Rates and fees:Know the cost before accepting a loan
Our matching service does not charge you a fee. A lender's loan can include interest and other charges. Understand the difference before sharing information or accepting credit.
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At a glance
Before you start
- We are a matching service, not the lender setting your rate.
- APR, fees and repayment terms are set by each lender and vary.
- Request amounts are not approved loan amounts or promises of availability.
- Read the lender’s written costs and repayment schedule before agreeing.
1. What the request service costs
5MinutesLoan does not charge you to submit a matching request. Lenders and lending partners may pay us for requests. That payment can influence who receives your information and in what order. We do not shop every lender or guarantee the lowest rate.
The form lets you request an amount between $500 and $50,000. These are request options, not proof that a loan of that size is available to you. A lender may decline, ask for more information or offer a different amount. Availability depends on the lender, product, state and your circumstances.
A network can pass a request to other lenders or networks. We may not know which lender will ultimately review it when you submit. Read our service disclosures and privacy notice before proceeding.
2. Example loan costs
| Loan amount | Term | Interest rate | Origination fee | APR | Monthly payment | Total repaid |
|---|---|---|---|---|---|---|
| $1,000 | 12 months | 22.99% | 3% ($30) | 28.97% | $94.07 | $1,128.86 |
| $3,000 | 24 months | 19.99% | 4% ($120) | 24.28% | $152.67 | $3,664.12 |
| $10,000 | 48 months | 14.99% | 3% ($300) | 16.67% | $278.26 | $13,356.31 |
Examples only, not an offer. The fee is taken from the loan amount, so APR is higher than the interest rate. Your APR, fees and term are set by the lender and depend on your credit, income and state. They may be higher or lower than these examples, and some lenders, especially for short-term loans, charge APRs above 36%. Always review the lender's terms before you accept.
3. APR and interest rate are different
Interest rate
The interest rate describes the charge for borrowing the principal over time. It does not, by itself, show all of the cost of a loan that has upfront charges.
Annual percentage rate
APR expresses the yearly cost of credit using interest and charges included in the applicable APR calculation. A loan with an origination fee can have an APR higher than its stated interest rate. Compare APR with APR, alongside the repayment term and total payments.
4. Ask which fees apply
- Origination or other upfront fees: ask whether a fee is deducted from the proceeds, paid separately or added to the balance. The cash reaching your account may be less than the stated loan amount.
- Late or returned-payment charges: ask when they can be charged and whether your bank may impose a separate charge. These can increase the cost if a payment fails.
- Early repayment: check whether a prepayment charge applies and how interest is calculated if you pay early.
- Renewals and extensions: ask whether extending or refinancing adds fees, interest or a new agreement. A smaller immediate payment does not necessarily reduce the total cost.
We cannot confirm a particular lender's fee schedule on this page. Do not assume a loan is fee-free because the matching request is free.
5. Compare the full repayment obligation
For a closed-end consumer loan, review the lender's applicable Truth in Lending disclosures and agreement. Look for the amount financed, finance charge, APR, payment schedule and total of payments. Also confirm the cash you will receive, due dates, fees for missed payments and any variable-rate terms.
A longer repayment period can reduce a monthly payment while increasing total interest. Consider whether you can cover every payment alongside housing, utilities, food and other debts. If the payment only works by taking another loan, consider other options.
Use our loan calculator to explore assumptions you enter. Its estimates are educational, not a rate quote, underwriting decision or representative offer from our network. The lender's actual payment schedule controls any agreement you accept.
6. State-law figures are not offered rates
Our state-law comparison describes research about particular products, amounts, terms and dates. A statutory cap or research scenario is not an APR offered through this website and does not establish that a lender is available in your state.
Loan types can follow different rules. A personal installment loan, revolving credit and a single-payment payday loan are not interchangeable. Do not assume that a product is low-cost or permitted simply because it is called a personal loan.
7. You can decline an offer
Submitting a request does not guarantee a connection, approval or funding and does not require you to accept a loan. A partner accepting your information is not the same as a lender offering credit. Review any actual offer directly with the lender before signing or authorizing payments.
If no affordable option is available, consider a creditor payment plan, assistance program or a lower-cost borrowing option instead of accepting a loan you cannot repay. Our borrowing guides explain costs, credit checks and alternatives.
8. Sources for the cost explanations
The educational definitions above are informed by the following official sources. They do not supply prices for our lender network.
Questions about this page?
Email support@5minutesloan.com with your question. Do not send Social Security or bank account numbers by email.