Rates & Fees

MyChoiceLoans.com is not a lender and does not represent lenders as a loan broker or in any other capacity other than as a referral service. Final rates, terms and fees will be based on your individual credit history and usage, loan amount and loan term and will be underwritten by the potential loan lender NOT MyChoiceLoans. Any questions concerning presented rates, terms and fees should be directed to the potential loan lender. MyChoiceLoans is unable to answer any such questions, as MyChoiceLoans will not have access to your credit report or loan application, and does not participate in the lending process beyond making an initial referral.

As required by the Federal Truth in Lending Act law, if approved for a loan, each lender must present all terms, rates and costs associated with the loan to you prior to you agreeing to and executing your loan agreement. Please review all term, rate and cost info presented by your lender in detail. If you are unclear about anything, ask questions. Until you e-sign your loan, you can exit the process at any time.

Payment terms associated with personal loans are typically monthly or every two weeks. You will either have the choice to choose of the two options, or the lender may have specific payment terms you must agree to. You will likely be able to set-up regular, scheduled payments via the automatic withdrawal of funds from your bank account. It is very important that you review and completely understand all of the terms and policies associated with your loan and repayment terms as well as what your responsibilities are as a borrower in terms of repaying your loan. Please note that your loan cannot be conditioned upon repayment by automatic withdrawal or by electronic funds transfer. Communicate with your lender or lending partner for more details.

For the most part, the costs of a personal loan will vary from person-to-person and will be dependent on variables related to, but not limited to, the credit history and credit usage of the borrower, what state the borrower resides in, the lender, the borrowing amount and duration as well as the terms of the loan.

APR: Otherwise known as the annual percentage rate. Consists of interest rates and origination fees and is the most precise determination of what the total cost of a personal loan is going to be annually.

Interest rate: This is the percentage interest charged by the lender to the borrower, excluding other fees.

Origination fee: Typically a fee charged by a lender to cover the cost of processing a loan.

is a representative example of total loan costs of a personal loan if one were to apply, get approved and funded for a loan from a lender within the network of lenders we work: $15,000 loan for a 4 year term at 10.25% interest rate with a 2% origination fee. You would receive $14,450 ($15,000 less the $450 origination fee) and would make 48 monthly payments of approximately $382.24 which equates to an APR of 12.242%. The total cost of the loan would be $18,347.67.

Below are some more examples of what you can expect for monthly payments and total repayments based on different loan amounts, loan terms and APR ranges. You can also use our personal loan calculator to compute more specific loan variables for determining what you can expect as monthly and total repayments for a loan.

Loan Amount Loan Term Apr Range Monthly Payment Total Repayment
$5,000 12 Months 5.75% - 35.99% $429.76 - $502.29 $5,157.09 - $6,027.43
$10,000 24 Months 5.75% - 35.99% $442.08 - $590.42 $10,609.93 - $14,170.11
$15,000 36 Months 5.75% - 35.99% $454.36 - $686.97 $16,366.75 - $24,730.97
$20,000 48 Months 5.75% - 35.99% $469.61 - $791.43 $22,541.23 - $37,988.82

Each lender is going to have different policies regarding late payments. It is important that you thoroughly review and understand the late payment policy specified in the loan documents supplied to you by your lender, prior to e-signing your loan and therefore agreeing to your loan terms (your loan becomes active once you e-sign it). However, all lenders must adhere to all appropriate laws, regulations and rules related to their handing of late payment penalties/fees. It is common for lenders to permit a one-time exception for a late payment. However, if you are late more than one time, it is likely that your loan interest and fees will increase and your poor account behavior will be reported to the credit bureaus, thus negatively impacting your credit score.