Personal Loan Calculator

A personal loan is an unsecured instalment loan: fixed amount, fixed rate, fixed term, no collateral. Because nothing secures it, pricing depends almost entirely on creditworthiness, and the spread between the best and worst offers is wider than on secured borrowing like a mortgage or auto loan.

The most common productive use is debt consolidation — replacing several high-rate revolving balances with one lower-rate instalment loan. That works when two conditions hold: the new rate is genuinely lower once fees are included, and the cleared credit cards are not run back up. The second condition is where consolidation usually fails, and it is behavioural rather than financial. Consolidating without changing the spending that created the balances converts revolving debt into instalment debt and then rebuilds the revolving debt alongside it.

Watch origination fees. Many personal lenders deduct a fee from the disbursed amount, so borrowing a nominal sum delivers less than that to your account while you repay the full figure. Compare offers on APR rather than the quoted rate, since APR incorporates that fee.

Rates are also strongly term-sensitive on unsecured lending, and a longer term raises total cost even when the monthly payment looks manageable. Check for prepayment penalties before committing — most reputable lenders do not charge them, and their absence means extra payments go straight against principal. Everything runs in your browser — no login, no upload, and no figure you enter leaves the page.