5 things to know about personal loan rates

5 things to know about personal loan rates

2. Late payment fee The longer you take to pay back a loan, the more interest you will pay. In fact, lenders bank on borrowers using the full repayment term. As a result, some charge borrowers a penalty if you pay off your loan early. The amount can vary. Some lenders charge a flat fee while others may calculate it on a percentage of the loan amount or remaining monthly payments. If you intend to pay back the money sooner than required, be sure to choose your lender wisely and check for a prepayment penalty fee. You can explore your personal loan options by visiting an online marketplace like Credible to compare rates and lenders. On the flip side of paying off a loan early is making a late payment. Just like with any type of loan or monthly bills, paying after the due date can result in a late fee. How much you’ll pay, however, will vary. Some lenders charge a flat fee while others may charge a percentage of the monthly payments. You can avoid this fee by paying your bill by its due date or signing up for automatic payments. But it’s still a good idea to check the amount you could be liable for before signing the loan contract to avoid any surprises.

HOW MUCH WILL YOU PAY FOR A $40,000 PERSONAL LOAN? Credible can do the heavy lifting for you when it comes to personal loan shopping. With the click of a button, you can view multiple lenders, rates, and terms in one spot.

1. Prepayment penalty fee As beneficial as these unsecured loans are, it’s possible to get hit with unexpected associated fees during the loan process that could result in you paying back more than you expected. Five personal loan fees personal loan borrowers encounter that can be significant and costly include fees such as a late fee, a returned check fee,  an application fee and more.

4. Application fee Some lenders will charge you to apply for the loan, and this fee is typically nonrefundable. The reason banks give for the fee is to cover the cost of processing your loan application, such as dedicating employee time and obtaining a copy of your credit report. If you’re not approved for the loan, you still have to pay it, so make sure you’ll qualify before applying. The amount will vary by lender, usually ranging from $25 to $50. Not all lenders charge this fee. It can help to visit Credible to get in touch with experienced loan officers who can answer your personal loan questions before you’re hit with a charge. A returned check, or insufficient funds, fee is charged if there isn’t enough money in your bank account to cover your payment. This could be from a bounced check or insufficient funds to cover an automatic payment. This fee, often coupled with a late payment fee, is usually a flat amount, running between $20 and $50.

3. Returned check fee WHAT HAPPENS IF I DEFAULT ON A PERSONAL LOAN?

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