The monthly payment on a $4,000 loan ranges from $55 to $402, depending on the APR and how long the loan lasts. For example, if you take out a $4,000 loan for one year with an APR of 36%, your monthly payment will be $402. But if you take out a $4,000 loan for seven years with an APR of 4%, your monthly payment will be $55.
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 $4,000 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 $4,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $361 | $332 |
| 24 months | 15% | $194 | $655 |
| 36 months | 15% | $139 | $992 |
| 48 months | 15% | $111 | $1,344 |
| 60 months | 15% | $95 | $1,710 |
| 72 months | 15% | $85 | $2,090 |
| 84 months | 15% | $77 | $2,484 |
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 08/27/21 and it was last updated on 09/10/21. 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
The monthly payment on a $4,000 loan ranges from $55 to $402, depending on the APR and how long the loan lasts. For example, if you take out a $4,000 loan for one year with an APR of 36%, your monthly payment will be $402.
How much would a $4,000 loan cost per month? ›
The monthly payment on a $4,000 loan ranges from $55 to $402, depending on the APR and how long the loan lasts. For example, if you take out a $4,000 loan for one year with an APR of 36%, your monthly payment will be $402.
How much would a $5000 personal loan cost a month? ›
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| 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 rowsWhether you have good credit or bad credit, you may qualify for a $4,000 personal loan. To increase your chance of approval you should have a credit score of 580 or higher. If you have a lower credit score you should consider adding a cosigner to your application or apply for a secured personal loan.
How much would a $6,000 loan cost per month? ›
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 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's the best place to get a personal loan? ›
Best Personal Loans of April 2024
- SoFi – Best for High Loan Amounts.
- LightStream – Best for Low Interest Rates.
- LendingPoint – Best for Fast Funding & Below-Average Credit.
- Upgrade – Best for Bad Credit.
- Universal Credit – Best for Comparing Multiple Offers.
- Discover – Best for No Interest If Repaid Within 30 Days.
In general, personal loan amounts range from $1,000 up to $50,000, though some lenders may offer loans up to $200,000. The average personal loan amount was about $11,500 as of Q2 2023, according to data from TransUnion. Below, we look at how average personal loan balances vary by generation and state.
How hard is it to get a $5,000 loan from a bank? ›
Requirements for a $5,000 Personal Loan
Some lenders may have a strict minimum credit score requirement, while others may be willing to approve you with a lower credit score. You will also need to have a source of income and a history of paying bills and past debts on time.
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.
Borrowers with bad credit scores as low as 550 may qualify for $4,000 personal loans. Banks, credit unions, and private lenders can offer $4k loans. You can submit an application with a financial institution requesting a $4,000 loan. Lenders may approve your application if you satisfy their underwriting standards.
What is the easiest loan to get approved for? ›
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
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).
How much would a $3000 loan cost per month? ›
Example Monthly Payments on a $3,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $271 |
| 24 months | 15% | $145 |
| 36 months | 15% | $104 |
| 48 months | 15% | $83 |
3 more rowsAug 27, 2021
Americans are tumbling deeper into debt, with the typical household paying $1,583 a month on various loans, a recent study found. That's a more than $300 increase from people's average monthly debt payment in 2020, according to LendingTree.
What is a good interest rate on a personal loan? ›
Average online personal loan rates
| Borrower credit rating | Score range | Estimated APR |
|---|
| Excellent | 720-850. | 12.64% |
| Good | 690-719. | 14.84% |
| Fair | 630-689. | 18.69%. |
| Bad | 300-629. | 21.74%. |
Apr 9, 2024
How Much House Can You Afford?
| Monthly Pre-Tax Income | Remaining Income After Average Monthly Debt Payment | Estimated Home Value |
|---|
| $3,000 | $2,400 | $79,000 |
| $4,000 | $3,400 | $138,000 |
| $5,000 | $4,400 | $197,000 |
| $6,000 | $5,400 | $256,000 |
4 more rowsWhat is the total amount of the monthly payments for a $4,000, 2-year loan with an APR of 4% according to the table in Example 1? SOLUTION: The monthly payments were $173.68 and must be paid for two years which is 24 months.
How much can I borrow for 400 per month? ›
£400 per month
| Term | 2.5% | 4% |
|---|
| 15 years | £55,000 | £50,000 |
| 20 years | £65,000 | £57,000 |
| 30 years | £79,000 | £67,000 |
May 12, 2022
