Personal loans are among the most expensive credit. Before signing, do three things.
1. Calculate the expected payment
Use the loan calculator with the amount, term and rate. If the bank''s payment is higher, there are hidden costs.
2. Ask for the APR
By law, lenders must disclose APR. It shows the real cost.
3. Compare alternatives
Home equity, 401(k) loan, balance transfer — almost always cheaper than pure personal loans.