Fees And repayment

Comparing loan options

Make sure you understand the total cost of a loan before making a decision. Multiply the payment amount by the number of payments in your term.

For example, suppose you want to get a personal loan for $2,000. The interest rate is 19.99% on a monthly payment plan. The example below shows the total cost of a loan with different terms.

Table 1: Example of the total cost of personal loan with different terms

Option Monthly payment Loan term Total cost of the loan
1
$185
12
$2,220
2
$75
36
$2,700
3
$53
60
$3,180

This example shows that the longer you take to pay off your loan, the more expensive it’ll be.

Table 2: Interest on a personal loan

Option Interest rate Monthly payment Total cost of the loan
1
8.99%
$64
$2,304
2
19.99%
$75
$2,700
3
39.99%
$97
$3,492
4
59.99%
$121
$4,356

This example shows that a higher interest rate may significantly increase the total cost of your personal loan.

Interest rates

The interest rate on a personal loan impacts the overall cost of the loan. By law, lenders may not charge more than 60% interest annually. This includes all fees, costs and interest that you’ll pay to get the loan.

Suppose you want to get a personal loan of $2,000 for 36 months. The example below shows the total cost of the loan with different interest rates.

The interest rate a lender offers you may vary depending on:

Your credit history

The type of lender

The type of loan (secured or unsecured)

Loan insurance

1530, vanture BLVD suite 850,sharman oaks,CA,91403,Untied state

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All loans are subject to credit and underwriting approval. Instant Fund Company is a loan search platform and comparison website, not a lender. Instant Fund Company works exclusively with financial service providers who comply with Canadian laws and regulations. Loan amounts range from $500 to $50,000, with terms between 3 months to 60 months or longer. APRs range from 6.99% to 46.96% and will depend on the credit profile assessed by our partners. For example, on a $500 loan paid monthly over 9 months, the borrower will pay $81.15 per month for a total of $730.35 over the course of the loan. This total includes an optional loan protection policy offered by our partners.

In the event of a missed payment, an insufficient funds fee of approximately $45 may be charged (this varies depending on the lender). Should a loan default occur, your payment plan will be terminated, and additional collection methods will be used to recover the remaining balance. Outstanding debts will be pursued to the fullest extent of the law, with fair collection practices employed.

Instant Fund Company is not affiliated with Equifax Canada Co., its parent company, subsidiaries, or affiliates (collectively, “Equifax”). The content on this website is not reviewed or approved by Equifax. Instant Fund Company is an authorized reseller of the Equifax Risk Score; however, Equifax does not endorse, guarantee, or recommend any of the products, services, or content provided on this site. For information about Equifax, the Equifax Risk Score, or Equifax credit reports, please visit the official Equifax USA Co. website at https://www.consumer.equifax.ca/personal/.

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