1. Rates aren’t everything
The interest rate of a personal loan is only one factor and may not actually give you the full picture of what your loan costs. The fees and type of interest rate should also be considered alongside the rate percentage so that you can see how much the loan will actually cost throughout the term.
The Annual Percentage Rate (APR) gives you a better idea of the total cost of your loan, but keep in mind that penalty fees for things like early or late repayments usually aren’t included in the APR. Continue reading