Compare your offers side by side
Use our free worksheet to record the written terms of up to three offers. No account or loan request is required, and your entries are not submitted to GameBank.
Open the free printable loan comparison worksheet →Start with offers that are close enough to compare
A payment on a small, short loan does not explain a payment on a larger, longer one. Before you rank anything, note the amount, what the money is for, and the length of the schedule. If those differ, write the difference down so you do not blame it on the rate.
Keep each company’s disclosure with your notes. If a line is blank, ask that company. A tidy spreadsheet cannot fill a hole the packet left open.
Match cost measures to the same cost measures
APR is a yearly way of expressing borrowing cost. Under the disclosure rules that apply, it can include the interest rate plus certain finance charges. Use it to compare offers of similar size and length. Put APR beside APR. Setting one company’s APR against another company’s interest rate mixes two measures.
The interest rate is the percentage used to compute interest on principal. It does not describe every charge, and it may stay in place or be allowed to move. Read that sentence in the offer. The CFPB explains the general gap between a loan interest rate and APR. The packet in front of you is the one that governs this offer. APR still does not list every charge that could appear later, such as a fee for paying late.
Fees, and the cash that actually arrives
Personal installment loans can include charges. The CFPB’s overview of installment-loan fees gives examples that can show up on an agreement: a charge to open the loan, a paperwork charge, a fee if you pay late, and insurance you can decline when the product includes it. Find which of those are in this agreement, when they can be charged, and which are optional.
The amount you asked for, the amount on the offer, and the money that lands in your account can be three numbers. If an upfront fee is taken out of proceeds, compare both what you must repay and what you receive. A lower headline rate with a deduction can leave you short of the bill, while another offer with a less flattering rate delivers the cash you need. Neither headline settles it. Rates & Fees lists the items to put in that column. A fee is a reason to understand the offer, not an automatic yes or no.
Payment, length, and who you would actually pay
Record the installment, how often it is due, when the first one falls if the disclosure says so, and how many there are. Set that next to rent and the other bills. A payment that already feels tight is information. Ask the company to walk through it before you sign, or walk away.
Length changes the picture. A longer schedule can spread the same job across more payments. A shorter one can make each payment larger. When the other terms are close, more time can also change the total you pay. There is no universal winner. Read the total of payments where it is shown, then ask whether those installments are realistic. Responsible lending is a reminder to test repayment against the month you have, not the month you hope for.
Also read late charges, returned-payment charges, and what a miss does. Then read whether you may pay the loan off early and whether a charge applies if you do. Do not assume a penalty, and do not assume payoff is free. If the sentence is muddy, ask. Finally, name the company extending the credit, where the disclosures come from, and who receives payments. An intro screen is not the contract. Common questions about who decides terms are on the FAQ.
Household example: two packets and a moving bill
Household example. The Delgado family in Richmond needs $4,500 for a local move. That amount is their invoice, not an interest rate and not a sample offer from any company.
Packet 1 shows a deduction before funding, so the deposit would not cover the movers. Packet 2 would fund the full invoice. Its schedule is longer, and the total of payments printed on that disclosure is higher. They do not crown a winner from the banner rate. They write, for each packet, cash in, installment, how often it is due, number of payments, total of payments, the late-fee sentence, and whether an early payoff carries a charge. They also confirm the legal name of the creditor. If Packet 1 cannot pay the movers without a second source of cash, it is not “cheaper” in any sense that helps Tuesday’s bill.
Pressure, mystery companies, and fees paid up front
Slow down if someone promises credit before any real review, tells you to act today after contacting you out of the blue, or asks for sensitive data through a link you did not expect. A business you cannot identify deserves the same pause.
An upfront fee is not automatically a scam. The FTC’s advance-fee loan guidance notes that a real creditor may charge an application or appraisal fee in some situations. The warning is a demand for money in exchange for a promise that a loan will be issued. Read that distinction before you pay anyone you cannot tie to a named creditor and a real disclosure.
Checklist and the misses that pick the wrong offer
- Creditor’s name and a way to contact that company.
- Cash I would receive, next to the bill I need to pay.
- APR beside APR, and the interest rate beside the interest rate.
- Whether the rate stays put or can change.
- Fees, including anything taken from proceeds, and any optional add-on.
- Installment, how often, how many, and the total of payments.
- Late, returned-payment, and early-payoff language.
- Every blank I still need the company to explain.
The misses that cost money are ranking unlike loans as if they were twins, chasing the smallest installment, ignoring a fee that shrinks the deposit, and paying a stranger for a promise of credit. No single line names a best offer for every household. If the packet is unclear or the payment does not fit, pause.
Questions people ask while comparing
Can I set one offer’s APR next to another offer’s interest rate?
You can write both numbers down, but do not treat them as the same kind of figure. Compare APR with APR and the interest rate with the interest rate, then read fees and the total of payments.
What if the deposit is smaller than the expense?
Then the offer does not fund the job unless you cover the gap another way. A flattering rate does not help if a deducted fee leaves the invoice unpaid.
Is the lowest installment the most affordable offer?
Not by itself. A smaller installment can come from a longer term, a different amount, or a different fee. Check the total of payments and whether the installment still fits a tight month.
When is a fee before funding a problem?
A named creditor may charge an application or appraisal fee in some cases. Paying someone for a promise that you will receive a loan, especially someone you cannot identify, is the pattern the FTC warns about.