Personal loan calculator

No, not all loan calculators are built the same.

Many loan calculators ask for basic information, such as the amount of money you’d like to borrow, your preferred term length, and your credit score. Some lenders might ask you about your credit score in terms of ranges, and others might not ask for your credit score at all. Additionally, a lender might want to know what state you live in before calculating the interest rate, while others allow you to choose a preferred interest rate. You might even be able to choose between fixed and variable interest rates, too.

Where other loan calculators may not include APRs and other fees associated with the full cost of the loan, Oportun’s loan calculator acknowledges the entire cost to the borrower.

Personal loan calculators give borrowers a realistic idea of the monthly costs associated with borrowing from a lender. When you know how much money you would need to pay, you can better decide if a personal loan is right for them. If your loan payments are affordable, you can stay in control of your finances and better maintain your credit score.

The length of the loan impacts the interest in a couple of ways.

On one hand, interest rates could be lower if you secure a longer repayment term. But a longer repayment terms could actually cost you more in interest over time.

On the other hand, shorter-term loans could have higher monthly payments, but they could save you money in interest in the long run.

In either case, using a personal loan calculator should provide you some insight on the total, as well as the monthly costs, helping you understand how much you can afford to pay and over what time period. When deciding between a shorter or longer term, the most important consideration is what fits in your budget.