Compare two schedules for the same cash need
Enter your own terms or explore the illustrative defaults. These scenarios are not available offers.
Model: principal = cash needed ÷ (1 − deducted fee percentage). The fee is withheld from principal; fixed monthly payments repay that principal with interest. Enter the annual interest rate, not APR. Equal monthly periods, no extra charges, no early repayment. Actual lenders may restrict principal amounts or round differently.
Worked example and calculation
At 0% interest and no fee, $1,000 over 12 months is about $83.33 per month and $1,000 in total. A 5% deducted fee requires about $1,052.63 principal to leave $1,000 cash. For interest-bearing payments: P × r ÷ [1 − (1 + r)^−n], where r is the annual percentage rate of interest ÷ 1,200 and n is monthly payments. Totals use unrounded modeled payments.
Start with the expense, then choose the amount and repayment schedule to investigate. A personal loan can cover a planned purchase, a repair or another permitted purpose, but the smallest monthly payment is not always the least expensive choice. 1
LendingClub lets you explore personal-loan calculations up to $35,000. That is a planning ceiling, not a guaranteed credit limit or confirmation that a lender offers every amount below it.
Estimate my payment · Calculate cash after fees
Three amounts describe one borrowing decision
Principal: the stated loan balance used in the agreement.
Cash proceeds: what you receive after any amount withheld at funding.
Total repayment: the sum of scheduled payments and relevant charges under the agreement.
For a hypothetical $5,000 loan with a 5% fee deducted at funding, the fee is $250 and proceeds are $4,750. If the expense is $5,000, that leaves a shortfall before the first payment is due. Fee treatment matters: a fee paid separately or financed is not the same as a deduction. 2
Compare the same amount over different terms
The following examples use an assumed 18% fixed annual interest rate, equal monthly periods and no fees or missed payments. They are calculations, not available rates or terms.
| Principal | Illustrative term | Estimated payment | Total payments |
|---|---|---|---|
| $5,000 | 24 months | $249.62 | $5,990.89 |
| $5,000 | 36 months | $180.76 | $6,507.43 |
| $10,000 | 36 months | $361.52 | $13,014.86 |
| $35,000 | 60 months | $888.77 | $53,326.20 |
Totals use unrounded calculations; a real final payment may be adjusted. The $35,000 row illustrates repayment at the project ceiling, not approval for that amount.
Use the full calculator to change the assumptions. If a displayed rate is APR inclusive of fees, do not assume it is the contract interest rate for an exact amortization schedule. 3
Find the page that fits the expense
| Your question | Relevant next step |
|---|---|
| I need a modest amount and want scheduled payments | Small personal loans |
| I need about $5,000 after considering fees | $5,000 personal-loan calculation |
| I want to replace several debts with one payment | Debt-consolidation comparison |
| My credit profile is my main uncertainty | Fair-credit considerations |
| The deadline is as important as the amount | Emergency expense planning |
Permitted uses must be checked with the provider. Do not assume a general-purpose loan can fund every expense, business purpose or education cost.
Review requirements without guessing approval odds
The actual lender may consider credit history, income, current obligations and other application information. Its decision may depend on the requested amount and product. No minimum score or income threshold is established by this page. 1
A local estimate is not prequalification. A provider’s prequalification process, where offered, has its own disclosures. Find out whether an inquiry is soft or hard and at which stage it occurs; soft inquiries do not affect credit scores, while hard inquiries can. 4
Read the offer as a complete set of terms
Keep the provider’s legal name, state availability, APR, interest rate, fees, proceeds, payment dates, number of payments and total of payments together. If a discount is advertised, read how it is earned and what changes if its condition is no longer met.
Ask for any optional product to be identified separately. You need to distinguish the cost of credit from optional services and know whether choosing them changes proceeds or payments. Do not assume the maximum advertised loan is the amount you would receive.
The rates-and-fees page explains how to compare those fields without replacing the lender’s required disclosures.
Funding is a process, not a button label
A completed application may still need documents or verification. Agreement acceptance, transfer initiation and the receiving bank’s availability can occur at different times. Confirm the actual provider’s timing for your account and submission date.
Do not use an unverified “same day” expectation to commit to a purchase. A deadline-driven expense belongs in a plan that also includes what happens if the funds do not arrive in time.
The first payment deserves as much attention as the last
Read the first due date, payment frequency, accepted methods and any recurring-payment authorization. A loan with a low monthly figure can still be a poor fit if the first debit occurs before funds are available in your budget.
For early payoff, obtain a dated quote from the actual creditor or servicer. The quoted amount may include accrued interest or other applicable items; it need not equal a statement balance. Check the agreement’s prepayment terms rather than assuming all personal loans are penalty-free.
What this page does—and does not—do
It helps you estimate repayment and identify terms to compare. It does not select a lender for you, verify eligibility, pull a credit report or produce an offer. A transaction should begin only when the actual provider and data recipients are clear.
State rules & checks · Read the process
Personal-loan questions
How much would a $35,000 loan cost each month? In the illustrative 18%, 60-month, no-fee calculation above, about $888.77. A real result depends on the actual interest rate, fees and agreement.
Are personal loans installment loans? A personal installment loan is repaid over a schedule. The labels overlap; compare the actual agreement, not just the category. 1
Is a longer term better? It can lower the periodic payment while increasing total interest. Compare both and check the repayment against other expenses.
Will a calculator affect my credit score? This calculator uses your inputs only. It is separate from a lender’s application or prequalification.
Can I use the loan to consolidate credit cards? Only if the provider permits that purpose and the proceeds cover the intended payoff amounts. Compare total cost and do not assume the debt disappears merely because it moves.
Further checks for this decision
A promise of guaranteed credit in exchange for an upfront payment is a warning sign. Verify the provider and distinguish a disclosed loan charge from a payment demanded to guarantee approval.5