Enter your details
How to use this calculator
- Enter your loan goal, amount, and preferred repayment term.
- Provide credit score, income, and current monthly debt payments.
- Select housing, employment details, and any collateral you can offer.
- Set funding speed, rate preference, risk tolerance, and priority.
- Submit to see the best fit, alternatives, and key risk checks.
Formula used
Debt-to-Income (DTI) estimates payment pressure: DTI = Monthly Debt Payments ÷ Monthly Income. Higher values usually reduce eligible low-cost options.
Monthly payment uses standard amortization for installment loans: Payment = r·L ÷ (1 − (1+r)−n), where L is loan amount, r is monthly rate, and n is months.
Fit score combines eligibility, affordability, speed, cost, and preference matching. Each option is scored from 0 to 100 using the same transparent rules.
Example data table
| Scenario | Amount | Term | Score | Annual Income | Monthly Debt | Likely Best Fit |
|---|---|---|---|---|---|---|
| Consolidation, strong credit | 15,000 | 36 | 740 | 72,000 | 650 | Unsecured Installment Loan |
| Vehicle purchase, good credit | 22,000 | 60 | 705 | 60,000 | 900 | Auto Loan |
| High payment pressure | 8,000 | 48 | 620 | 45,000 | 1,400 | Debt Management Plan |
Examples are illustrative and do not represent offers.
What the score means
Loan fit scoring converts many inputs into one comparable signal. The model combines eligibility, affordability, speed, cost, purpose match, and preference alignment. Scores range from 0 to 100, where 85+ is Excellent, 70–84 is Strong, 55–69 is Fair, and below 55 suggests caution. When an option fails a key rule, its score is capped near 35 to keep rankings realistic.
Affordability and DTI
Affordability starts with monthly income and existing monthly debt payments. Debt-to-income uses DTI = Debt ÷ Income and is evaluated at 36%, 45%, and 55% breakpoints. The calculator estimates a suggested payment cap using about 25% of income, also limited by disposable cash after debts. Low risk tolerance reduces the cap by about 15%, while high tolerance increases it roughly 10%.
Payment and interest math
For installment options, payments use standard amortization. Monthly rate r equals APR ÷ 12 and is expressed as a decimal. Payment = r·L ÷ (1 − (1+r)^−n), where L is the loan amount and n is months. Total paid equals payment multiplied by n, and total interest equals total paid minus principal. Longer terms lower payment, but can materially increase interest.
Speed, fees, and flexibility
Funding speed can change the best choice even when rates look similar. Typical unsecured timelines are about 2–4 days, while home equity products can take around 14 days for valuation and documentation. Strategy options handle costs differently: a balance transfer may include a one-time fee near 3–5% and a promotional window around 12–18 months. The tool reflects these tradeoffs in the fit score.
How to use outcomes
Use the top three recommendations as a shortlist, then verify real offers. Compare estimated APR ranges, fees, collateral requirements, and any membership or documentation rules. If the chart shows a high score but payment exceeds your cap, reduce amount or shorten term until payment fits. Export CSV or PDF to share assumptions with a lender, broker, or financial advisor before applying.
FAQs
1) Does a high fit score guarantee approval?
No. The score estimates fit using common factors. Lenders also review credit history details, verification documents, collateral value, and policy rules before approving any application.
2) What is the suggested payment cap?
It is an affordability estimate based on monthly income, existing debt payments, and risk tolerance. It helps flag options where the estimated payment may strain your budget.
3) Why do some options show “Not eligible”?
Some products require certain credit, collateral, or purpose alignment. If your inputs miss a key requirement, the tool marks it not eligible and limits the score to reduce false optimism.
4) How is the monthly payment calculated?
For installment loans, it uses a standard amortization formula with your loan amount, APR, and term. That produces a consistent monthly payment estimate and total interest estimate.
5) Why is a balance transfer treated differently?
It is a strategy, not a typical installment loan. The tool models a promotional window and a one-time fee, then scores it based on credit strength, speed, and potential interest savings.
6) What should I do if payments exceed the cap?
Try a smaller amount, a shorter term, or a lower-cost option. Improving credit and reducing existing monthly debts can also raise eligibility and reduce estimated pricing.