How to compare loan options

Start with the same amount

Write down how much you need to receive. For each option, record the amount borrowed, any upfront deductions, the monthly payment, the APR, the term, and the total repayment. This helps you spot offers that look similar but provide different amounts of usable money.

Compare APR and fees

The interest rate measures the interest charged for borrowing. APR also includes applicable loan fees, making it a broader cost measure. Compare the same measure across offers. The CFPB explains interest rates and APR.

Ask for the fee breakdown too: an origination fee, late fee, or early repayment charge may affect your decision. Check whether fees are paid separately, financed, or deducted from the money you receive.

See what a longer term changes

In this example, the longer term lowers the payment by about $110 a month but adds about $1,390 in interest. Calculations assume monthly payments made on time and no extra payments. Figures are rounded; the final payment may differ. These are illustrations, not available offers.

Before you decide

• Check that the payment leaves room for your regular expenses.
• Confirm whether the rate is fixed or can change.
• Read the rules for late payments and early repayment.
• Keep a copy of the lender’s written terms.
• Ask questions about any figure you cannot reconcile.

Try your own numbers

Use the monthly payment calculator to explore different amounts and terms. If you are comparing several balances, the debt consolidation calculator helps organize them. Calculator results are estimates, not lending decisions.