- Understand the purpose: home, car, personal expenses? Different loans fit different needs.
- Check the interest rate type — fixed or variable. Fixed gives stability, variable may be cheaper but risky.
- Look for hidden fees: processing charges, early repayment penalties, late fees.
- Compare lenders, not just banks — credit unions and online lenders often have better rates.
👉 The right loan is not just the biggest amount — it’s the best fit for your goals.