PRACTICAL GUIDE
How to Compare Personal Loans: APR and Total Cost
Understand APR, monthly payments, fees and loan terms before comparing offers.
Look at APR
APR is a useful comparison measure because it reflects interest and certain borrowing costs; definitions vary by country.
Add up repayments
Multiply each payment by the number of payments to estimate the total paid.
Check fees and conditions
Review origination charges, optional products, early repayment rules and penalties.
Compare similar terms
A smaller monthly payment may cost more overall if the loan lasts longer.
For educational purposes; check local rules and your own circumstances.
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