Instant Personal Loan Bad Credit Approval Made Easy
Costs and Considerations
While instant personal loans can be a lifeline, they often come with higher interest rates compared to traditional loans. This is because lenders take on more risk by lending to individuals with bad credit. It’s essential to carefully review the terms and conditions, including the interest rate and any additional fees, before committing.
For example, the average interest rate for a personal loan can range from 10% to 36%1. Some lenders may also charge origination fees, which can typically range from 1% to 8% of the loan amount2. These costs can add up, so it’s important to calculate the total repayment amount before proceeding.