Personal loans
Which loan offer costs less?
Compare up to three offers without turning a low payment into a universal winner.
Short answer
First remove any offer that does not supply enough cash.
- Then compare total borrowing cost, monthly payment, and term as separate facts.
- Offers with unequal proceeds are not direct matches.
Compare three loan offers
Offer C is optional. Enter zero for a fee that does not apply.
What the example shows
| Offer | Cash received | Payment | Term | Modeled cost |
|---|---|---|---|---|
| A: 10%, no fee | $10,000 | About $323 | 36 months | Lowest |
| B: 12%, 3% deducted | $9,700 | About $263 | 48 months | Higher |
| C: 9%, 5% deducted | $9,500 | About $208 | 60 months | Highest |
Tradeoff
Offer A has the lowest modeled cost and shortest term. Offer C has the lowest payment because repayment lasts longer.
Use separate rules for separate needs
Keep an offer if
- Net cash covers the real need.
- The payment fits the budget.
- The total cost earns its place.
Remove an offer if
- Fees leave a cash shortfall.
- The payment crowds out essentials.
- The term keeps debt too long.
Main downside
Cost per $1,000 helps when proceeds differ, but it does not make unequal offers identical.
Method and sources
Each offer uses the same fixed-payment method as the personal-loan calculator. The tool compares only offers that supply enough entered cash. It labels lowest total cost, lowest payment, and shortest term separately. It does not rank lenders or calculate APR. Offer-comparison method and calculator platform: 2026-08-28.4.
- CFPB guidance on personal installment loans — checked August 28, 2026.
- CFPB guidance on installment-loan fees — checked August 28, 2026.
- Regulation Z Appendix J — checked August 28, 2026.