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 is needed for a $6000 personal loan? ›
You should have a credit score of 580 or higher to qualify for a $6,000 personal loan. If you have a less than perfect credit score you can apply with a co-signer to increase your chance of approval.
What is the average monthly payment on a $5000 personal loan? ›
Example Monthly Payments on a $5,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 1 year | 15% | $451 |
| 2 years | 15% | $242 |
| 3 years | 15% | $173 |
| 4 years | 15% | $139 |
3 more rowsMar 6, 2024
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 rowJul 19, 2024
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.
How much is the monthly payment for a 60000 loan? ›
For example, for a $60K personal loan, for a term of 30-years with an annual percentage rate of 6% , the estimated monthly payment would be about $360, while a 15-year loan at an annual percentage rate of 3.5% would have an estimated monthly payment of about $429.
How hard is it to get a 6k loan? ›
$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.
Who is the easiest to get a personal loan from? ›
Easiest personal loans to get
- Best for bad credit: Avant.
- Best for flexible terms: OneMain Financial.
- Best for no credit history: Upstart.
- Best for fast approval: LendingPoint.
- Best for small loan amounts: Oportun.
- Best for longer loan terms: Upgrade.
- Best for peer-to-peer lending: Prosper.
Compare the Best Bad Credit Loans Of September 2024
| COMPANY | FORBES ADVISOR RATING | LEARN MORE |
|---|
| Upstart | 4.6 | Compare Rates Via Credible.com's Website |
| LendingPoint | 4.5 | Compare Rates Via Fiona.com's Website |
| Avant | 4.5 | Compare Rates Via Credible.com's Website |
| OneMain Financial | 4.4 | Compare Rates Via Credible.com's Website |
2 more rows7 days ago
Summary. If you take out a loan of £5,000 over 5 years with an APR of 12.5%, your monthly repayment would be approximately £115.70.
What is the best place to get a personal loan? ›
Best personal loans
- Axos Bank: Best for excellent credit.
- LightStream: Best for fast funding.
- Discover: Best for good credit.
- Avant: Best for customer support.
- U.S. Bank: Best for repayment term variety.
- Oportun: Best for building credit.
- Upstart: Best for thin credit.
- Citi: Best for rate discounts.
Personal Loan Calculator
| $5,000 | $8,000 |
|---|
| 24 mos. | $267 | $427 |
| 36 mos. | $199 | $318 |
| 48 mos. | $166 | $265 |
| 60 mos. | $147 | $235 |
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.
Is it hard to get a 7k personal loan? ›
No, if you have a decent credit score well above 600, a steady income, and little existing debt, then obtaining a personal loan can be quite easy. Online lenders have streamlined the loan process to help borrowers get the money they need when they need it.
How long will it take me to pay off $7000? ›
It will take 21 months to pay off $7,000 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.
How much would a $3,000 loan cost per month? ›
The monthly payment on a $3,000 personal loan will depend on the loan term and the interest rate. For example, the monthly payment on a two-year $3,000 loan with an annual percentage rate (APR) of 12% would be $141.22. The monthly payment on a $3,000 loan with a six-year term and an APR of 12% would be $58.65.
How can I calculate my 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.
What is the average monthly payment for a loan? ›
Americans pay nearly $1,600 toward their debts per month
| Debt type | Average amount paid monthly |
|---|
| Average monthly payments for people with each type of debt |
| Mortgages | $1,855 |
| Auto loans | $690 |
| Personal loans | $517 |
4 more rowsJan 22, 2024
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
