Loan comparison calculator 2018 | finder.com

Loan comparison calculator

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Use this calculator to compare two loan offers.

How to use this loan comparison calculator

You can still use this calculator without entering all the fields — sometimes it won’t be necessary. Otherwise, follow these steps:

  1. Next to Loan term, select the amount of time you have to pay back both loans or the amount of time left on your current loan term.
  2. Enter the amount you currently owe on a loan or would like to borrow for a new loan next to Loan amount.
  3. Next to Bank name, write your current lender’s name where it says My lender and a second lender’s name in the field that reads Other lender. Or enter the names of two lenders you’d like to compare.
  4. Skip Fixed rate if your rate hasn’t changed since you’ve taken out your loan or you’re applying for a new loan. Otherwise, write the interest rate you qualified for when you first took out your loan.
  5. Skip Fixed period if you skipped the previous step. Otherwise, enter the amount of time this rate applied to your loan.
  6. Next to Ongoing rate, enter your current interest rate on your loan or the rates you prequalified for with another lender.
  7. Write any one-time application or origination fees that you paid or will pay for your loan next to Upfront fees.
  8. Enter the total cost of all recurring fees either per month or per year next to Fees. Select Annually or Monthly depending on how often you’ll pay the fees.
  9. Enter the amount of any prepayment penalties next to Early repayment.
  10. Hit Calculate.

Definitions to know

  • Loan term. How much time you have to pay off a loan.
  • Loan amount. How much you receive when you take out a loan. Or, the balance left on your current loan that you’re interested in refinancing.
  • Fixed rate. The original interest rate on a loan you’re currently paying off. Ignore the fixed rate if your interest rate hasn’t changed over time.
  • Fixed period. The amount of time that the original fixed rate applied to your loan.
  • Ongoing rate. The current interest rate you’re paying on your loan or the rate you might qualify for on a new loan.
  • Upfront fees. Any one-time fee involved in the application process. Upfront fees include application fees, origination fees and processing fees. A legit lender that charges upfront fees will process payment when your funds are disbursed — not before.
  • Fees. All other recurring fees that you pay on a monthly or annual basis.
  • Early repayment fee. Also known as a prepayment penalty, this is the fee lenders sometimes charge if you pay off your loan before it’s due.
  • Fixed monthly repayments. How much you’d pay each month under the first interest rate during the fixed period.
  • Ongoing monthly repayments. How much you’d pay each month with the current or ongoing interest rate.
  • Total repayments. The total amount you’d pay for that loan including the principal, interest and fees.

Should I refinance my personal loan for a new one?

Whether or not you should refinance your personal loan depends on your unique circumstances. Generally, you might be able to benefit from refinancing if your credit score has improved, you’ve recently closed other loans in your name or you have a higher salary than when you first took out your loan.

Refinancing might not be a good choice if your credit score has recently taken a hit, you’ve been late on loan repayments or you took a pay cut since you last took out your loan. It might also be difficult to qualify for more competitive rates and terms if you took on more debt since you took out your loan.
How to refinance a personal loan

Can I take out two personal loans at once?

It’s possible to take out multiple loans at once, but it might not be a great idea. You might not be able to qualify for the most competitive rates if you’re currently paying off a personal loan, since that affects your debt-to-income ratio (DTI).

You also run the risk of overborrowing by going around a lender’s borrowing limits. This can make it difficult for you to afford your loan repayments and puts you at more of a risk for default.
The risks and benefits of taking out more than one loan at once

Bottom line

Torn between two loan offers? Thinking about refinancing? This loan comparison calculator can help you decide which is best. Check out our personal loans guide for a complete walkthrough on how to compare personal loans.

Compare personal loans now

Rates last updated August 20th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.075%–15.365% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
Bad credit accepted
$5,000
99%–199% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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US Personal Loans Offers

Important Information*
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Prosper Personal Loans

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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