A monthly payment on a $5000 personal loan ranges from $68.00 to $500.00 and sometimes more depending on the loan term or length the loan as well as the APR or annual percentage rate.
Longer loan terms and lower APR rates like 3 to 5 years at 10% to 15% often $100.00 to $160.00 per month for the $5,000.00 personal loan.
A shorter $5,000.00 loan term or higher rates on the $5,000.00 loan term like 1 to 2 years or 20% APR will result in higher payments.
Somme examples of loan terms and APR rates for the $5,000.00 loan include.
Longer term loans such as 5 years or 60 months
At a lower APR like 10% to 15% would mean you pay around $100.00 to $125.00 per month on the $5,000.00 personal loan.
At a higher APR such as around 25% the monthly payment for the $5,000.00 personal loan would be between $147.00 to $150.00 per month.
Shorter term loans for the $5,000.00 personal loan such as a 3 year or 36 month loan, with an APR of around 12% to 15% would mean you pay around $150.00 to $170.00 per month.
Very short loan terms for the $5,000.00 loan terms for 1 year or 12 months, would mean you pay around $502.00 per month with an APR of 36%.
The interest rate for the $5,000.00 personal loan is the biggest factor in the payment and cost of the loan, the lower the rate the lower the payment.
Longer loan terms lower your monthly payments but also increase the total interest paid.
Your credit score also affects the APR you qualify for.