Compare personal loan offers side by side to see which costs less
Updated October 2026Built and checked by MaverickHow it's calculatedReport an error
Costs less
Loan 2
8.9% rate, $500 upfront, $0/month in fees
Difference
$100
in total over 5 years
Loan 1 total
$25,452
10.04% a year with fees
Loan 2 total
$25,352
9.99% a year with fees
Repayment plus any monthly fee, on the same amount and term.
A loan with a lower rate can still cost more if its fees are higher.
Principal repaid, interest charged, and upfront plus monthly fees, side by side.
Headline rates can mislead: a loan with a lower rate can cost more once its fees are counted. Put in up to three loans and this works out what each would cost you in total.
As of 7 November 2026, the lowest personal loan rate is 5.80%, from Plenti Personal Loan, while the typical best across 68 institutions is 7.96%.
$20,000 over 5 years: Loan 1 at 8.5% with $400 of fees against Loan 2 at 9.5% with no fees.
Loan 1 costs $25,020 in total ($410 a month) against $25,202 ($420 a month) - $182 less. With its fees it works out at 9.36% a year, still below Loan 2's 9.5%.
$5,000 over 2 years: Loan 1 at 7% with $300 of fees against Loan 2 at 9% with no fees.
Loan 2 costs $5,482 against $5,673 - $191 less. On a small, short loan the $300 fee lifts Loan 1's rate with fees to 13.19%.