The stated interest rate on a loan doesn't tell the whole story. APR (Annual Percentage Rate) includes the interest rate plus all fees, giving you the true cost of borrowing. Use this calculator to find the real APR of any loan offer.
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True APR & Cost Breakdown
True APR (with fees)
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Why APR Matters More Than Interest RateTwo loans with the same interest rate can have very different APRs. A $10,000 loan at 12% with a 5% origination fee has a true APR of about 17.3% — significantly higher than the stated rate. Always compare APRs, not just interest rates, when shopping for loans.
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APR Comparison: Major Personal Loan Lenders
| Lender | APR Range | Origination Fee | True Cost on $10K / 36mo |
|---|---|---|---|
| Upstart | 6.20–35.99% | 0–12% | $11,100–$17,800 |
| LightStream | 6.49–24.89% | None | $11,050–$14,700 |
| SoFi | 8.99–29.99% | None | $11,440–$16,200 |
| Marcus | 6.99–29.99% | None | $11,120–$16,200 |
| Best Egg | 8.99–35.99% | 0.99–8.99% | $11,540–$18,100 |
| LendingClub | 8.98–35.99% | 3–8% | $11,830–$18,100 |
Frequently Asked Questions
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal loan amount, expressed as a percentage. APR (Annual Percentage Rate) includes the interest rate plus all fees — origination fees, application fees, and other charges — expressed as a yearly rate. APR is always equal to or higher than the interest rate. By law, lenders must disclose the APR so you can compare the true cost of different loan offers.
How is APR calculated?
APR is calculated by finding the interest rate that, when applied to the net loan amount (after fees are deducted), produces the same monthly payment as the original loan. For example, if you borrow $10,000 with a 5% origination fee, you receive $9,500 but repay $10,000 plus interest. The APR reflects the cost of that $500 fee spread over the loan term.
Which lenders have no origination fees?
LightStream, SoFi, Marcus by Goldman Sachs, and Discover Personal Loans charge no origination fees. This means their stated interest rate equals their APR. Upstart, Best Egg, LendingClub, and Prosper charge origination fees ranging from 1% to 12%, so their true APR is higher than their advertised rate.
Is a lower APR always better?
Generally yes, but not always. A loan with a slightly higher APR but no prepayment penalty may cost less if you plan to pay it off early. Also, some lenders with higher APRs approve borrowers that lower-APR lenders would reject. If you have a credit score below 640, Upstart's AI underwriting may offer you a better rate than traditional lenders despite having an origination fee.
What is a good APR for a personal loan?
A good APR for a personal loan depends on your credit score. With excellent credit (750+), you should aim for an APR below 10%. With good credit (700–749), 10–15% is reasonable. With fair credit (640–699), 15–25% is typical. With poor credit (below 640), 25–36% may be the best available. Always compare at least 3 lenders before accepting an offer.
Sources & Methodology
WiseIQ's editorial team researches and fact-checks all content using primary sources. Calculator formulas use standard financial mathematics (amortization, compound interest). Data sources include: Consumer Financial Protection Bureau (CFPB) · Federal Reserve G.19 · myFICO · Lender websites (rates verified April 2026).
WiseIQ's editorial team researches and fact-checks all content using primary sources. Calculator formulas use standard financial mathematics (amortization, compound interest). Data sources include: Consumer Financial Protection Bureau (CFPB) · Federal Reserve G.19 · myFICO · Lender websites (rates verified April 2026).