Estimate payments for fixed-rate personal loans with origination fees.
A personal loan is an unsecured, fixed-rate loan you can use for almost anything — debt consolidation, home improvement, medical expenses, or large purchases. Unlike a mortgage or auto loan, you don't need collateral.
Many lenders charge an origination fee (typically 1-8% of the loan amount) that's deducted from your loan proceeds. For a $15,000 loan with a 2% fee, you'd receive $14,700 but still repay $15,000 plus interest. Always factor this into your total cost when comparing offers.