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
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.
How much is the monthly payment on a $6,000 personal loan? ›
Depending on the lender, your interest rate, and the length of the loan, your monthly payment could be anywhere from approximately $195 for a 36-month loan with a 10.29% APR to $255 for a 36-month loan with a 29.93% APR or more.
What credit score is needed for a $6000 personal loan? ›
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? ›
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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 rowsMonthly 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 to qualify for a $6,000 loan? ›
Most online lenders will require a minimum credit score of 600 or higher to qualify for a $6,000 loan. However, if your credit score is lower, you may still be able to get approval from select lenders.
What credit score do I need for a $5000 loan? ›
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
What is a normal amount for a personal loan? ›
Generally speaking, most lenders offer borrowers with good credit scores loan amounts ranging from $30,000 to $50,000. Regardless of the maximum amount offered by the lender, the amount you qualify for will depend on your credit history, current score and your debt-to-income ratio.
Who is the easiest to get a personal loan from? ›
Easiest-to-get personal loans compared 2024
| Title | APR | Loan amount |
|---|
| LendingClub | 8.98% to 35.99% | $1,000 to $40,000 |
| OneMain | 18% to 35.99% | $1,500 to $20,000 |
| LendingPoint | 7.99% to 35.99% | $2,000 to $36,500 |
| Dave Loans | 0.00% | Up to $500 |
6 more rowsJun 16, 2024
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.
Which bank has the lowest interest rate for a personal loan? ›
Lowest interest rates charges by banks on their personal loans:
- Karur Vsya Bank:Interest rate on secured loan is 11 percent per annum and 13 percent per annum on unsecured personal loans. ...
- Yes Bank: Yes Bank charges an interest rate that starts with 10.49 percent per annum. ...
- Milestone Alert!
Personal Loan Calculator
| $5,000 | $9,000 |
|---|
| 24 mos. | $267 | $480 |
| 36 mos. | $199 | $358 |
| 48 mos. | $166 | $298 |
| 60 mos. | $147 | $264 |
£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 |
Apr 17, 2024
The monthly payment on a $3,000 personal loan will depend on the loan term and the interest rate. For example, the monthly payment on a two-year $3,000 loan with an annual percentage rate (APR) of 12% would be $141.22. The monthly payment on a $3,000 loan with a six-year term and an APR of 12% would be $58.65.
