payments LOAN TOOLS

Personal Loan Calculator

Plan your borrowing. Simple payments, total interest.

$
%
%
How It Works: Calculates monthly fixed payments and the total interest paid over the loan term.

Key Inputs:
  • Loan Amount: Total principal borrowed.
  • Interest Rate: Annual interest rate (%).
  • Term: Duration of the loan (Years).


APR vs Rate: The APR (Annual Percentage Rate) includes the interest rate plus any fees, representing the true cost of borrowing.
Monthly Payment
$320
Total Interest
$1,520
APR (Effective)
9.5%

Personal Loan Guide: Secured vs. Unsecured

Not all loans are created equal. Understanding the difference between secured and unsecured loans can save you thousands in interest or protect your assets.

Unsecured Loans (Signature Loans)

Most personal loans are unsecured. This means they require no collateral. The lender approves you based solely on your credit score and income.
Pros: No risk of losing your house or car. Fast approval.
Cons: Higher interest rates (10% - 35%) because the lender takes on more risk.

Secured Loans

These require an asset as collateral (e.g., a car title, savings account, or home equity).
Pros: Lower interest rates (often under 10%). Easier to qualify for with bad credit.
Cons: If you default, the lender takes your asset.

What Affects Your Rate?