Our collection of personal loan calculators.

BORROWING MONEY

For most of us, the ideal situation is to never borrow money – but that is not always realistic. Personal loans might be used to help remodel a home, buy a new appliance, pay for wedding expenses, and even consolidate debt.

Personal loans often carry a fixed rate of interest, which means your monthly payments will remain the same over the life of the loan. They can also be secured loans, which are backed by collateral, or unsecured – which might carry a higher rate of interest to offset the risk of nonpayment. And while these loans might seem straightforward, there is a lot to consider before borrowing money this way.

EVALUATING OPTIONS

Taking out a personal loan is a significant financial decision, so it is best to weigh your options beforehand. You will want to understand how much you can afford to borrow, and the factors that influence the size of your monthly payments. For example, it is possible to lower these costs by extending the time it takes to pay back the loan. But borrowing money over a longer period means paying more interest on the loan too.

It is also important to understand how interest rate compounding (daily, monthly, annually), origination fees, and other charges can impact the loan’s annual percentage rate, or APR. Our personal loan calculators allow you to see the impact these factors have on your repayment plan.

personal loans

I’ve seen more people fail because of liquor and leverage — leverage being borrowed money. You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.

Warren Buffett, American investor, business tycoon, philanthropist