Personal Loan Calculator
Payoff $5,000 Loan • 36 Months
- With a Payoff Loan, you, like other Payoff Members, could raise your credit score by 40 points.
- You can consolidate all your credit card payments down to one monthly, affordable, fixed-rate payment between 5.99% and 24.99% APR.
- You WON’T pay any prepayment penalties, application fees, late fees or hidden fees. Because no one wants to do that.
- Loans for refinancing credit card debt from $5,000 to $35,000
LendingClub $5,000 Loan • 36 Months
- Join America’s largest personal loan marketplace with over 3 million members
- Choose the most experienced personal loan company that’s helped issue over $50 billion in loans since 2007
- Get fixed monthly payments with no prepayment penalties
- Take control of your debt and circle the date your loan will be paid off
Best Egg $5,000 Loan • 60 Months
- You could get money in your account in as little as one business day
- With a fixed APR, your monthly payment will be the same
- No pre-payment penalties if you choose to pay it down quicker
- Trusted company with an A+ BBB rating and a 4.8/5 Trustpilot TrustScore*
Upstart $5,000 Loan • 60 Months
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Tips for Paying off Personal Loans
- Set up automatic payments. You can typically set up automatic monthly payments through your online account. The benefit to this is that you’ll never forget to make a payment, as the money will automatically get withdrawn as long as there’s enough in your bank account.
- Pay off your loan early. Personal loans have set monthly payments, but you’re allowed to pay more or make payments more often if you want to. The sooner you pay off your loan, the less total interest you’ll owe. Just make sure your lender doesn’t charge a fee for paying off your loan early – this is rare, but it’s always good to check.
- Refinance expensive debts. If your current personal loan APR is very expensive and you’ve increased your credit score and/or income since you took the loan out, you may want to apply for a cheaper personal loan and use it to pay off your current loan. You could also consider moving the balance to a balance transfer credit card.
- Make a strict budget. The more spending you can cut back on, the more money you can put toward paying off your personal loan and becoming debt-free. You can also start building an emergency fund to help reduce the chances that you’ll have to take out more loans in the future.
- Consolidate your debt. If you have multiple debts, you may want to take out a debt consolidation loan or credit card to pay them off and move all of the debt to one place. This is usually only worth doing if you can get a lower interest rate on the new loan or credit card than the rate on your existing debts.
The more you pay each month toward your personal loan, the less interest you’ll owe over the life of the loan. Below, you can see examples of how increasing your monthly payment can decrease your total interest and help you get debt-free sooner.
Examples of How Long It Will Take to Pay Off a $15,000 Personal Loan
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