The monthly payment on a $10,000 loan ranges from $137 to $1,005, depending on the APR and how long the loan lasts. For example, if you take out a $10,000 loan for one year with an APR of 36%, your monthly payment will be $1,005. But if you take out a $10,000 loan for seven years with an APR of 4%, your monthly payment will be $137.
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it’s built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Below are the monthly payments that you can expect on a $10,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Monthly Payments on a $10,000 Personal Loan
| Payoff period | APR | Monthly payment |
| 1 year | 15% | $903 |
| 2 years | 15% | $485 |
| 3 years | 15% | $437 |
| 4 years | 15% | $278 |
| 5 years | 15% | $238 |
| 6 years | 15% | $211 |
| 7 years | 15% | $193 |
The length of your repayment period will help dictate how much you pay in interest, along with your APR. For example, paying off a $10,000 loan with a 15% APR over the course of one year will cost you approximately $830 in interest, while extending the same loan's payment period to seven years leads to $6,200 in interest.
If you’d like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub’s free personal loan calculator.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be, and you’ll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was first published on 08/31/21 and it was last updated on 12/12/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
What would be the monthly payment on a $10,000 personal loan? ›
Here's how much you'd pay each month for a $10,000 personal loan
| 8.00% |
|---|
| Two-Year Repayment | $452.27/month, $854.55 in interest over time |
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
Jan 17, 2024
Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
How to figure out monthly payment on a loan? ›
The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments.
How much would payments be on a $15,000 personal loan? ›
Example Monthly Payments on a $15,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $1,354 |
| 24 months | 15% | $727 |
| 36 months | 15% | $520 |
| 48 months | 15% | $417 |
3 more rowsAug 31, 2021
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
What is a good interest rate on a personal loan? ›
Average online personal loan rates
| Borrower credit rating | Score range | Estimated APR |
|---|
| Excellent | 720-850. | 12.37%. |
| Good | 690-719. | 14.87%. |
| Fair | 630-689. | 18.40%. |
| Bad | 300-629. | 21.93%. |
May 14, 2024
Some lenders offer same-day funding while others may take up to five business days. Funding options. If you're using the $10,000 loan to consolidate debt, find out if the lender will pay off your creditors directly. Alternatively, you'll receive the loan as direct deposit and pay off your debts yourself.
Who is the easiest to get a personal loan from? ›
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| BadCreditLoans.com | 5.99% to 35.99% | Undisclosed |
| Upstart | 5.2% to 35.99% | 300 |
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 8.98% to 35.99% | 600 |
6 more rowsMay 7, 2024
You won't have to face any hassle in getting a personal loan of ₹10,000 with KreditBee. The entire process, from loan approval to verification, is simple and does not take longer than 10 minutes. When your loan is approved, the funds will be immediately deposited directly into your bank account.
How to Calculate First Month's Principal Payment
- First, convert your annual interest rate from a percentage into a decimal format by diving it by 100: ...
- Next, divide this number by 12 to calculate the monthly interest rate: ...
- Now, multiple this number by the total principal.
The monthly payment on a $20,000 loan ranges from $273 to $2,009, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 loan for one year with an APR of 36%, your monthly payment will be $2,009.
What is the formula for personal loan? ›
You can calculate your EMI amount with the help of the mathematical formula given below: EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. It also means that the EMI value will change every time you change any of the three variables. 'P' stands for the 'Principal Amount'.
How much is a $10,000 loan for 5 years? ›
Example 1: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected.
What credit score do you need for a personal loan? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
How much can I borrow for $400 per month? ›
£400 per month
| Term | 2.5% | 4% |
|---|
| 15 years | £55,000 | £50,000 |
| 20 years | £65,000 | £57,000 |
| 30 years | £79,000 | £67,000 |
Apr 17, 2024
The monthly payment on a $9,000 loan ranges from $123 to $904, depending on the APR and how long the loan lasts. For example, if you take out a $9,000 loan for one year with an APR of 36%, your monthly payment will be $904.
Which bank has the lowest interest rate for a personal loan? ›
Starting at 9.47 percent, Bandhan Bank offers the cheapest interest rate on personal loans of Rs 1 lakh that come with a repayment tenure of four years. The equated monthly installment (EMI) will be Rs 2,592. Private sector lender IndusInd Bank offers an interest rate starting from 10.49 percent on personal loans.
How much loan can I get on $50 000 salary? ›
The rule of 2.5 times your income stipulates that you shouldn't purchase a house that costs more than two and a half times your annual income. So, if you have a $50,000 annual salary, you should be able to afford a $125,000 home. Explore what your mortgage payment might be with today's rates.
What is the most common personal loan amount? ›
In general, personal loan amounts range from $1,000 up to $50,000, though some lenders may offer loans up to $200,000. The average personal loan amount was about $11,500 as of Q2 2023, according to data from TransUnion. Below, we look at how average personal loan balances vary by generation and state.
