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Calculate monthly payments, interest rates, and total costs for various types of loans. Make informed borrowing decisions with our easy-to-use calculator.
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Understanding Different Types of Loans
Before making a borrowing decision, it's important to understand the different types of loans available and their typical terms. Use our calculator above to compare different scenarios and find the best option for your needs.
Personal Loans
Flexible loans up to $5,000 with terms from 1-5 years. Interest rates usually range from 6% to 36%, depending on your credit score. Great for home improvements or debt consolidation.
Payday Loans
Short-term loans up to $1,000, typically due by your next payday. Be aware that APRs can be very high. Consider these loans only for genuine emergencies after exploring other options.
Installment Loans
Borrow up to $3,000 with fixed monthly payments over 3-24 months. APRs typically range from 25% to 100%. Predictable payment schedule makes budgeting easier.
Common Questions
How are my monthly payments calculated?
Your monthly payment is calculated using three main factors: the loan amount, loan term, and APR. We use a standard amortization formula that ensures your loan will be fully paid off by the end of the term.
Which loan term should I choose?
Shorter terms mean higher monthly payments but less total interest paid. Longer terms give you lower monthly payments but cost more in total interest. Choose a term that fits your monthly budget while minimizing total cost.
What affects my interest rate?
Interest rates typically depend on your credit score, income, loan type, and term length. Better credit scores usually mean lower rates. Secured loans (like auto loans) often have lower rates than unsecured loans.