Personify loan calculator

How to read the result

The monthly payment is what hits your bank account each cycle; the total repaid is what the loan actually costs you. At 36% APR a $3,000 loan over 36 months costs about $1,947 in interest. At 179.5% it costs about $13,263 — more than the principal. The bar shows that split.

What the calculator doesn't show

• The origination fee. Personify adds 5%–5.99% to the balance. To include it, raise the amount by 6%.
• Rate reductions. Eligible Personify loans drop 2 percentage points after every six on-time months, to a 24% floor. Over a 36-month loan that lowers the total by a few percent.
• Payment frequency. Bi-weekly or semi-monthly schedules reduce interest slightly versus monthly.
• Late and NSF fees. Set by state and your agreement.

Reading an offer against this calculator

When an offer arrives it shows APR, finance charge, total of payments and the payment schedule — those are required disclosures. Enter the offer's amount, APR and term here; if the lender's total is more than about 6% above the calculator's, the difference is the financed origination fee. If it's more than that, ask what else is in the finance charge before signing.

Three ways to lower the number

1. Borrow less. Interest scales with principal; the fee does too.
2. Choose a shorter term. The payment rises, the total falls sharply.
3. Pay off early. No prepayment penalty means every extra dollar goes to principal.