How to calculate loan payments and costs
Published Nov 28, 2025
6 min read
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Find the Best Personal Loan for You
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Est. APR
8.74% - 35.49%
Loan amount
$5k- $100k
Min credit score
300
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What are the pros and cons of personal loans?
Personal loans have advantages and drawbacks. Before applying, consider how the pros and cons could impact your financial situation and if a personal loan is worth it for you.
Pros
Qualifications: If you don't have good credit, you may end up paying a much higher interest rate.
Payment flexibility: Most personal loans charge fixed interest rates and have a strict repayment schedule.
Not ideal for emergencies: Personal loans can be used to cover emergency expenses, however, you need to have a plan to be able to make the monthly payments. If you can't, you risk doing lasting damage to your credit.
Cons
Qualifications: If you don't have good credit, you may end up paying a much higher interest rate.
Payment flexibility: Most personal loans charge fixed interest rates and have a strict repayment schedule.
Not ideal for emergencies: Personal loans can be used to cover emergency expenses, however, you need to have a plan to be able to make the monthly payments. If you can't, you risk doing lasting damage to your credit.
Home equity loan
Personal loans may come with a fixed rate, in which the APR stays the same over the life of the loan, or a variable rate, which can fluctuate over time. The APR includes the personal loan’s interest rate in addition to the lender’s fees for servicing the loan.
- Interest rate:Personal loans charge borrowers a fixed APR, or annual percentage rate, on top of the principal loan amount. This APR can vary depending on creditworthiness, income and other factors. The personal loan interest rate determines how much interest borrowers pay over the life of the loan.
- Monthly payment: Personal loans come with a fixed monthly payment that you’ll make over the life of the loan, calculated by adding up the principal and the interest. You can typically secure a lower monthly payment if you agree to pay off your loan over a longer stretch of time, although you will end up paying more in interest accrual than if you had a shorter repayment period.
- Repayment terms: Repayment timelines vary for personal loans, but consumers are often able to choose repayment terms between one and seven years. However, some lenders may offer terms of up to 12 years on larger personal loans.
- Origination fee: Some personal loans charge an initial origination fee on top of the original amount of your loan. While origination fees vary, it’s common to see origination fees as high as 10 percent of your loan amount.
Frequently asked questions about personal loans
Interest rate vs. APR
A personal loan may not be the best choice for everyone. Depending on your financial circumstances and how you plan to use the money, it may make more sense to consider other lending options, including:
A personal loan may not be the best choice for everyone. Depending on your financial circumstances and how you plan to use the money, it may make more sense to consider other lending options, including:
A personal loan may not be the best choice for everyone.
A personal loan may not be the best choice for everyone. Depending on your financial circumstances and how you plan to use the money, it may make more sense to consider other lending options, including:
A personal loan may not be the best choice for everyone. Depending on your financial circumstances and how you plan to use the money, it may make more sense to consider other lending options, including:
