Interest rates and fees can vary between loans quite a bit, which can make comparing them difficult. Some lenders advertise low interest rates, but have high monthly fees and application fees, whilst others might have higher interest rates, but minimal fees.
We show you comparison rates to help you compare the true cost of different loans, so you can focus on the service and features offered by your lender. Comparison rates include things like the interest rate, as well as any fees a borrower can be expected to incur such as application fees or monthly services fees (remember, we have no monthly or annual fees!).
All lenders need to show a comparison rate for a specific loan example to make it easier to understand the true cost of a loan for a specific loan term.