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http://wwwfreedomcashlenderscomlogin.blogspot.com/Interest rate: Personal loans charge borrowers a fixed APR, or annual percentage rate, on top of the principal loan amount. This APR can vary depending on creditworthiness, income and other factors. The personal loan interest rate determines how much interest borrowers pay over the life of the loan.
Monthly payment: Personal loans come with a fixed monthly payment that you’ll make over the life of the loan, calculated by adding up the principal and the interest. You can typically secure a lower monthly payment if you agree to pay off your loan over a longer stretch of time, although you will end up paying more in interest accrual than if you had a shorter repayment period.
Repayment terms: Repayment timelines vary for personal loans, but consumers are often able to choose repayment terms between one and seven years. However, some lenders may offer terms of up to 12 years on larger personal loans.
Origination fee: Some personal loans charge an initial origination fee on top of the original amount of your loan. While origination fees vary, it’s common to see origination fees as high as 10 percent of your loan amount.
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