Loan comparison calculator 2019 | finder.com

Loan comparison calculator

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Easily compare two loan offers to find the cheapest option.

The difference between a few decimal points on interest or a few dollars in fees can quickly add up over the life of a loan. By starting with a comparison calculator, you can see which offer is more affordable — even if that means opting for a higher interest rate or more fees.

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.

What do the calculator terms mean?

Use the definitions below to better understand the calculator and compare your personal loan options.

Should I refinance my personal loan for a new one?

Refinancing depends on your unique situation. 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 took out your loan. It might also be difficult to qualify for more competitive rates and terms if you’ve taken on more debt since borrowing.

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 more at 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

Updated July 16th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.99% to 16.79%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.
3.99% to 35.99%
550
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Varies by lender
Available for all credit scores
$100,000
Get a connected with a lender — or get advice — regardless of your credit.
5.34% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
34% to 155% (Varies by state)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
7.99% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.

Compare up to 4 providers

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US Personal Loans Offers

Important Information*
Logo for LendingClub Personal Loan
LendingClub Personal Loan

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

Logo for Credible Personal Loans
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Logo for SoFi Personal Loan Fixed Rate (with Autopay)
SoFi Personal Loan Fixed Rate (with Autopay)

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

Logo for Monevo Personal Loans
Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit.

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US Personal Loans Offers

Important Information*
Logo for LendingClub Personal Loan
LendingClub Personal Loan

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

Logo for Credible Personal Loans
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Logo for SoFi Personal Loan Fixed Rate (with Autopay)
SoFi Personal Loan Fixed Rate (with Autopay)

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

Logo for Monevo Personal Loans
Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit.

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