The loan agreement (or note)
This is the contract: how much you're borrowing, the rate, the monthly payment, the number of payments, and what happens if you miss one. It's usually a few pages, signed electronically.
The cost disclosure
Federal law makes the lender show you the cost of the loan in a standard way. Look for four numbers:
- APR — the yearly cost including fees. This is the number to compare between lenders.
- Finance charge — the total interest and fees you'll pay in dollars.
- Amount financed — what you actually receive. If there's an origination fee, this is less than the loan amount.
- Total of payments — everything you'll pay back if you make every payment on schedule.
The small stuff worth reading
Autopay form. Many lenders give a small rate discount for automatic payments. Fine — just know how to turn it off if your bank account changes.
Privacy notice. Says what the lender does with your information.
Prepayment terms. Most good personal loans let you pay off early with no charge. If yours doesn't, that's worth knowing before you sign, not after.
Shopping tip: check your rate with a few lenders first — most use a "soft pull" that doesn't hurt your credit score. Compare personal loan lenders →
Sources to cite before publish: CFPB / Truth in Lending disclosure requirements (Reg Z).