The monthly payment on an $8,000 loan ranges from $109 to $804, depending on the APR and how long the loan lasts. For example, if you take out an $8,000 loan for one year with an APR of 36%, your monthly payment will be $804. But if you take out an $8,000 loan for seven years with an APR of 4%, your monthly payment will be $109.
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 an $8,000 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 an $8,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $722 | $665 |
| 24 months | 15% | $388 | $1,309 |
| 36 months | 15% | $277 | $1,984 |
| 48 months | 15% | $223 | $2,687 |
| 60 months | 15% | $190 | $3,419 |
| 72 months | 15% | $169 | $4,180 |
| 84 months | 15% | $154 | $4,967 |
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 an $8,000 loan ranges from $109 to $804, depending on the APR and how long the loan lasts. For example, if you take out an $8,000 loan for one year with an APR of 36%, your monthly payment will be $804.
How long would it take to pay off a $8000 loan? ›
It will take 24 months to pay off $8,000 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.
What credit score do you need for a $8000 personal loan? ›
The answer may vary depending on the lender, but generally speaking, borrowers should have a score of 640 or higher for the best chance of qualifying. Scores in the high 500s may still qualify for a loan, but you'll likely need substantial income to qualify for the loan with no collateral.
How to calculate 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.
What is the average time to pay back a personal loan? ›
Personal loan repayment terms typically range from two to five years and can go as high as seven years, or lenders may offer other terms. And you might be able to choose the term length that works best for you.
Is it hard to get a 8000 loan? ›
$8,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
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.
How much can I get approved for a personal loan? ›
Although loan amounts vary across lenders, the maximum amount for personal loans typically ranges from $500 to $100,000. In some cases, you may qualify for a loan larger than what you need. Before accepting any loan, consider what you can afford to repay and be sure you don't borrow more than what you can manage.
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.
Is it hard to get a personal loan? ›
Personal loans can have more strict requirements than other types of funding options. If you have poor credit or a short financial history, fewer lenders will be available to you.
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.
How much would a $5000 personal loan cost a month? ›
What 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 on a $8000 loan with a monthly payment of $162.80 for 60 months? ›
The finance charge on an $8,000 loan with a monthly payment of $162.80 for 60 months is $1768.
