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. But if you take out a $9,000 loan for seven years with an APR of 4%, your monthly payment will be $123.
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 $9,000 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 $9,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $812 | $748 |
| 24 months | 15% | $436 | $1,473 |
| 36 months | 15% | $312 | $2,232 |
| 48 months | 15% | $250 | $3,023 |
| 60 months | 15% | $214 | $3,847 |
| 72 months | 15% | $190 | $4,702 |
| 84 months | 15% | $174 | $5,588 |
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
Personal Loan Calculator
| $5,000 | $9,000 |
|---|
| 24 mos. | $267 | $480 |
| 36 mos. | $199 | $358 |
| 48 mos. | $166 | $298 |
| 60 mos. | $147 | $264 |
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.
What credit score do you need for a 9000 loan? ›
Yes, you can get a $9,000 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 $9,000 personal loans for people with credit scores under 640, and a few may not even require a credit check at all.
How much would a monthly payment be 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
Example 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
Monthly payments on an $8,000 personal loan can be as low as $74. This estimate was calculated using a . 99% interest rate and a 12-year term. If you use a 4-year term your monthly payment should be around $184 at 6.99%.
What credit score do I need for a $10000 personal loan? ›
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 typical monthly payment on a 10k loan? ›
Representative example
| Loan amount £10,000 | Monthly repayments £193.02 | Length of agreement 60 months |
| Total amount repayable £11,581.20 | Representative 6.1% APR | Fixed Annual Rate of Interest (nominal) 5.9358% |
1 more rowThe main factor in determining if you qualify for a $10,000 personal loan is your credit history. You'll need a credit score of at least 670 before you apply. Lenders look at your debt-to-income ratio when deciding approval. A DTI ratio of 36% or lower is ideal.
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.
Hardship personal loans are a type of personal loan intended to help borrowers overcome financial difficulties such as job loss, medical emergencies, or home repairs. Hardship personal loan programs are often offered by small banks and credit unions.
How can I borrow money and get it instantly? ›
Traditional payday loans, offered online and by storefront lenders, can also provide money quickly, but they typically have such high interest rates that they're outlawed in some states. Many banks and credit unions now offer similar loans but with more reasonable interest rates, called Payday Alternative Loans (PALs).
What is the average monthly payment on a $10000 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
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 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.
As a general rule, you should pay 20 percent of the price of the vehicle as a down payment. That's because vehicles lose value, or depreciate, rapidly.
What is the finance charge on a $8000 loan with a monthly payment of $162.80 for 60 months? ›
Determine the finance charge on an $8,000 loan with a monthly payment of $162.80 for 60 months. $29.47, $162.80, $1,768.00, $9,768.00. Therefore, finance charge on loan is $1768.
How much is a $20,000 loan for 5 years? ›
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.
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.
