The monthly payment on a $7,000 loan ranges from $96 to $703, depending on the APR and how long the loan lasts. For example, if you take out a $7,000 loan for one year with an APR of 36%, your monthly payment will be $703. But if you take out a $7,000 loan for seven years with an APR of 4%, your monthly payment will be $96.
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 $7,000 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 $7,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $632 | $582 |
| 24 months | 15% | $339 | $1,146 |
| 36 months | 15% | $243 | $1,736 |
| 48 months | 15% | $195 | $2,351 |
| 60 months | 15% | $167 | $2,992 |
| 72 months | 15% | $148 | $3,657 |
| 84 months | 15% | $135 | $4,346 |
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
The monthly payment on a $7,000 loan ranges from $96 to $703, depending on the APR and how long the loan lasts. For example, if you take out a $7,000 loan for one year with an APR of 36%, your monthly payment will be $703.
How much would a $7000 loan cost per month? ›
Monthly 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 |
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Representative example
| Loan amount £7,000 | Monthly repayments £216.05 | Length of agreement 36 months |
| Total amount repayable £7,777.80 | Representative 7.2% APR | Fixed Annual Rate of Interest (nominal) 6.9728% |
1 more rowYou will likely need a credit score of at least 640 for a $7,000 personal loan. Most lenders that offer personal loans of $7,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
How much would monthly payments be on a $8000 loan? ›
Personal Loan Calculator
| $5,000 | $8,000 |
|---|
| 24 mos. | $267 | $427 |
| 36 mos. | $199 | $318 |
| 48 mos. | $166 | $265 |
| 60 mos. | $147 | $235 |
Monthly payments for a $6,000 personal loan
| Loan duration | Average monthly payments ($6,000 loan) | |
|---|
| Poor credit | Good credit |
|---|
| 13–24 months | $326.41 | $287.46 |
| 25–36 months | $240.17 | $210.61 |
| 37–48 months | $210.41 | $172.24 |
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Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
13 more rowsIt will take 21 months to pay off $7,000 with payments of $400 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 much do you pay a month on a $5000 loan? ›
The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.
What is the interest rate on a personal loan? ›
Current Interest Rate on Personal Loans
| Bank | Interest Rate (p.a.) | Processing Fee |
|---|
| Bank of India | 10.85% onwards | Up to 2% |
| (Fullerton India) SMFG India Credit | 11.99% p.a. onwards | Up to 6% |
| IDBI Bank | 10.50% p.a. - 13.25% p.a. | Contact the bank |
| Karur Vysya Bank | 11.15% p.a. - 14.15% p.a. | 0.50% onwards |
26 more rowsSome 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.
What is the easiest bank to get a personal loan from? ›
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.
What is the most common personal loan amount? ›
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 is the monthly payment on a $7000 loan? ›
The monthly payment on a $7,000 loan ranges from $96 to $703, depending on the APR and how long the loan lasts. For example, if you take out a $7,000 loan for one year with an APR of 36%, your monthly payment will be $703.
What are personal loan rates right now? ›
Average Overall Personal Loan Rates
| This week's rates | Last week's rates |
|---|
| Average overall rate | 21.13% | 21.13% |
| Average low rate | 11.62% | 11.62% |
| Average high rate | 30.64% | 30.64% |
| Highest rate | 99.99% | 99.99% |
1 more row3 days ago
Fifteen years is the longest repayment term for a personal loan. Of all the lenders we researched, Navy Federal Credit Union is the only one offering 15-year personal loans.
How much mortgage can I afford with $7,000 a month? ›
Using the 36% Rule
| Pre-Tax Monthly Income | 36% Limit for Total Monthly Debt |
|---|
| $5,000 | $1,800 |
| $6,000 | $2,160 |
| $7,000 | $2,520 |
| $8,000 | $2,880 |
5 more rowsWhat is the monthly payment on a $5,000 personal loan? The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.
What is the finance charge for a $7000 two-year loan with a 6% APR? ›
Final answer: The finance charge for a $7,000, two-year loan with a 6% APR is $840.
How much is the monthly payment on a 9000 dollar loan? ›
The monthly payment on a $9,000 loan ranges from $123 to $904, depending on the APR and how long the loan lasts. For example, if you take out a $9,000 loan for one year with an APR of 36%, your monthly payment will be $904.
