The first thing one should consider while getting a personal loan is the amount that needs to be paid every month so a borrower knows if they can afford it. For a $4,000 personal loan, you will need to pay between $55 to $402 per month. Monthly payments for $4000 personal loans are calculated according to the duration of the loan and the interest rate being charged.
A personal loan for $4,000 can usually be paid in one to seven years, like any other personal loan, and the average interest rate, or APR, is around 15% and can go as low as 4% and up to 36% depending on the lender and the terms of the loan offer.
You should note that sometimes a borrower might need to pay an origination fee which may be included with the interest rate or paid before starting the monthly payments and right after signing the agreement instead.
How Much Do I Pay Per Month on a $4,000 Personal Loan?
In the below table, you will find an example of a monthly payment a borrower might need to pay for a $4,000 personal loan. To make the comparison simpler for you, the average APR of 15% is used in all different loan periods.
| Period of Loan (months) | APR | Monthly Payment | Total Interest |
| 12 | 15% | $361 | $332 |
| 24 | 15% | $194 | $655 |
| 36 | 15% | $139 | $992 |
| 48 | 15% | $111 | $1,344 |
| 60 | 15% | $95 | $1,710 |
| 72 | 15% | $85 | $2,090 |
| 84 | 15% | $77 | $2,484 |
Conclusion
Now that you know the amount you need to pay per month for a $4,000 personal loan, you can double check how much you earn and how much you need to pay for bills every month and easily calculate if you can afford to get a $4k personal loan. Make sure that you are aware if the lender requests an origination fee for the personal loan and all of the offer details before taking your final decision.