How to compare a loan offer
Updated November 7, 2026
To compare a loan offer, line up the APR, the total you repay in dollars, the due dates and any add ons, side by side. Use the APR to compare cost between lenders, then check that the payment fits your worst month. Lenders must give you the cost in writing before you sign, so read it first.
Keep the offers on one page, even if that page is the back of an envelope. Numbers read side by side are hard to talk yourself out of.
What should I look at first when comparing loans?
The Federal Trade Commission says to use the APR to compare the cost of borrowing from different lenders, and that lenders must tell you the cost of the loan in writing before you sign (read November 7, 2026). So the written offer is your starting point. Do not compare from an advert or a phone call.
What goes on a loan comparison?
Copy these lines from each offer. If a line is missing, ask for it.
| Line | What to write | Why it matters |
|---|---|---|
| Amount | What reaches your bank | Fees taken up front can shrink it |
| APR | The percent in the written terms | The fair way to compare cost |
| Total repaid | Every payment added up | What it really costs you in dollars |
| Due dates | Dates and amounts | A cheap loan that hits before payday can still hurt |
| Fees | Origination, late, returned payment | Late costs show up when money is tight |
| Add ons | Anything sold with the loan | Optional extras raise the cost |
| Early payoff | Allowed? Any charge? | Paying early should save you money |
Why can a small fee mean a high APR?
Because APR is a yearly rate, and the fee is charged over a short time. The FTC gives this example: on a typical two week payday loan, a fee of 15 dollars per 100 dollars borrowed works out to an APR of 391 percent. The fee looks small next to the bill you are trying to pay. Over a year of renewals, it would not be.
That is why you read both numbers. APR tells you which offer is the better price. The total tells you what it takes out of your budget.
What do I check about the payment?
Take the payment and put it in your worst month, not your average one. Then ask:
- Does the due date land after payday, or just before it?
- Will the lender pull the payment from my bank automatically? What happens if the money is not there?
- If I can only pay part, what does that cost?
- Does the loan renew by itself? Renewals are often where the cost grows.
Can I get a personal loan online with bad credit?
You can ask. All credit types are considered for a request here, but a lower score can mean fewer offers or a higher cost, and some lenders may say no. Lenders may check credit, so read how an offer is priced before you accept it. With a low score, comparing matters more because prices spread wider.
Is a personal loan online or offline better?
Neither is better by default.
| Online | Branch or credit union | |
|---|---|---|
| Getting started | From your phone, any hour | During opening hours |
| Questions | By chat, email or phone | Face to face |
| Reading terms | At your own pace | Ask for a copy to take home |
| What to check | Who the lender is and where it is licensed | The same |
The FTC also suggests trying a credit union, so it can be worth asking one for a quote to set beside any online offer.
What are the warning signs in a loan offer?
- Anyone asks for money before you get the loan.
- Terms are only given by phone and will not be sent in writing.
- Someone promises approval no matter what.
- You feel rushed to sign before you have read it.
- The lender will not say where it is licensed. See which states allow personal loans online to check.
Frequently asked questions
What is the best number for comparing loans?
Start with the APR, which the FTC calls the clearest way to see how expensive a loan is. Then look at the total you repay in dollars, because a short loan can have a small total and a very high APR.
Do I have to accept an offer?
No. Sending a request through USAAllIn does not oblige you to accept anything. Read the terms and walk away if they do not work for you.
Does a title loan compare the same way?
Use the same lines, then add one: what you could lose. See title loan or personal loan.
If you are comparing and want another offer to look at, one short request is free. USAAllIn is not a lender, and each lender sets its own terms.
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