• AND pick another item or two from this page

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• An unsecured loan is a loan that is not backed by collateral. Use an unsecured loan calculator to compare loan quotes or determine if you can afford monthly loan payments. Unsecured loan calculators help borrowers determine which loan quote is the best deal by estimating monthly payments and accrued interest cost.

• There are many online secured loan calculators. A secured loan calculator should allow you to input:

1. The loan amount.
2. The repayment period.
3. The interest rate.

• Once you gather a few unsecured loan quotes, you can compare deals by inputting the loan terms into an unsecured loan calculator.

• The loan amount is the total amount of money you will borrow.

• The term of the loan, also known as the repayment period and the life of the loan, is the number of months or years you have to pay off the loan. Remember, a long repayment period equals smaller monthly payments but more accrued interest.

• Keep in mind, the interest rate will have a major effect on your monthly payments.

• Click Calculate to see your estimated monthly payment. Depending on the calculator, there may be additional information provided for each monthly payment, including:

1. Principal remaining.
2. Principal paid.
3. Interest paid.
4. Cumulative payments.
5. Cumulative interest paid.

• To get the most out of an unsecured loan calculator, enter multiple quotes. This way you can compare loans to find the best deal.