Monthly Payment on a $8,000 Personal Loan (2024)

The monthly payment on an $8,000 loan ranges from $109 to $804, depending on the APR and how long the loan lasts. For example, if you take out an $8,000 loan for one year with an APR of 36%, your monthly payment will be $804. But if you take out an $8,000 loan for seven years with an APR of 4%, your monthly payment will be $109.

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 an $8,000 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 an $8,000 Personal Loan

Payoff period

APR

Monthly payment

Total interest over life of loan

12 months

15%

$722

$665

24 months

15%

$388

$1,309

36 months

15%

$277

$1,984

48 months

15%

$223

$2,687

60 months

15%

$190

$3,419

72 months

15%

$169

$4,180

84 months

15%

$154

$4,967

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.

Monthly Payment on a $8,000 Personal Loan (2024)

FAQs

Monthly Payment on a $8,000 Personal Loan? ›

It will take 24 months to pay off $8,000 with payments of $400 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 $8000 loan cost per month? ›

Example Monthly Payments on an $8,000 Personal Loan
Payoff periodAPRMonthly payment
12 months15%$722
24 months15%$388
36 months15%$277
48 months15%$223
3 more rows
Aug 31, 2021

How long would it take to pay off a $8000 loan? ›

It will take 24 months to pay off $8,000 with payments of $400 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.

What is the monthly payment on a $9000 personal loan? ›

The monthly payment on a $9,000 loan ranges from $123 to $904, depending on the APR and how long the loan lasts. For example, if you take out a $9,000 loan for one year with an APR of 36%, your monthly payment will be $904.

How much would a $7000 loan cost per month? ›

Monthly payments for a $7,000 personal loan
Loan durationAverage monthly payments ($7,000 loan)
Poor creditExcellent credit
1–12 months$826.51$646.88
13–24 months$367.03$318.62
25–36 months$264.41$221.24
1 more row
Mar 7, 2024

How hard is it to get an $8000 loan? ›

To qualify for an $8,000 personal loan you should have good credit, plenty of income, and a reasonable debt-to-income ratio. If you have less than perfect credit, you should still have plenty of income and a reasonable debt-to-income ratio in order to qualify.

What are personal loan rates right now? ›

Average Overall Personal Loan Rates
This week's ratesLast week's rates
Average overall rate21.11%20.90%
Average low rate11.58%11.18%
Average high rate30.64%30.62%
Highest rate99.99%99.99%
1 more row

How much is a $10,000 loan for 5 years? ›

Advertising Disclosures
Loan AmountLoan Term (Years)Estimated Fixed Monthly Payment*
$10,0005$207.54
$15,0003$463.09
$15,0005$313.13
$20,0003$617.45
13 more rows

How to pay off 8000 fast? ›

To pay off $8,000 in credit card debt within 36 months, you will need to pay $290 per month, assuming an APR of 18%. You would incur $2,431 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.

What is the average payment on a $7000 loan? ›

The monthly payment on a $7,000 loan ranges from $96 to $703, depending on the APR and how long the loan lasts. For example, if you take out a $7,000 loan for one year with an APR of 36%, your monthly payment will be $703.

How much would a $5000 personal loan cost a month? ›

What is the monthly payment on a $5,000 personal loan? The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.

How much would a 10000 personal loan cost per month? ›

Here's how much you'd pay each month for a $10,000 personal loan
8.00%
Two-Year Repayment$452.27/month, $854.55 in interest over time
Five-Year Repayment$202.76/month, $2,165.84 in interest over time
Seven-Year Repayment$155.86/month, $3,092.42 in interest over time
Jan 17, 2024

How much would a $10,000 loan cost per month? ›

Monthly Payments on a $10,000 Personal Loan
Payoff periodAPRMonthly payment
2 years15%$485
3 years15%$437
4 years15%$278
5 years15%$238
3 more rows
Aug 31, 2021

What is the average monthly payment on a $6000 loan? ›

Monthly payments for a $6,000 personal loan
Loan durationAverage monthly payments ($6,000 loan)
Poor creditGood credit
13–24 months$326.41$287.46
25–36 months$240.17$210.61
37–48 months$210.41$172.24
1 more row
Mar 7, 2024

How much is the monthly payment on a $6000 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.

How hard is it to get a $7,000 personal loan? ›

You 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.

How much is a 10k loan monthly? ›

Here's how much you'd pay each month for a $10,000 personal loan
8.00%
Two-Year Repayment$452.27/month, $854.55 in interest over time
Five-Year Repayment$202.76/month, $2,165.84 in interest over time
Seven-Year Repayment$155.86/month, $3,092.42 in interest over time
Jan 17, 2024

Can I get a loan for $8000? ›

Although you may qualify for a $8,000 loan with bad credit, it might not be the best idea. If you don't need the money immediately, you should consider improving your credit score before applying for a loan, as doing so will likely qualify you for lower rates.

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