Loan Calculator

Use our free personal loan calculator to find out how much your loan repayments will be based on the borrowed amount ($), annual interest rate (%), loan term and payment frequency.

Loan Calculator

Loan Amount: 2500$
Interest Rate (Annual %): 5
Loan Term: Payment Frequency:

Interested in finding the best rate in less than a few minutes ?

NoRefusal is a free loan comparison platform that matches you with the best lender in your area without affecting your credit score. It’s easy, 100% online and free.

Click the button below to get started :

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FAQ

How does the personal loan calculator work?

Our personal loan calculator allows you to estimate the monthly payments for a personal loan based on the loan amount, interest rate, loan term, and payment frequency. Simply use the sliders or input fields to adjust the loan amount and interest rate, select the loan term in months or years, choose your preferred payment frequency, and click “Calculate” to see your estimated monthly payment.

What should I consider before taking out a personal loan?

Before taking out a personal loan, consider your ability to repay the loan, the loan’s interest rate, and fees. It’s important to understand the total cost of the loan, including how much interest you will pay over the life of the loan. Use our loan calculator to estimate your monthly payments and total interest to determine if a personal loan fits your financial situation.

What are payday loans and their risks?

Payday loans are short-term, high-cost loans that are typically due by your next payday. While they may seem like a quick solution for cash needs, they come with very high fees and interest rates, which can exceed 400% annually. Borrowers can quickly fall into a debt trap, where they have to take out new loans to pay off the existing ones, leading to an endless cycle of debt.

Dangers of payday loans, an example :

Imagine borrowing $500 with a payday loan that has a $15 fee for every $100 borrowed, due in two weeks. The total fee would be $75, making the total repayment amount $575. This equates to an annual percentage rate (APR) of nearly 400%. If you cannot repay the loan when it’s due, you may need to borrow again, incurring additional fees and possibly leading to a cycle of debt that is difficult to break.