The monthly payment on a $40,000 loan ranges from $547 to $4,018, depending on the APR and how long the loan lasts. For example, if you take out a $40,000 loan for one year with an APR of 36%, your monthly payment will be$4,018. But if you take out a $40,000 loan for seven years with an APR of 4%, your monthly payment will be $547.
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 $40,000 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 $40,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $3,610 | $3,324 |
| 24 months | 15% | $1,939 | $6,547 |
| 36 months | 15% | $1,387 | $9,918 |
| 48 months | 15% | $1,113 | $13,435 |
| 60 months | 15% | $952 | $17,096 |
| 72 months | 15% | $846 | $20,898 |
| 84 months | 15% | $772 | $24,837 |
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
Qualifications for a $40,000 personal loan
Most lenders evaluate the following before making a lending decision: Credit: Your credit score shows how well you have handled past borrowed money. To qualify for a $40,000 loan, you'll typically need a credit score upwards of 670 or a co-signer with good or excellent credit.
What credit score do I need for a $40,000 loan? ›
Qualifications for a $40,000 personal loan
Most lenders evaluate the following before making a lending decision: Credit: Your credit score shows how well you have handled past borrowed money. To qualify for a $40,000 loan, you'll typically need a credit score upwards of 670 or a co-signer with good or excellent credit.
How much would a $50,000 personal loan cost per month? ›
The monthly payment on a $50,000 loan ranges from $683 to $5,023, depending on the APR and how long the loan lasts. For example, if you take out a $50,000 loan for one year with an APR of 36%, your monthly payment will be $5,023.
How much are payments on a $35,000 personal loan? ›
For example, qualifying for 7.99% APR for 24 months on a $35,000 loan would leave you paying $1,582.80 per month for two years. Meanwhile, paying 29.99% APR for 60 months with the same loan amount would mean paying $1,132.15 per month for five years.
How much interest on a $40,000 loan? ›
Interest Rates for ₹40,000 Personal Loan
12.00% p.a. 27.00% p.a.
How much is a $40 000 loan for 5 years? ›
If you take a loan for five years and your interest rate is 4%, your monthly payment for a $40,000 loan will be $737. Remember that the longer the loan period, the more money you will overpay to the bank.
How much money can I borrow with a 770 credit score? ›
You can borrow over $100,000 with a 770 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
What are personal loan rates right now? ›
The current average personal loan interest rate is 12.21%. People with good or excellent credit may qualify for lower-than-average interest rates, while rates for those with average or poor credit may be significantly higher.
Which bank has the lowest interest rate for a personal loan? ›
Starting at 9.47 percent, Bandhan Bank offers the cheapest interest rate on personal loans of Rs 1 lakh that come with a repayment tenure of four years. The equated monthly installment (EMI) will be Rs 2,592. Private sector lender IndusInd Bank offers an interest rate starting from 10.49 percent on personal loans.
How hard is it to get a $30,000 personal loan? ›
For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate. A high enough income: Part of the lender's evaluation of your loan application includes determining whether you can afford the payments.
In most cases, you can pay off a personal loan early. Your credit score might drop, but it will typically be minor and temporary. Paying off an installment loan entirely can affect your credit score because of factors like your total debt, credit mix and payment history.
What credit score is needed for a $40,000 loan? ›
Specific requirements will vary from one lender to another. Generally, you'll need a credit score of at least 580 to qualify for a $40,000 loan. If your score is lower, there are some lenders who may be willing to offer you a $40,000 personal loan, but you may pay more in interest.
Is 40k a good down payment? ›
How Much Should I Pay for a Down Payment? Aim for a down payment that's 20% or more of the total home price—that's $40,000 for a $200,000 house. This minimum is partially based on guidelines set by government-sponsored companies like Fannie Mae and Freddie Mac.
What is the payment on a $45000 loan? ›
The monthly payment on a $45,000 loan ranges from $615 to $$4,521, depending on the APR and how long the loan lasts. For example, if you take out a $45,000 loan for one year with an APR of 36%, your monthly payment will be $$4,521.
What size loan can I get with a 700 credit score? ›
You can borrow from $1,000 to $100,000 or more with a 700 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.
Can I get a 50k loan with a 650 credit score? ›
What credit score do you need for a $50,000 loan? In general, you need a credit score of 670 or higher to qualify for most personal loans, although some of our lenders (such as Upstart) will consider lower credit scores.
What does your credit score need to be in order to get a $30000 loan? ›
Requirements to receive a personal loan
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
