Personal Loan Calculator |‌ ACFA

Compare all your options before deciding on a personal loan with our payment calculator. You can modify the loan amount or repayment term to see which one is more suitable.

How do you use this calculator?

Enter the loan amount, estimated interest rates, and repayment term to calculate your monthly payments. You can modify one or more of the numbers to see how different loan terms affect your monthly payments and the total interest.

A longer-term loan will typically have a lower monthly payment because it takes longer to repay. Some lenders may charge a higher interest rate if you choose a longer-term.

Compare loan offers and lenders to determine if origination charges are being charged on loans you are interested in. It is usually a percentage.

This fee can be deducted from the loan disbursement by lenders. This means that a $10,000 loan with a 10% origination fee could cost you $9,500. This is the amount that you will have to repay. The fee may also be included.

The calculator will use the information provided to calculate the time for the loan to be repaid. The calculator will show you when the loan is due to be paid off. It will also show you the interest rate.

For what purpose can a personal loan be?

Personal loans have the advantage of being able to use the money for any purpose. This money can be used to repair or upgrade your home or vehicle or pay off higher-interest loans or credit cards.

Consolidating credit cards can help you save money on higher-rate credit card debts. A personal loan with a lower interest rate than your credit card will save you $1,040.

Another way to borrow money is to do so for multiple purposes

  • Gambling
  • Investments
  • Postsecondary education
  • Business
  • Any illegal

There may be restrictions on the lender you choose.

How to Apply for a Personal Loan

Many lenders make it possible to apply online for personal loans and complete the process electronically.

Prequalifications are a great way to start the process. Prequalifications won’t affect your credit score and don’t require you to do a hard credit check.

If you’re not prequalified, you can view estimated loan offers before applying. You should not submit your application if this happens.

Lenders may request additional information and verification documents if they decide to apply for a loan. To verify your income or identity, lenders might ask you to produce copies of your tax returns, government-issued IDs, or payslips.

You may not be approved for a loan even if you have been prequalified. This is because your income, creditworthiness, or employment status has changed since you were preapproved.

After the lender approves your loan application, the money will be available to you within days.

How a personal mortgage can affect your credit score

Personal loans can have a negative impact on your credit score. This can cause damage to your credit score. This could impact your credit scores.

However, these initial scores declines are less severe over time. Opening a new credit card can help improve your credit score. You could also use the loan for credit utilization reductions, which can help you improve your credit score.

A history of timely payments, which is one the most important factors in credit scores, can help you repay your loan. You could lose your credit score if you make late payments.

Find out if your loan matches you

The ACFA tool can show you personalized loan offers by partners. You can filter your results by APR, repayment terms, or estimated monthly payments.


debt consolidation
excellent credit
prepayment penalties
credit report
loan payments
repayment term
annual percentage rates
loans offer
36 months
total amount
lowest rates
credit unions
origination fee
interest payments
total interest
terms and conditions
credit history


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