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. But if you take out a $45,000 loan for seven years with an APR of 4%, your monthly payment will be $615.
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 $45,000 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 $45,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $4,062 | $3,739 |
| 24 months | 15% | $2,182 | $7,366 |
| 36 months | 15% | $1,560 | $11,158 |
| 48 months | 15% | $1,252 | $15,114 |
| 60 months | 15% | $1,071 | $19,233 |
| 72 months | 15% | $952 | $23,510 |
| 84 months | 15% | $868 | $27,942 |
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
$45,000 loan payment
For example, if you have a 640 credit score and are approved for a three-year personal loan at an average interest rate for that term and score, the APR would be 27.23%. At this rate, your monthly payment would be around $1,843.
What credit score do I need for a $45,000 loan? ›
You will likely need a credit score of at least 660 for a $45,000 personal loan.
How much would payments be on a $40,000 personal loan? ›
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.
Is it hard to get a 45K personal loan? ›
It's very likely that you will need good credit to secure a 45K personal loan. However, if you want to borrow a smaller amount of money and have bad credit, you may qualify.
What credit score do you need for a personal loan? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
Is it hard to get a personal loan for 50k? ›
For a $50,000 personal loan, lenders will likely want to see a strong credit score and history. Requirements vary from lender to lender, but a relatively high credit score may be a prerequisite to qualify for a sizable loan.
How big of a loan can I get with a 720 credit score? ›
You can borrow $50,000 - $100,000+ with a 720 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.
What are personal loan rates right now? ›
The current average personal loan interest rate is 12.21%. People with good or excellent credit may qualify for lower-than-average interest rates, while rates for those with average or poor credit may be significantly higher.
Can you pay a personal loan off early? ›
In most cases, you can pay off a personal loan early. Your credit score might drop, but it will typically be minor and temporary. Paying off an installment loan entirely can affect your credit score because of factors like your total debt, credit mix and payment history.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
How much are payments on a $35,000 personal loan? ›
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. Meanwhile, paying 29.99% APR for 60 months with the same loan amount would mean paying $1,132.15 per month for five years.
How hard is it to get a $5,000 personal loan? ›
You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a strong income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you have a considerable amount of debt already.
