The cost of a personal loan depends on the amount borrowed, repayment term, interest rate and any fees, and is shown most clearly by the representative APR and total amount repayable. A longer term can reduce monthly payments but usually means paying more interest overall. The rate advertised is not necessarily the rate you will receive, as lenders assess your circumstances and credit history. Compare the total cost rather than just the monthly payment, and check whether early repayment or arrangement fees apply before accepting an offer.