What Is the Interest Rate on a $4,000 Loan? (2024)

The interest rate on a $4,000 loan from a major lender could be anywhere from 6.4% to 599%. It’s difficult to pinpoint the exact interest rate that you’ll get for a $4,000 loan since lenders take many factors into account when calculating your interest rate, such as your credit score and income. If you have a high credit score and income, you will likely get a low interest rate on a $4,000 loan.

Upstart has the lowest interest rates for a $4,000 loan, starting at $1,000. Upstart isn’t your only option, though. Below you can see the best $4,000 personal loans and the interest rates associated with them.

Best $4,000 Personal Loans

Company

Loan Amounts

APRs

Upstart

$1,000 - $50,000, typically

6.4% - 35.99%, typically

PNC

$1,000 - $35,000

5.99% - 32.24%

Best Egg

$2,000 - $50,000

8.99% - 35.99%

SoFi

$5,000 - $100,000

8.99% - 29.99% Fixed APR with all discounts

Wells Fargo

$3,000 - $100,000

7.49% - 23.24%

Some lenders will let you pre-qualify to see your potential rates before you apply. To pre-qualify with multiple lenders at once, check out the free pre-qualification tool on WalletHub.

Upstart disclosure: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).

The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

This answer was first published on 07/08/22. 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.

What Is the Interest Rate on a $4,000 Loan? (2024)

FAQs

How much would a $3,000 loan cost per month? ›

The monthly payment on a $3,000 loan ranges from $41 to $301, depending on the APR and how long the loan lasts. For example, if you take out a $3,000 loan for one year with an APR of 36%, your monthly payment will be $301.

How much is interest on a $4000 loan? ›

The interest rate on a $4,000 loan from a major lender could be anywhere from 7.8% to 699%. It's difficult to pinpoint the exact interest rate that you'll get for a $4,000 loan since lenders take many factors into account when calculating your interest rate, such as your credit score and income.

How do I calculate my loan interest rate? ›

Divide your interest rate by the number of payments you'll make that year. If you have a 6 percent interest rate and you make monthly payments, you would divide 0.06 by 12 to get 0.005. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.

What credit score do you need for a $4000 loan? ›

To increase your chance of approval you should have a credit score of 580 or higher. If you have a lower credit score you should consider adding a cosigner to your application or apply for a secured personal loan. Secured personal loans may be easier to qualify for because they usually require some type of collateral.

Is it hard to get a $4000 personal loan? ›

Credit Score Considerations for a $4,000 Loan

A minimum credit score of approximately 550 to 580 is generally required. A score of 629 or lower could still be considered for bad credit loans. The APR for this loan varies from 5.99% to 36.99%. The APR is applicable to borrowers with a minimum credit score of 600.

What is a bad interest rate on a loan? ›

Avoid loans with APRs higher than 10% (if possible)

"That is, effectively, borrowing money at a lower rate than you're able to make on that money."

How much would a $6,000 loan cost per month? ›

The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603.

What credit score do I need for a $5000 loan? ›

The credit score you need to take out a $5,000 personal loan, or a loan of a different amount, ultimately depends on the lender. On average, you'll need a credit score of around 650 to be approved for a good interest rate on a personal loan.

What credit score is needed for a $3,000 loan? ›

You will need a credit score of 580 or higher for a $3,000 personal loan. Most lenders that offer personal loans of $3,000 or more require a 580+ credit score for approval, along with enough income to afford the monthly payments.

References

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