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 monthly payments be on a $4000 loan? ›
Monthly payments for a $4,000 personal loan
| Loan duration | Average monthly payments ($4,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $390.37 | $360.59 |
| 13–24 months | $302.59 | $189.35 |
| 25–36 months | $168.83 | $129.05 |
1 more rowMar 7, 2024
Whether 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 $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 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.
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.
How much for a $4,500 loan? ›
Representative Example: The representative APR is 9.9% so if you borrow £4,500 over 5 years at a rate of 9.9% (fixed) you will repay £112.13 per month & total amount payable £6,728.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
Is it easy 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.
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
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 much would a $6,000 loan be a month? ›
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 to figure out monthly payment on a loan? ›
The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments.
How much a month is a 4000 dollar loan? ›
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 many years is 72 months? ›
72 months (six years)
How much would a $50,000 personal loan cost per month? ›
Example Monthly Payments on a $50,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 24 months | 15% | $2,424 |
| 36 months | 15% | $1,733 |
| 48 months | 15% | $1,392 |
| 60 months | 15% | $1,189 |
3 more rowsAug 31, 2021
For example, let's say you earn $4,000 each month. That means your mortgage payment should be a maximum of $1,120 (28 percent of $4,000), and your other debts should add up to no more than $1,440 each month (36 percent of $4,000).
How much would a $3,000 loan cost per month? ›
The monthly payment on a $3,000 loan ranges from $41 to $301, depending on the APR and how long the loan lasts. For example, if you take out a $3,000 loan for one year with an APR of 36%, your monthly payment will be $301.
How much would a $6,000 loan cost per month? ›
Example Monthly Payments on a $6,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $542 |
| 24 months | 15% | $291 |
| 36 months | 15% | $208 |
| 48 months | 15% | $167 |
3 more rowsAug 31, 2021
How much should you spend on a car? Whether you're taking out an auto loan or a personal loan to pay for your car, it's a good idea to limit your car payments to between 10% and 15% of your take-home pay. If you take home $4,000 per month, you'd want your car payment to be no more than $400 to $600.
