$500 Loan Calculator — 12 Month Term
At the average personal loan rate of 11%, a $500 loan over 12 months costs $44.19/month with $30.29 in total interest. Use the calculator below or compare rates across all credit tiers.
Monthly Payment
$44.19
at 11% APR
Total Interest
$30.29
at 11% APR
Total Paid
$530.29
over 12 months
Payment Comparison by Credit Score
$500 loan · 12 months
| Credit Tier | APR | Monthly | Total Interest | Total Paid |
|---|---|---|---|---|
| Excellent (760+) | 5% | $42.80 | $13.64 | $513.64 |
| Very Good (720+) | 7% | $43.26 | $19.16 | $519.16 |
| Good (690+) | 10% | $43.96 | $27.50 | $527.50 |
| Fair (660+) | 13% | $44.66 | $35.90 | $535.90 |
| Poor (620+) | 17% | $45.60 | $47.23 | $547.23 |
| Bad (<620) | 21% | $46.56 | $58.68 | $558.68 |
Loan Calculator
Monthly Payment
$44.19
Total Paid
$530.29
Total Interest
$30.29
$500 · 12-Month Loan FAQs
What is the monthly payment on a $500 loan for 12 months?
At the national average rate of 11%, your monthly payment on a $500, 12-month loan is approximately $44.19. Over the life of the loan you'd pay $30.29 in interest for a total of $530.29.
How does the term length affect my $500 loan payment?
A shorter term means higher monthly payments but less total interest. For $500: a 12-month loan at 11% costs $44.19/mo, while a 60-month loan costs $10.87/mo but you'd pay $121.98 more in total interest.
What credit score do I need for a $500 personal loan?
For a $500 personal loan, most lenders require a minimum score of 580–620. Borrowers with scores above 720 qualify for the best rates (around 5–7%), while scores below 620 may face rates of 20%+.
Is 12 months a good term for a $500 loan?
A 12-month term keeps total interest costs low — you'd pay only $30.29 at 11% — but the monthly payment of $44.19 is higher. This is ideal if you can comfortably afford the payment and want to get out of debt quickly.
Other Terms for a $500 Loan
Other Amounts for a 12-Month Loan
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