Rates and fees
Two questions decide whether an offer works: can you make the payment, and what will the loan cost you altogether?
What is APR?
APR is the yearly cost of the loan, including interest and certain fees, expressed as one percentage. It is the best single number for comparing offers of the same length.
Your APR depends on your credit, income, debts, the amount, the term and your state’s limits. Lenders disclose it before you sign.
Does Light Verify Loans charge anything?
No. Using the site and sending a request is free, and declining an offer costs nothing. We may be paid by our network partner when a request is passed on, which does not change the price you are offered.
Which fees can appear on an offer?
- Origination fee
- A one-time charge, often taken from the loan before it is paid out. On a $5,000 loan, a 5% fee means $4,750 reaches your account.
- Late fee
- Charged when a payment arrives after the grace period. The amount and grace period are in the agreement.
- Returned-payment fee
- Charged if a scheduled payment bounces. Your bank may charge its own fee as well.
- Prepayment penalty
- Uncommon on installment loans, but check. Without one, paying early saves interest.
How does the term change the total?
| Term | Monthly payment | Total interest | Total of payments |
|---|---|---|---|
| 12 months | $475 | $703 | $5,703 |
| 24 months | $267 | $1,404 | $6,404 |
| 36 months | $199 | $2,156 | $7,156 |
| 48 months | $166 | $2,956 | $7,956 |
Examples only, not offers. The CFPB explains fees on personal installment loans in more detail. Use the offer check to run your own numbers.