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. But if you take out a $6,000 loan for seven years with an APR of 4%, your monthly payment will be $82.
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 $6,000 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 $6,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $542 | $499 |
| 24 months | 15% | $291 | $982 |
| 36 months | 15% | $208 | $1,488 |
| 48 months | 15% | $167 | $2,015 |
| 60 months | 15% | $143 | $2,564 |
| 72 months | 15% | $127 | $3,135 |
| 84 months | 15% | $116 | $3,726 |
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 will take 41 months to pay off $6,000 with payments of $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 would a $7000 loan cost per month? ›
Monthly payments for a $7,000 personal loan
| Loan duration | Average monthly payments ($7,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $826.51 | $646.88 |
| 13–24 months | $367.03 | $318.62 |
| 25–36 months | $264.41 | $221.24 |
1 more rowMar 7, 2024
It will take 41 months to pay off $6,000 with payments of $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 the monthly payment on a $6,000 personal loan? ›
What is the monthly payment on a $6,000 personal loan? 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 credit score do you need for a $6000 loan? ›
Grace Enfield, Content Writer. You will likely need a credit score of at least 600 for a $6,000 personal loan. Most lenders that offer personal loans of $6,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
How much would a $5000 personal loan cost a month? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $5,000 | 3 | $153.54 |
| $5,000 | 5 | $104.98 |
| $10,000 | 3 | $313.32 |
| $10,000 | 5 | $207.54 |
13 more rowsExample Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
Pay off your debt and save on interest by paying more than the minimum every month. The key is to make extra payments consistently so you can pay off your loan more quickly. Some lenders allow you to make an extra payment each month specifying that each extra payment goes toward the principal.
Does it pay to pay off a loan early? ›
If you find you have a bit more money in your account you might decide to repay your loan early. This could mean you end up paying back less in interest in the long term. It's important to remember that if you repay your loan early, you will be charged an Early Repayment Fee.
How much does it cost to pay off a loan early? ›
The exact calculation will depend on your lender and the terms of your loan agreement. Under the Consumer Credit Regulations 2004, a lender can charge up to two months' additional interest if you choose to pay-off your loan early.
There are some differences around how the various data elements on a credit report factor into the score calculations. Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.
How much is too much for personal loan? ›
Key Takeaways
Most personal loan providers offer personal loans of up to $50,000, but only for borrowers with high credit scores and incomes. It's possible to get a personal loan for $100,000 or even more if you have a strong financial situation.
What is a good interest rate on a personal loan? ›
Personal loan rates range from around 7% to 36%, with the average hovering around 12-15% for a 3-year loan. A good interest rate on a personal loan is one that is lower than the national average.
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.
How much money can I borrow with a 770 credit score? ›
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.
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 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 do you pay back on a $7000 loan? ›
Representative example
| Loan amount £7,000 | Monthly repayments £216.35 | Length of agreement 36 months |
| Total amount repayable £7,788.60 | Representative 7.3% APR | Fixed Annual Rate of Interest (nominal) 7.0666% |
1 more rowYou will likely need a credit score of at least 640 for a $7,000 personal loan. Most lenders that offer personal loans of $7,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
Is it hard to get a 7k personal loan? ›
Yes, even with bad credit someone may be able to get a $7,000 personal loan. If you have really poor credit, you may want to explore secured loan options to increase your chances of qualifying.
Can I get a $7000 personal loan? ›
Some offer loan minimums as low as $600, while others require much larger amounts, with some even reaching $7,000. Maximum loan amounts also vary widely by lender and loan type. Lenders like LightStream and SoFi offer personal loans up to $100,000, but these are among the most competitive loans in the market.
