Calculate monthly payments and total cost for personal loans
Personal loans are unsecured loans with fixed interest rates and repayment terms, typically ranging from 1 to 7 years. Because they're unsecured (no collateral), rates are generally higher than mortgages or auto loans. Your credit score is the biggest factor in the rate you'll receive.
Many lenders charge an origination fee of 1-8% that's deducted from your loan amount upfront. On a $15,000 loan with a 3% fee, you'd only receive $14,550 but still owe the full $15,000. Always factor this into your calculations.