The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603. But if you take out a $6,000 loan for seven years with an APR of 4%, your monthly payment will be $82.
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 $6,000 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.
Example Monthly Payments on a $6,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $542 | $499 |
| 24 months | 15% | $291 | $982 |
| 36 months | 15% | $208 | $1,488 |
| 48 months | 15% | $167 | $2,015 |
| 60 months | 15% | $143 | $2,564 |
| 72 months | 15% | $127 | $3,135 |
| 84 months | 15% | $116 | $3,726 |
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. 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
Depending on the lender, your interest rate, and the length of the loan, your monthly payment could be anywhere from approximately $195 for a 36-month loan with a 10.29% APR to $255 for a 36-month loan with a 29.93% APR or more.
How much is the monthly payment on a $6,000 personal loan? ›
What is the monthly payment on a $6,000 personal loan? The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603.
What credit score do I need for a $6,000 personal loan? ›
You will likely need a credit score of at least 600 for a $6,000 personal loan. Most lenders that offer personal loans of $6,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
How long does it take to pay off a $6000 loan? ›
It will take 41 months to pay off $6,000 with payments of $200 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How much would a $8000 loan cost per month? ›
Example Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
Monthly payments for a $7,000 personal loan
| Loan duration | Average monthly payments ($7,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $826.51 | $646.88 |
| 13–24 months | $367.03 | $318.62 |
| 25–36 months | $264.41 | $221.24 |
1 more rowMar 7, 2024
Example Monthly Payments on a $4,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $361 |
| 24 months | 15% | $194 |
| 36 months | 15% | $139 |
| 48 months | 15% | $111 |
3 more rowsSep 10, 2021
$6,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
What is the easiest loan to get right now? ›
Easiest personal loans to get in May 2024
- Upgrade. : Best for poor credit.
- Prosper. : Best for peer-to-peer lending.
- LendingPoint. : Best for long repayment terms.
- Upstart. : Best for thin credit.
- Avant. : Best for fair credit.
- Oportun. : Best for small loans.
- LendingClub. : Best for co-borrowers.
- SoFi. : Best for discounts.
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Pay off your debt and save on interest by paying more than the minimum every month. The key is to make extra payments consistently so you can pay off your loan more quickly. Some lenders allow you to make an extra payment each month specifying that each extra payment goes toward the principal.
Does it pay to pay off a loan early? ›
If you find you have a bit more money in your account you might decide to repay your loan early. This could mean you end up paying back less in interest in the long term. It's important to remember that if you repay your loan early, you will be charged an Early Repayment Fee.
How much does it cost to pay off a loan early? ›
The exact calculation will depend on your lender and the terms of your loan agreement. Under the Consumer Credit Regulations 2004, a lender can charge up to two months' additional interest if you choose to pay-off your loan early.
How much would a $5000 personal loan cost a month? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $5,000 | 3 | $153.54 |
| $5,000 | 5 | $104.98 |
| $10,000 | 3 | $313.32 |
| $10,000 | 5 | $207.54 |
13 more rowsAverage Overall Personal Loan Rates
| This week's rates | Last week's rates |
|---|
| Average overall rate | 21.11% | 20.90% |
| Average low rate | 11.58% | 11.18% |
| Average high rate | 30.64% | 30.62% |
| Highest rate | 99.99% | 99.99% |
1 more rowBased on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
What is the average payment on a $7000 loan? ›
The monthly payment on a $7,000 loan ranges from $96 to $703, depending on the APR and how long the loan lasts. For example, if you take out a $7,000 loan for one year with an APR of 36%, your monthly payment will be $703.
How much would I have to pay monthly for a 5000 loan? ›
Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
How much is a $10,000 loan over 5 years? ›
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.
