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Payment, Fee & Effective APR
Payment
Effective APR (True Cost): 10.59% · Net Amount Received: $9,700
Cost Breakdown
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Personal loans are convenient but can carry hidden costs. Comparing offers requires looking at the Effective APR, which factors in both nominal interest rates and origination fees. Before borrowing, review budgeting tools at the CFPB and comparison guides at the FTC.
Always look at the Effective APR (true rate) rather than the nominal rate when comparing multiple lenders.
If the origination fee is deducted from the payout, make sure you borrow enough to cover both the fee and your actual cash needs.
Ensure there are no prepayment penalties so you can pay off the debt early and save on interest.
A lower nominal interest rate with high origination fees can sometimes cost more than a slightly higher interest rate with no fees.