The monthly payment on a $40,000 loan ranges from $547 to $4,018, depending on the APR and how long the loan lasts. For example, if you take out a $40,000 loan for one year with an APR of 36%, your monthly payment will be$4,018. But if you take out a $40,000 loan for seven years with an APR of 4%, your monthly payment will be $547.
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 $40,000 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 $40,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $3,610 | $3,324 |
| 24 months | 15% | $1,939 | $6,547 |
| 36 months | 15% | $1,387 | $9,918 |
| 48 months | 15% | $1,113 | $13,435 |
| 60 months | 15% | $952 | $17,096 |
| 72 months | 15% | $846 | $20,898 |
| 84 months | 15% | $772 | $24,837 |
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
It depends on your financial situation. If you have a relatively high credit score (FICO score of 740 and above), it may be easier to obtain a $40,000 personal loan. Conversely, if your credit score is low (FICO score of 300 to 579) or your credit history is insufficient, you may have trouble getting approved.
Is it hard to get a $40,000 personal loan? ›
It depends on your financial situation. If you have a relatively high credit score (FICO score of 740 and above), it may be easier to obtain a $40,000 personal loan. Conversely, if your credit score is low (FICO score of 300 to 579) or your credit history is insufficient, you may have trouble getting approved.
What credit score do you need for a $40000 loan? ›
$40,000 loan FAQ
In general, you'll want to have a credit score of at least 670 and a DTI ratio below 35% to qualify and get good rates.
How much would a $50,000 personal loan cost per month? ›
Here's what a $50,000 loan would cost you each month
| 8.00% |
|---|
| Two-Year Repayment | $2,261.36/month, $4,272.75 in interest over time |
| Seven-Year Repayment | $779.31/month, $15,462.10 in interest over time |
| 10-Year Repayment | $606.64/month, $22,796.56 in interest over time |
Jan 20, 2024
It will take 47 months to pay off $40,000 with payments of $1,200 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 is a $40,000 loan for 5 years? ›
If you take a loan for five years and your interest rate is 4%, your monthly payment for a $40,000 loan will be $737. Remember that the longer the loan period, the more money you will overpay to the bank.
How much is a payment on a $40000 personal loan? ›
Monthly payments for a $40,000 personal loan
| Loan duration | Average monthly payments ($40,000 loan) | |
|---|
| Poor credit | Average credit |
|---|
| 1–12 months | $5,576.40 | $3,422.00 |
| 13–24 months | $1,849.82 | $1,858.54 |
| 25–36 months | $1,314.99 | $1,295.13 |
1 more rowMar 7, 2024
You can borrow over $100,000 with a 770 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
What size loan can I get with a 700 credit score? ›
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How much of a personal loan can I get with a 650 credit score? ›
The best personal loans for a 650 credit score are from Upstart because they offer $1,000 - $50,000 with APRs of 7.8% - 35.99% and repayment periods of 36, 60 months.
The monthly payment on a $45,000 loan ranges from $615 to $$4,521, depending on the APR and how long the loan lasts. For example, if you take out a $45,000 loan for one year with an APR of 36%, your monthly payment will be $$4,521.
What are personal loan rates right now? ›
Average Overall Personal Loan Rates
| This week's rates | Last week's rates |
|---|
| Average overall rate | 21.11% | 20.90% |
| Average low rate | 11.58% | 11.18% |
| Average high rate | 30.64% | 30.62% |
| Highest rate | 99.99% | 99.99% |
1 more rowThe monthly payment on a $35,000 personal loan varies based on the interest rate and repayment term. For example, qualifying for 7.99% APR for 24 months on a $35,000 loan would leave you paying $1,582.80 per month for two years.
How can I pay off $40 K in debt fast? ›
To pay off $40,000 in credit card debt within 36 months, you will need to pay $1,449 per month, assuming an APR of 18%. You would incur $12,154 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
Can you take out a 40k loan? ›
Taking out a £40,000 loan over a longer time frame will mean lower monthly repayments, but you'll usually pay more interest over the life of the loan. Our loan calculator can help you work out loan costs over different terms and at different rates.
Why does it take 30 years to pay off $150 000 loan even though you pay $1000 a month? ›
The interest rate on a loan directly affects the duration of a loan. Note: The interest rate is calculated using the hit and trial method. Therefore, it takes 30 years to complete the loan of $150,000 with $1,000 per monthly installment at a 0.585% monthly interest rate.
Is it easy to get a large personal loan? ›
You'll generally need a good or excellent credit score — meaning a FICO score of 670 or higher — to qualify for a large personal loan. Sufficient credit history: It's not just your credit score that lenders look at, but also your credit history.
What credit score is needed for a $35000 personal loan? ›
What credit score do you need for a $35,000 loan? Some personal loan lenders require good or excellent credit with a minimum score requirement of 660. However, other lenders work with borrowers who have fair or poor credit.
How high is too high for a personal loan? ›
Key takeaways. Personal loan amounts vary by lender, but some lenders allow consumers to borrow up to $100,000. The amount a lender may approve you to borrow will depend on various factors, such as your credit score, income and debt-to-income ratio (DTI).
What credit score do you need to get a 50k personal loan? ›
You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670.
