About the Monthly Payment on $2000 Personal Loans
The maximum amount you'd have to pay for a $2,000 personal loan is $201 per month, while the minimum amount is $27. The monthly payment for any personal loan that you take out depends on the duration of the loan which can be between one to seven years as is the standard for personal loans.
Another important factor that decides your monthly payment is the amount of interest rate you need to pay or APR, which falls between 4% and 36%.
To explain in more detail, you will need to pay a maximum amount of $201 per month for a $2,000 personal loan. This amount is calculated over a period of one year and with an APR of 36%. The lowest amount of $27 is paid off over seven years with a 4% APR. Sometimes the interest rate might include an origination fee that the lender might charge you, making the monthly payment a little higher.
Here is an example of the monthly payments on $2000 personal loans that you'd have to pay off. For ease of comparison, the average APR of 15% is used.
| Duration of Loan | APR | Monthly Payment | Total Interest |
| 12 months | 15.00% | $181 | $166 |
| 24 months | 15.00% | $97 | $327 |
| 36 months | 15.00% | $69 | $496 |
| 48 months | 15.00% | $56 | $672 |
| 60 months | 15.00% | $48 | $855 |
| 72 months | 15.00% | $42 | $1,045 |
| 84 months | 15.00% | $39 | $1,242 |
Conclusion
It is always recommended to read through the details of the loan offer that you receive and check out the duration of the loan as well as the APR the lender is charging you. Refer to the above table to help you make a decision on whether your salary and current financial situation allow you to take out a $2,000 personal loan and comfortably pay it off.