Loan Rates & Fees

APR Range and Repayment Terms

Advertised rates and terms apply to qualified borrowers only, and not every applicant will qualify. Your APR, loan amount and repayment term depend on your credit profile, the lender's underwriting and the lender you're matched with. Some borrowers' APRs may be higher than the range shown. APRs generally range from 5.99% to 35.99%, with repayment terms from 91 days to 72 months.

The range is wide because each lender prices each loan on its own. Your credit history, income and existing debts can all affect the rate, along with the amount, the term and the lender's own underwriting. Two people asking for the same amount may see very different offers.

The term you're offered depends on the lender and the loan. A shorter term means higher monthly payments, and you'll usually pay less interest overall. A longer term brings the monthly payment down, but you'll usually repay more in total, because interest builds for more months.

What APR means

APR stands for annual percentage rate. It's the yearly cost of borrowing shown as a percentage, and it covers the interest rate plus certain fees the lender charges, such as an origination fee. Under the federal Truth in Lending Act, a lender has to show you the APR before you sign, which makes it the most useful single number for comparing offers of the same size and length.

The interest rate on its own leaves those fees out, so an offer can look cheaper by its interest rate than it is by its APR. Look at the total cost too. A loan with a lower APR can still cost more overall if its term is much longer.

Representative Cost Examples

The examples below show how the loan amount, APR and term work together to set the monthly payment and the total you repay. They aren't offers, and a lender may quote you a different rate, fee or term.

Each monthly payment assumes the fee is added to the amount borrowed and repaid over the term with interest at the rate shown, so you also pay interest on the fee. To see what a loan would cost you, subtract the loan amount from the total repaid.

Representative examples. APR Ranges From 5.99% up to 35.99% For Qualified Customers. 91 Day Minimum up to 72 Month Maximum Repayment Period.

Fees Lenders May Charge

Interest is one part of what a loan costs. Lenders may also charge fees, and the amounts and rules vary by lender and by state. The loan agreement lists the fees that apply to your loan. These are the ones you're most likely to see.

Origination fee

A one-time charge for setting up the loan, often a percentage of the amount borrowed. Some lenders take it out of the money they send you, so the deposit is smaller than the loan amount. Others add it to the balance, as the examples above do. Either way, the origination fee is usually counted in the APR.

Late fee

Charged when a payment arrives after its due date, or after the grace period if the lender offers one. It may be a flat amount or a percentage of the payment, and state law may limit how much it can be.

Returned payment fee

Charged when a scheduled payment fails, for example because the bank account it's drawn from doesn't have enough money in it. Your bank may charge its own fee for the same failed payment.

Prepayment penalty

A charge for paying off a loan ahead of schedule. Not every lender charges one, and some states restrict them. Where a lender does charge one, it appears in the loan agreement. Ask about it before you sign if you might repay early, since paying early usually cuts the interest you owe.

What LoansForChristmas Charges

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Late Payments and Non-Payment

When you accept a loan, you agree to repay it on the lender's schedule. A late or missed payment may bring a late fee or a returned payment fee, and interest keeps building on the unpaid balance. Lenders may also report late or missed payments to the credit bureaus, which can lower your credit score and make it harder or more expensive to borrow later.

If a loan goes unpaid, the lender may pass it to a collection agency or, where the law allows, take legal action to recover what's owed. We aren't involved in servicing or collecting loans, and we can't see each lender's fee schedule, so we can't tell you what a missed payment would cost. Your loan agreement spells it out.

If you think you'll miss a due date, contact your lender before it passes. Some lenders may be able to move the date or set up a payment plan.

Renewals and Extensions

Some lenders let you extend a loan, or renew it into a new one, when you can't repay on schedule. Others don't offer either. Where it's available, the lender sets the terms and lists them in the loan agreement. An extension can lower or pause your payments for a while, but it usually adds interest and may add a fee, and it keeps you in debt for longer. Before you agree to one, ask the lender for the new total you'd repay and compare it with the total on your current schedule.

How to Compare Offers

If more than one lender makes you an offer, compare them on the same numbers. Start with the APR, because it includes interest and certain fees. Then look at the total you'd repay over the full term, since a low monthly payment can come with a higher total when the term is long. Make sure the monthly payment still fits your budget in January and the months after, and check what each lender charges for late, returned and early payments.

Where you can, compare offers for the same amount and a similar term, so the numbers line up. You don't have to accept any offer, and you can turn one down at any point before you sign the loan agreement.

Questions to Ask a Lender

Ask these before you sign, and check that the answers match the loan agreement.

• What is the APR, and which fees does it include?
• How much will I repay in total if I make every payment on time?
• Is there an origination fee, and does it come out of the amount you send me?
• Is there a grace period, and what is the late fee after it ends?
• Can I pay the loan off early without a penalty?
• Do you offer extensions, and what would one add to my total cost?

For the rest of our disclosures, see the Disclosures page and our Lending Policy. If something here isn't clear, write to us.

The content on this site is for general educational purposes only and is not financial, legal or tax advice. Any figures shown are illustrations, not offers.