The monthly payment on an $8,000 loan ranges from $109 to $804, depending on the APR and how long the loan lasts. For example, if you take out an $8,000 loan for one year with an APR of 36%, your monthly payment will be $804. But if you take out an $8,000 loan for seven years with an APR of 4%, your monthly payment will be $109.
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 an $8,000 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 an $8,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $722 | $665 |
| 24 months | 15% | $388 | $1,309 |
| 36 months | 15% | $277 | $1,984 |
| 48 months | 15% | $223 | $2,687 |
| 60 months | 15% | $190 | $3,419 |
| 72 months | 15% | $169 | $4,180 |
| 84 months | 15% | $154 | $4,967 |
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
Monthly payments for an $8,000 personal loan
| Loan duration | Average monthly payments ($8,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $761.15 | $714.34 |
| 13–24 months | $406.62 | $362.79 |
| 25–36 months | $299.78 | $252.39 |
1 more rowMar 15, 2024
The answer may vary depending on the lender, but generally speaking, borrowers should have a score of 640 or higher for the best chance of qualifying. Scores in the high 500s may still qualify for a loan, but you'll likely need substantial income to qualify for the loan with no collateral.
What's the monthly payment on a 9000 loan? ›
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.
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 rowsIt will take 24 months to pay off $8,000 with payments of $400 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.
What are personal loan rates right now? ›
The current average personal loan interest rate is 12.21%. People with good or excellent credit may qualify for lower-than-average interest rates, while rates for those with average or poor credit may be significantly higher.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
How much can I borrow with a 580 credit score? ›
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.
Can I get a loan with a 524 credit score? ›
A 524 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you're looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn't require collateral or a security deposit.
How much is the monthly payment on a $7000 loan? ›
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 $6,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $542 |
| 24 months | 15% | $291 |
| 36 months | 15% | $208 |
| 48 months | 15% | $167 |
3 more rowsAug 31, 2021
You can calculate the monthly interest payment by dividing the annual interest rate by the loan term in months. Then, multiply that number by the loan balance. So, for a 12-month, $1,000 loan with a 15% interest rate, your first month's interest payment would be $12.50 (1.25% x $1,000).
Is it hard to get a 7k personal loan? ›
You will likely need a credit score of at least 640 for a $7,000 personal loan. Most lenders that offer personal loans of $7,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
What is the most common personal loan amount? ›
Nearly 23 million Americans have unsecured personal loans, with an average balance of about $11,500. Today, the average interest rate on a personal loan is 11.48%, up from 9.38% in 2021. The average personal loan balance is highest among baby boomers ($21,644) and lowest among Generation Z ($7,684).
How much is a $10,000 loan over 5 years? ›
Representative Example
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.
How hard is it to get an $8000 loan? ›
Yes, you can get a $8,000 loan with bad credit if you have enough income to afford the monthly payments, but the loan is likely to have a high interest rate. Several lenders offer $8,000 personal loans for people with credit scores under 640, and a few may not even require a credit check at all.
What is the average monthly payment on a $6000 loan? ›
Monthly payments for a $6,000 personal loan
| Loan duration | Average monthly payments ($6,000 loan) | |
|---|
| Poor credit | Good credit |
|---|
| 13–24 months | $326.41 | $287.46 |
| 25–36 months | $240.17 | $210.61 |
| 37–48 months | $210.41 | $172.24 |
1 more rowMar 7, 2024
The finance charge on an $8,000 loan with a monthly payment of $162.80 for 60 months is $1768.
