Learn about the costs associated with personal loans, including interest rates, repayment terms and typical fees.
At LoanBestie.com, we are not a lender and do not make credit decisions or set interest rates. Once your loan inquiry is submitted and matched, your lender or lending partner will provide you with the details of their offer—including interest rates, repayment schedule, and any fees. You are never obligated to accept a loan offer if the terms don’t meet your needs.
Repayment terms vary depending on your lender’s policies and your preferences. Many personal loans are repaid either monthly or biweekly, and in some cases, your lender may allow automatic withdrawals from your bank account on your agreed payment dates. Note: You are not required to set up automatic payments as a condition of receiving a loan. Be sure to thoroughly review the repayment terms offered by your lender or lending partner to ensure you understand your obligations.
The total cost of your personal loan will depend on several factors, including:
Interest rates, fees, and other terms are set by the lender and will be clearly disclosed before you commit to a loan offer.
While actual loan offers can vary, here are general ranges commonly seen from lenders in our network:
| Category | Typical Range |
|---|---|
| Loan Amount | $500 – $35,000 |
| Loan Duration | 61 days – 72 months |
| Payment Frequency | Monthly or Biweekly |
| APR Range | Varies based on credit and lender terms |
| Prepayment Penalties | Varies by lender |
Repayment terms generally range from 61 days up to 72 months, depending on the lender and the borrower’s qualifications. Loans are typically repaid in equal monthly installments, which include both principal and interest. Borrowers may pay off their loans early to reduce total interest charges. Interest is generally calculated on a simple interest basis, and rates can vary between 5.99% APR and 35.99% APR, depending on creditworthiness and other factors.
| Loan Amount | Term (Months) | Estimated APR | Monthly Payment | Total Repayment |
|---|---|---|---|---|
| $500 | 6 | 28.99% | $90.48 | $542.88 |
| $1,000 | 12 | 29.99% | $97.18 | $1,166.16 |
| $2,500 | 18 | 24.99% | $149.09 | $2,683.62 |
| $5,000 | 24 | 19.99% | $253.34 | $6,080.16 |
Representative Example: A $1,000 loan repaid over 12 months at 29.99% APR would have monthly payments of $97.18, with a total repayment amount of $1,166.16. Rates shown are examples only and do not constitute offers of credit.
| Loan Amount | $1,000 | $2,000 | $5,000 | $10,000 |
|---|---|---|---|---|
| Interest Rate (APR) | 24.00% | 19.00% | 13.00% | 8.00% |
| Loan Term | 12 Months | 24 Months | 48 Months | 60 Months |
| Origination Fee (%) | 3.00% | 5.00% | 8.00% | 10.00% |
| Origination Fee ($) | $30.00 | $100.00 | $400.00 | $1,000.00 |
| Monthly Payment | $94.56 | $100.82 | $140.84 | $212.90 |
| Number of Payments | 12 | 24 | 48 | 60 |
| Total of Payments | $1,134.72 | $2,419.68 | $6,760.32 | $12,774.00 |
LoanBestie is not a lender, loan broker, or financial institution and does not make credit decisions or offer any loans or financial products directly. Instead, we provide a free service that connects users with independent, third‑party lenders or financial service providers who may offer loans or credit products based on their own criteria. We do not guarantee loan approval, amounts, rates, or terms. Submitting your information does not constitute a loan application and does not guarantee that you will be approved for a loan.
We do not charge you for this service. To support this free service, we may receive compensation from lenders or partners when you are connected with or approved by a lender. This compensation may impact how and where offers appear but does not affect the content, integrity, or availability of products.
Loan terms, including APR, repayment period, fees, and other conditions, are determined by the lender and will be clearly disclosed to you before you accept any offer. Representative APRs range from 5.99% to 35.99%, with loan durations typically ranging from 61 days to 72 months. Not all lenders offer loans in all states, and our services may not be available in certain locations, including New York.
Example: A $1,000 loan over 15 months at an APR of 31.65% results in total repayment of $1,221.60. APRs range from 5.99% to 35.99% with repayment terms from 61 days to 72 months. Actual loan terms vary by lender and applicant qualifications.
Lenders in our network may perform credit checks using national databases to assess creditworthiness. This may include a soft or hard credit inquiry. Late or missed payments may negatively impact your credit score. Loan eligibility is determined by individual lenders based on factors such as income, employment status, and credit history.
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