How much does a Personal Loan cost?
The total cost of a Personal Loan consists of the following parameters:
- the principal amount, or the amount of the loan you borrow
- the APR (Annual Percentage Rate), or MPR (Monthly Percentage Rate), or simply interest rate - the sum you are charged by the lender for using the money
- additional fees: origination fee (up to 5%), NSF (non-sufficient funds) fee, late payment fee, etc.
- terms - the longer the term is, the lower installments you are going to have, but the higher total cost of the loan will be.
The APR for unsecured bad credit Personal Loans usually ranges from 4.99% to 36%. It varies from lender to lender, and can depend on your credit score, the amount you borrow, etc.
Must know!
Lower rates can be offered to borrowers with better FICO score. And traditional banks can suggest lower APR.
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