Do I have to pay an application fee to apply for a loan?

No. If the lender is asking you to pay a loan application fee, it may be a scam.

Are there any hidden fees or charges for personal loans?

There may be NSF fees, early repayment fees, administrative fees and origination fees. It's important to read and understand your loan contract before applying. If there is anything you don't understand, ask your lender for clarification.

Can I pay off my loan in full or make extra payments?

For unsecured loans, you can typically repay your loan early or make extra payments without incurring an early repayment fee. There may be a fee for paying off a secured loan ahead of schedule.

Leanne Escobal, Senior Publisher at Finder

Leanne Escobal

Senior Publisher

Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University.