Are personal loans better than credit card debt?

Usually yes, if you qualify for a lower APR. Fixed term means you’ll actually pay it off; revolving credit cards can roll forever.

What’s a typical personal loan APR?

Ranges from about 7% for excellent credit to 36% cap in many states. 10-15% is typical for good credit.

Money & Finance · Free tool

Personal Loan Calculator

Free personal loan calculator. Compare monthly payments and total interest across different APRs and terms before you borrow.

Updated April 2026

Loan amount ($)Annual interest rate (%)Term (years)

Monthly payment

$329.76

Total paid

$11,871.36

Total interest

$1,871.36

What it does

A personal loan calculator for unsecured consumer loans — the kind you’d take out to consolidate credit card debt, cover a medical bill, or finance a one-time big expense. APRs are higher than secured loans (car, mortgage) but lower than credit cards, which is exactly why consolidation is a common use.

Before you borrow, run the numbers on both the new personal loan and whatever you’re paying on now. If your credit card APR is 22% and a personal loan is 11.5%, consolidating can cut your interest cost in half — provided you don’t rack the card back up. Pair with our debt payoff guide.

Example input & output

Input

Amount: $10,000
APR: 11.5%
Term: 3 years

Output

Monthly: $329.73
Total paid: $11,870
Total interest: $1,870

Same $10,000 at 22% APR (credit card territory) costs $3,878 in interest over 3 years — more than double.

How to use it

Enter the loan amount you plan to borrow.
Enter the APR from your pre-approval offer.
Enter the term — 2, 3, 5, or 7 years are standard.
Read monthly payment and total interest.

When to use this tool

Unsecured fixed-rate consumer loans.
Comparing offers from LendingClub, SoFi, Upstart, etc.

When not to use it

Payday loans and title loans — different (predatory) product.
Variable-rate lines of credit.

Common use cases

Consolidating high-APR credit card debt.
Covering a medical or emergency expense when no cheaper option exists.
Financing a home improvement without a HELOC.

Frequently asked questions

Are personal loans better than credit card debt?: Usually yes, if you qualify for a lower APR. Fixed term means you’ll actually pay it off; revolving credit cards can roll forever.
What’s a typical personal loan APR?: Ranges from about 7% for excellent credit to 36% cap in many states. 10-15% is typical for good credit.