HOOK
Thinking about a personal loan? The interest rate is only part of the cost. A few small fees can make a “good deal” much more expensive.
[Split screen: low APR vs. total cost comparison; close-up on loan agreement]
KEY POINT 1
First, look for an origination fee. That’s a charge some lenders take right off the top—often a percentage of the loan amount—so you may receive less than you borrow.
[Graphic: loan amount minus fee equals cash received]
KEY POINT 2
Next, check the late fee and payment timing. Even one missed deadline can cost you money and may hurt your credit if the payment is reported late.
[Calendar reminder, phone notification, credit score icon]
KEY POINT 3
Also ask about prepayment penalties. If you want to pay the loan off early, some lenders charge a fee for doing exactly that. You want flexibility, not a surprise penalty.
[Person crossing out “early payoff fee” on paperwork]
KEY POINT 4
Before you apply, compare the total cost—not just the monthly payment. Read the loan agreement, ask the lender to explain every fee, and make sure the loan fits your budget.
[Checklist: APR, fees, monthly payment, total repayment]
CTA
Want a smarter way to compare personal loans? Check the full cost before you sign, and learn how fees can change what you really pay.
[On-screen text: “Compare the total cost”]
