Compare loan types and lenders
Use this page to understand the main kinds of installment loans and the criteria that matter when you compare lenders. Rates and approval always depend on the lender and on your own circumstances.
Tora Mari is an independent comparison site, not a lender. Rates, terms, and approval are determined by lenders and may vary.
Loan types at a glance
| Loan type | Often used for | How it works | Watch for |
|---|---|---|---|
| Debt consolidation loan | Paying off several debts, often credit cards, with one fixed loan | A fixed-term loan. Some lenders send the money directly to your creditors. | Fees and a longer term can cost more than the interest you save. Test it with the break-even tool. |
| Personal loan for fair credit | A lump sum when your credit score is in the fair range | Fixed payments over a set term. Rates and fees generally rise as scores fall. | Origination fees, rates above the 36% benchmark, and any lender asking for money up front. Decode every offer first. |
| Home improvement loan | Renovations and repairs, from a few thousand dollars up | Unsecured personal loans use no collateral. Home equity loans and HELOCs are secured by your home. | Cost overruns, and the risk to your home with secured options. Plan a buffer and compare with saving first. |
What to compare between lenders
- APR
- The best single number for comparing offers, because it includes certain required fees.
- Fees
- Origination fee, late fee, returned-payment fee and any prepayment penalty.
- Monthly payment
- Make sure it fits your budget in a tight month, not only a good one.
- Term and total repayment
- A longer term means a smaller payment but usually more total interest.
- Eligibility
- Minimum credit, income and other requirements vary by lender.
- Funding time
- How long it takes to receive the money, if timing matters to you.
- Licensing and reputation
- Confirm the lender is licensed in your state and check public complaints.
Not sure how fees change the real cost? Our guide to comparing APRs has a worked example, and the loan calculator lets you test your own numbers.
Partner offers
Partner offers are not listed yet
We have not published any lender partnerships. Until we do, use our guides and calculator to work out what a loan should cost you, so you can judge any offer you come across.
Borrowing costs money. Late payments may harm your credit score. Only borrow what you can afford to repay.