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
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.
How long would it take to pay off a $8000 loan? ›
It 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 is the monthly payment on a 10 000 personal loan? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $5,000 | 5 | $103.77 |
| $10,000 | 3 | $311.02 |
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $466.52 |
13 more rowsExample Monthly Payments on a $7,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $632 |
| 24 months | 15% | $339 |
| 36 months | 15% | $243 |
| 48 months | 15% | $195 |
3 more rowsAug 31, 2021
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
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.
How much to pay off $8000? ›
To pay off $8,000 in credit card debt within 36 months, you will need to pay $290 per month, assuming an APR of 18%.
What is the monthly payment on $9000 personal loan? ›
Personal Loan Calculator
| $5,000 | $9,000 |
|---|
| 24 mos. | $267 | $480 |
| 36 mos. | $199 | $358 |
| 48 mos. | $166 | $298 |
| 60 mos. | $147 | $264 |
A personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run.
How much is a $10 000 loan for 5 years? ›
A $10,000 loan that needs to be paid back in five years only differs about $53 in monthly payments between the 12% and 22% interest rates. Note that the interest rate makes a significant difference in the total cost of the loan. In this example, the loan costs $13,346.67 at 12% interest.
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 much would a $4000 loan cost per month? ›
Monthly payments for a $4,000 personal loan
| Loan duration | Average monthly payments ($4,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $390.37 | $360.59 |
| 13–24 months | $302.59 | $189.35 |
| 25–36 months | $168.83 | $129.05 |
1 more rowMar 7, 2024
Requirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
What is the payment on a 10k personal loan? ›
Here's how much you'd pay each month for a $10,000 personal loan
| 8.00% | 12.35% |
|---|
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time | $224.22/month, $3,453.03 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time | $178.40/month, $4,985.98 in interest over time |
1 more rowJan 17, 2024
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
How to pay off $9,000 in debt fast? ›
Ways to Pay Off $9,000 in Credit Card Debt
- Avalanche Approach. If your debt is spread across multiple credit cards, we recommend using the “avalanche approach” to pay it down. ...
- 0% APR Credit Card. ...
- Island Approach. ...
- Personal Loan. ...
- Debt Management Plan. ...
- Borrowing From Friends or Family.
Most lenders require a credit score of 580 or higher to qualify for an $8,000 personal loan. If you are concerned about qualifying for a personal loan, you can add a cosigner to increase your chance of approval. Ideally, the cosigner should have good credit and consistent income.
What is the finance charge on an $8000 loan with a monthly payment of $162.80 for 60 months? ›
Summary: The finance charge on an $8,000 loan with a monthly payment of $162.80 for 60 months is $1768.
How long does it take to pay off 8000 student loans? ›
But if you pay off an $8,000 student loan in one year at a 14% APR, your monthly payment will be $718. The standard payoff period for a student loan is up to 10 years, and student loan APRs generally range between 5% and 14%. Private student loans tend to have higher maximum APRs than federal loans, however.
