The lowest monthly payment isn't always the cheapest loan. A longer term means lower payments but more total interest paid. Use this calculator to compare the true total cost of different loan offers before you decide.
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Loan B
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Loan C
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Comparison Results
| Metric | Loan A | Loan B | Loan C |
|---|---|---|---|
| Monthly Payment | — | — | — |
| Origination Fee | — | — | — |
| Total Interest | — | — | — |
| Total Cost | — | — | — |
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Frequently Asked Questions
Should I choose the lowest monthly payment or lowest total cost?
Always optimize for lowest total cost unless cash flow is a genuine constraint. A longer term reduces monthly payments but significantly increases total interest paid. For example, a $10,000 loan at 12% APR costs $1,957 in interest over 36 months but $3,346 over 60 months — a $1,389 difference for the same loan. Choose the shortest term your budget can comfortably handle.
How do origination fees affect which loan is better?
Origination fees are paid upfront (or deducted from your loan proceeds) and add directly to your total cost. A loan with a 5% origination fee on $10,000 costs $500 upfront. Even if this loan has a lower interest rate than a no-fee loan, the fee may make it more expensive overall — especially for shorter loan terms. Always compare total cost (interest + fees), not just interest rate.
How many lenders should I compare before choosing?
Compare at least 3 lenders. Most online lenders offer pre-qualification with a soft credit pull that doesn't affect your score, so there's no cost to checking multiple rates. Upstart, SoFi, LightStream, and Marcus all offer soft-pull pre-qualification. The difference between the best and worst offer for the same borrower can be $2,000–$5,000 in total interest on a $10,000 loan.
Does applying to multiple lenders hurt my credit?
Pre-qualification (soft pull) does not affect your score. Only the final application (hard pull) affects your score. If you submit multiple hard-pull applications for personal loans within a 14–45 day window, FICO treats them as a single inquiry for rate-shopping purposes. So you can safely apply to 3–5 lenders within a 2-week period without additional score impact beyond the first inquiry.
What is the best personal loan for most borrowers?
For borrowers with good credit (670+), LightStream and SoFi offer the lowest rates with no origination fees. For borrowers with fair or poor credit (below 670), Upstart's AI underwriting often approves borrowers that traditional lenders decline, and its rates for fair-credit borrowers are often competitive with alternatives. For borrowers with no credit history, Upstart is often the best option as it considers education and employment in addition to credit score.
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).