personal loan calculator

Personal Loan Calculator

Plan Ahead for Life’s Expenses

A personal loan from Greater Nevada Credit Union is a good option if funds are needed for many different uses including home improvements, debt consolidation, and even splurging on things like a vacation or special event. Run some test scenarios to learn about monthly payments, terms, interest rates, and more with our easy-to-use personal loan calculator.

Personal Loan Payment Calculator

If you need a lump sum infusion of cash with spending flexibility (plus regular monthly payments) consider a personal loan. Our personal loans calculator is user-friendly and designed to provide example insights into the numbers behind your total loan amount, its interest rate, and your projected monthly loan payments. Use it to compare different loans or plan your repayment progress after you borrow.

Personal Loan Frequently Asked Questions (FAQs)

Start with our personal loan calculator and grow your knowledge. Here are some of the most common questions we’ve received about personal loans, their interest rates, and more.

How is a personal loan different from a personal line of credit?

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Both options are considered unsecured loans (meaning they aren’t secured by assets like a mortgage is with a home or an auto loan is with a car), and many people use them to cover unexpected expenses and large purchases, but that’s where the similarities end. Personal loans offer borrowers a lump sum at a fixed rate and fixed repayment plan. Personal lines of credit are revolving (meaning you are only charged on what you use, and as you pay what you borrowed back, then it opens up those funds again to be used without needing to reapply) and have a variable interest rate that can go down or up depending on the interest rate changing.

Will my loan payment change month to month?

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No. Personal loans come with a fixed interest rate, which means your monthly payment will always be the same–a fact that can provide peace of mind for your budgeting as you repay the funds you’ve borrowed.

How does my credit score affect my interest rate?

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Borrowers with good credit scores generally qualify for better interest rates on personal loans. That’s because financial institutions are more likely to loan money to borrowers who have demonstrated a history of wise money management.

At Greater Nevada, we believe that less-than-perfect credit shouldn’t stop you from Living Greater. Learn more about loans for imperfect credit and explore other financing options.

What do I need to get a personal loan?

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Applying for a personal loan is a lot like applying for any other type of loan. Your credit score and credit history will be pulled, and you’ll need to bring along personal ID, proof of income, and a few other key documents. For more details, see personal loan requirements.

Additional Online Calculators

Explore our handy financial calculators to help you run test scenarios on your monthly payments on loans, forecasting a budget for your home, and other important financial topics.

Apply for a Greater Nevada Credit Union Loan Today!

Ready to apply for a personal loan? Click below to apply online, or you can learn more about the different types of loans we offer.

This calculator is intended solely for general information and educational purposes. Greater Nevada Credit Union does not guarantee the accuracy of the calculations. The calculator is not intended in any way as financial, insurance, tax or legal information regarding your financial situation.