HOOK
Thinking a personal loan is simple because the monthly payment looks affordable? [Close-up of a phone showing a loan offer, then a quick zoom on fine print] The real cost can be much higher than the number you see first.
KEY POINT 1
Start with the APR, not just the interest rate. [On-screen graphic: Interest rate vs. APR] APR includes some fees, so it gives you a better picture of what the loan may actually cost over time.
KEY POINT 2
Watch for an origination fee. [B-roll of a document with a highlighted fee line] Some lenders charge a fee just to process the loan, and it may be taken out of the amount you receive. That means you could borrow $10,000 but walk away with less.
KEY POINT 3
Check the prepayment and late-payment terms. [B-roll of a calendar, then a finger tapping “schedule payment”] If you pay early, you want to know whether there’s a penalty. And if you miss a due date, a late fee can add up fast and hurt your credit.
CTA
Before you apply, compare the total cost of each loan — not just the monthly payment. [Split screen of two loan offers being compared] Read the terms, ask about every fee, and choose the loan that fits your budget. For more borrower tips, keep watching.