000), Bank of America (with their "Balance Assist" program for existing customers), and Citibank (offering loans from $2,000 to $30,000). Online lenders like SoFi, LightStream, and Marcus by Goldman Sachs are also popular alternatives with competitive rates and quick funding. If you have an existing Chase credit card, you might consider utilizing their My Chase Loan feature, which allows eligible cardholders to borrow against their credit limit at a fixed rate, typically at lower interest than their standard credit card rate. You can use our personal loan calculator to compare rates and terms from different lenders to find the best alternative for your specific needs.

Bank of America does offer personal lending options, but their offerings are more limited than some other major banks. Their primary personal loan product is called "Balance Assist," which is a short-term, small-dollar loan program available exclusively to existing Bank of America checking account customers who have maintained their accounts for at least one year. Balance Assist provides loans of $100 to $500 with a flat $5 fee regardless of the loan amount, to be repaid in three equal monthly installments. For larger personal loan needs, Bank of America does not offer traditional unsecured personal loans like many other banks and online lenders. Instead, they direct customers toward their secured loan options, such as home equity loans, home equity lines of credit (HELOCs), or auto loans. If you're a Bank of America customer needing more substantial unsecured financing, you'll likely need to explore other lenders like Wells Fargo, Citibank, or online lenders such as SoFi, LightStream, or Marcus by Goldman Sachs. Our personal loan calculator can help you compare options from these alternative lenders to find competitive rates and terms that match your needs.

Calculating a loan's interest rate involves several steps when you know the loan amount, term, and monthly payment. First, determine the total repayment amount by multiplying your monthly payment by the number of payments. For example, a $300 monthly payment over 48 months equals $14,400 total repayment. Next, subtract the principal (original loan amount) from the total repayment to find the interest paid. If your loan was $12,000, the interest would be $2,400 ($14,400 - $12,000). To find the annual interest rate, you'll need to use the present value formula: PMT = P × r × (1+r)ⁿ/((1+r)ⁿ-1), where PMT is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments. This formula requires solving for r, which is typically done using financial calculators, spreadsheet functions like RATE in Excel, or online loan calculators. Alternatively, our personal loan calculator can work backward from your payment amount to determine the corresponding interest rate. Remember that advertised loan rates (APR) include both interest and fees, so the actual interest rate component may be slightly lower than the APR.

Personal loans can be either secured or unsecured, though most commonly they are unsecured. Unsecured personal loans don't require collateral and are approved based on your creditworthiness, income, and debt-to-income ratio. These loans typically range from $1,000 to $50,000 with interest rates from 6% to 36% depending on your credit profile. Secured personal loans, on the other hand, require collateral such as a savings account, certificate of deposit, or vehicle to back the loan. Because the lender has a tangible asset to claim if you default, secured personal loans offer several advantages: interest rates are typically 1-5% lower than unsecured alternatives, qualification requirements are less stringent (making them accessible to borrowers with fair or poor credit), and you may qualify for higher loan amounts relative to your income. The primary disadvantage is that you risk losing the pledged asset if you fail to repay. Most major banks, credit unions, and online lenders offer unsecured personal loans, while secured personal loans are more commonly available through credit unions, community banks, and specialized online lenders. Our calculator can help you compare the different payment scenarios between both loan types.

The average interest rate on personal loans ranges from 10.6% to 12.5% as of April 2025, but rates vary significantly based on several key factors. Your credit score has the most substantial impact—borrowers with excellent credit (720+) typically qualify for rates between 6% and 13%, good credit (690-719) sees rates of 13% to 18%, fair credit (630-689) receives offers between 18% and 25%, and poor credit (below 630) may face rates from 25% up to 36%, which is the maximum rate cap in many states. Loan amounts and terms also affect your rate—larger loans over $20,000 often have rates 0.5-2% lower than smaller loans, while longer terms (60+ months) typically carry rates 1-3% higher than shorter terms (12-24 months). Different lender types offer varying rate ranges: credit unions provide the most competitive rates (6-18%), traditional banks offer mid-range rates (8-23%), and online lenders have the widest spectrum (6-36%). Secured personal loans backed by collateral typically feature rates 1-5% lower than unsecured alternatives. The presence of origination fees, which range from 1% to 8% of the loan amount, effectively increases your borrowing cost. Our personal loan calculator can help you compare how different interest rates affect your monthly payments and total interest costs.

The personal loan amount you can qualify for based on your income depends primarily on your debt-to-income ratio (DTI), which most lenders cap at 36-43% for personal loans, though some allow up to 50% for excellent credit profiles. To calculate your maximum loan amount, first determine your current DTI by dividing your existing monthly debt obligations by your gross monthly income. For example, if you earn $5,000 monthly and have $1,200 in existing debt payments, your current DTI is 24%. If a lender caps DTI at 40%, you could take on additional monthly debt of $800 ($5,000 × 0.40 = $2,000 maximum monthly debt; $2,000 - $1,200 = $800 available for new loan payment). Using our personal loan calculator, at 10% interest over 5 years, an $800 monthly payment would qualify you for approximately a $38,000 loan. Beyond income, lenders also consider your credit score (affecting both approval and interest rate), employment stability (typically requiring 6+ months at your current job), and overall financial history. Some lenders apply income minimums, usually requiring at least $20,000-$30,000 annual income for any personal loan approval, with higher loan amounts necessitating proportionately higher income levels.

To calculate the monthly interest rate on a loan, start with the annual interest rate (APR) and divide by 12. For example, a loan with a 12% APR has a monthly interest rate of 1% (12% ÷ 12 = 1%). To determine the actual interest amount charged each month, multiply the current loan balance by this monthly rate. For a $10,000 loan at 12% APR, the first month's interest would be $100 ($10,000 × 0.01 = $100). In an amortizing loan like most personal loans, each payment first covers the monthly interest, with the remainder reducing the principal. As the principal decreases over time, so does the interest portion of each payment, while the principal portion increases—though the total monthly payment remains the same. For instance, if your monthly payment on this loan is $222.44 over 5 years, the first payment would apply $100 to interest and $122.44 to principal, leaving a balance of $9,877.56. The second month, interest would be $98.78 ($9,877.56 × 0.01), with $123.66 going to principal. Our personal loan calculator automatically performs this amortization calculation, showing exactly how much interest you'll pay each month and over the entire loan term based on your specific loan amount, interest rate, and term length.

Yes, it's possible to get a personal loan without traditional employment, though it's more challenging and typically comes with stricter terms. Lenders primarily care about your ability to repay, so you'll need to demonstrate alternative income sources. Acceptable alternative income may include: retirement benefits (Social Security, pension, 401(k) distributions), investment income (dividends, interest, rental property income), alimony or child support payments, disability benefits, regular income from a trust, or consistent side gig/freelance income verified by tax returns. Most lenders require proof that these income sources are stable and will continue for at least the duration of the loan term. Without traditional employment, expect stricter loan terms, including: lower loan amounts (typically capped at $10,000-$15,000), higher interest rates (often 2-5% above the lender's standard rates), shorter repayment periods, and possibly the requirement for a cosigner with stable employment or collateral to secure the loan. Credit unions and online lenders specializing in non-traditional borrowers are often more flexible than major banks for these situations. Our personal loan calculator can help you determine if the available loan terms create affordable monthly payments based on your alternative income sources.

Personal loan interest rates currently range from 6% to 36% APR, with the rate you receive depending on several key factors. Your credit score has the most significant impact—borrowers with excellent credit (720+) typically qualify for rates between 6% and 13%, while those with poor credit (below 630) may face rates from 25% to 36%. Your debt-to-income ratio also matters, with ratios below 36% securing the best rates. Loan terms affect pricing, with shorter terms (12-24 months) offering rates approximately 1-3% lower than longer terms (60+ months). Loan amounts influence rates as well—larger loans over $20,000 often qualify for rates 0.5-2% lower than smaller loans. Different lender types have varying rate ranges: credit unions typically offer the lowest rates (6-18%), followed by traditional banks (8-23%), with online lenders providing the widest spectrum (6-36%). Secured personal loans backed by collateral can reduce rates by 1-5% compared to unsecured options. Some lenders offer relationship discounts of 0.25-0.5% for existing customers or for setting up automatic payments. Our personal loan calculator helps you compare how different interest rates affect your specific loan scenario, showing the impact on both monthly payments and total interest costs over the loan term.

No, Capital One does not currently offer personal loans to new or existing customers. Despite being a major financial institution known for credit cards, auto financing, and banking services, Capital One exited the personal loan market in 2020 and has not re-entered as of 2025. If you're a Capital One customer seeking personal financing, you'll need to look at alternative options. For existing Capital One credit card holders, the company occasionally offers a feature called "Capital One Installment Plans," which allows you to convert a portion of your available credit line into a fixed-rate installment loan with predictable monthly payments. However, this feature is not available to all cardholders and is invitation-based. For traditional personal loans, you'll need to explore other lenders. Major banks offering personal loans include Wells Fargo, Citibank, and U.S. Bank, while online lenders like SoFi, LightStream, Marcus by Goldman Sachs, and Discover personal loans offer competitive rates and convenient digital application processes. Our personal loan calculator can help you compare options from these alternative lenders to find rates and terms that best fit your financial situation and needs.

Discover personal loans are unsecured loans offered by Discover Financial Services, providing fixed-rate financing from $2,500 to $40,000 with terms ranging from 36 to 84 months. These loans stand out in the market for having no origination fees, closing costs, or prepayment penalties—making them truly fee-free options. As of April 2025, Discover personal loan interest rates range from 7.99% to 24.99% APR, with rates determined by your creditworthiness, loan amount, and term length. Discover typically requires a minimum credit score of 660 for approval, though borrowers with scores above 700 receive the most competitive rates. The application process is entirely online, with same-day decisions in many cases and funding as quickly as the next business day after acceptance. A distinctive feature of Discover personal loans is their flexibility—funds can be used for almost any purpose, including debt consolidation (their most popular use), major purchases, home improvements, medical expenses, and unexpected costs. Discover also offers a unique 30-day money-back guarantee: if you decide to return the funds within 30 days of receiving them, you can do so with no interest charges. Our personal loan calculator can help you determine if a Discover personal loan offers competitive terms for your financial needs compared to other lenders.

A $5,000 personal loan will cost different amounts depending on your interest rate and loan term. With good credit (690-719), you might qualify for an interest rate around 12-15% APR on a $5,000 loan. At 12% APR with a 36-month term, your monthly payment would be approximately $166, resulting in total payments of $5,972 over the life of the loan ($972 in total interest). With the same loan over a 60-month term, your monthly payment drops to about $111, but your total payments increase to $6,665 ($1,665 in total interest) due to the longer repayment period. If you have excellent credit (720+), you might secure a rate as low as 7-9%. At 8% APR over 36 months, your payment would be around $157 monthly, with total costs of $5,637 ($637 in interest). For those with fair credit (630-689), rates typically range from 18-24%. At 20% APR over 36 months, the monthly payment jumps to $186, with total payments reaching $6,692 ($1,692 in interest). Some lenders may also charge origination fees of 1-8% ($50-$400 on a $5,000 loan), which could either be deducted from your loan proceeds or added to your loan balance. Our personal loan calculator allows you to input different interest rates and terms to find the most affordable option for your $5,000 loan.

A $1,000 loan is a small personal loan typically used for minor emergencies, small purchases, or bridging short-term cash flow gaps. Due to the small amount, these loans have several distinct characteristics compared to larger personal loans. First, fewer traditional banks offer personal loans under $2,000, so your options may be limited to credit unions, online lenders, and financial technology companies that specialize in smaller loans. Interest rates for $1,000 loans are often higher than larger personal loans, typically ranging from 8.99% to 35.99% APR depending on your credit profile. With good credit (690-719), you might secure a rate around 15-20% APR. At 15% APR over 12 months, your monthly payment would be approximately $91, resulting in total payments of $1,089 ($89 in interest). Many lenders charge origination fees of 1-8% ($10-$80 on a $1,000 loan), which significantly impacts the cost of borrowing such a small amount. The repayment term is typically shorter than larger personal loans, usually ranging from 3 to 24 months, with 12 months being most common. Alternative options to consider before taking a $1,000 loan include 0% APR credit card offers, paycheck advances through employer programs, or borrowing from friends and family. Our personal loan calculator can help you compare the costs of different $1,000 loan options and determine if the payments fit within your budget.

Dollar Loan Center is a legitimate short-term lender operating physical locations across Nevada, Utah, South Dakota, and California. Founded in 1998, they specialize in providing high-interest, short-term loans ranging from $100 to $5,000, though their loan amounts and terms vary by state due to different state regulations. Dollar Loan Center primarily offers what they call "Signature Loans" or "Installment Loans," which are unsecured personal loans that don't require collateral. However, these loans typically come with much higher interest rates than traditional personal loans from banks or credit unions, with APRs that can range from 40% to 300% or more depending on the state regulations. The application process is designed to be quick, with same-day funding possible for approved borrowers. They generally require a checking account, proof of regular income, a phone number, and valid ID for approval. While Dollar Loan Center is a licensed lender operating legally within the states where they have locations, consumers should carefully consider the high costs associated with their loans before borrowing. For someone with good or excellent credit, or anyone needing more than a few weeks to repay, more affordable alternatives would include traditional personal loans, credit union loans, or credit card advances. Our personal loan calculator can help you compare these options to see how much you could save with alternative lenders.

Credit card interest is calculated using your annual percentage rate (APR), current balance, and daily periodic rate. Unlike personal loans with fixed monthly payments, credit card interest compounds daily, making it particularly expensive for revolving balances. To calculate credit card interest, first convert your annual percentage rate (APR) to a daily periodic rate by dividing by 365. For a card with 18.99% APR, the daily rate would be 0.052% (18.99% ÷ 365 = 0.00052). Next, determine your average daily balance by adding each day's balance during the billing cycle and dividing by the number of days in the cycle. Then multiply your average daily balance by the daily periodic rate and the number of days in the billing period. For example, with an average daily balance of $1,500, a daily rate of 0.052%, and a 30-day billing cycle, your monthly interest would be $23.40 ($1,500 × 0.00052 × 30). Most credit cards offer a grace period of about 21-25 days after the billing cycle closes, during which you can pay your statement balance in full to avoid all interest charges. Once you carry a balance, however, interest accrues daily on purchases from the transaction date. To avoid the high compounding interest of credit cards, many consumers use personal loans for larger expenses or to consolidate credit card debt. Our personal loan calculator can show you how much you could save by transferring high-interest credit card debt to a lower-rate personal loan.

American Express personal loans are fixed-rate, unsecured loans offered exclusively to eligible American Express card members. Launched in 2019, these loans provide a streamlined borrowing experience with loans ranging from $3,500 to $40,000 with repayment terms of 12, 24, or 36 months. As of April 2025, American Express personal loan interest rates range from 7.98% to 18.98% APR, with no origination fees, application fees, or prepayment penalties—making them a competitive option for qualified cardholders. A key advantage of American Express personal loans is the pre-qualification process, which allows eligible cardholders to check their rate and available loan amount without affecting their credit score. The application process is entirely online and typically results in a decision within seconds, with funds deposited directly into your bank account as soon as the next business day. American Express determines eligibility based on factors including your payment history with American Express, credit score, income, and existing debt obligations. These loans can be used for almost any purpose except business expenses, post-secondary education costs, or investments. For some cardholders, American Express also offers a "Plan It" feature as an alternative, allowing you to split large purchases into fixed monthly payments with a fixed fee instead of interest. Our personal loan calculator can help you compare American Express personal loan offers with other lenders to determine the most cost-effective option for your needs.

Truist personal loans are fixed-rate, unsecured loans offered by Truist Bank (formed by the 2019 merger of SunTrust and BB&T) to both existing customers and non-customers. These loans range from $3,500 to $50,000 with terms of 12 to 60 months, designed for a variety of needs from debt consolidation to home improvements. As of April 2025, Truist personal loan interest rates range from 8.49% to 21.99% APR, though existing Truist customers with qualifying accounts may receive a 0.25% to 0.50% interest rate discount. Truist offers both secured and unsecured personal loan options, with secured loans using your Truist savings account or CD as collateral to secure lower rates. The application process can be completed online, by phone, or at any of Truist's 2,000+ branches across the southeastern and mid-Atlantic states. Approval decisions typically take 1-2 business days, with funding available as soon as the next business day after loan acceptance. Truist personal loans feature competitive benefits including no origination fees or prepayment penalties, optional automatic payment discounts, unemployment protection for eligible borrowers, and relationship discounts for existing banking customers. Truist typically requires a credit score of at least 650 for approval, with the most competitive rates reserved for those with scores above 720. Our personal loan calculator can help you determine if Truist personal loans offer better terms compared to other lenders based on your credit profile and financial needs.