The cost of a loan is more than a headline interest rate. APR expresses an annualized borrowing cost that includes interest and certain fees. The written offer also describes the repayment schedule and other charges. Read those details together rather than assuming that every possible charge is represented by one figure.
An origination fee may affect the amount you receive, depending on how a lender structures the offer. Review the lender's explanation of whether a fee is deducted from proceeds or handled another way. Compare the stated loan amount with the actual amount available to you and the amount you would repay.
Ask about charges connected with missed payments, returned payments or early repayment where applicable. Find the specific conditions in the agreement instead of assuming every lender uses the same policy. Save the lender's answers and written disclosures with the offer.
My Fair Lending does not quote a personal rate or set fees. We provide general education and referrals only. Rates, fees and availability vary by state, lender and credit profile; some products are not available in every state. Only a lender can explain the terms of its own offer.