Do personal installment loans have fees?

Personal installment loans must be paid back in periodic fixed amounts. There may be additional fees that will factor into the overall cost of the loan, along with the interest you’ll pay to the lender for borrowing money.

Here are some common fees:

• Origination fee
• Documentation fee (a fee to process the paperwork)
• Credit insurance, which is generally optional
• Disability insurance, which is generally optional
• Non-filing insurance, if your loan is secured by collateral
• Late fees

Before agreeing to the loan, check the required loan disclosures and loan documents provided by the lender to understand any fees for which you may be liable. It’s important to shop around and compare offers between multiple lenders in order to get the best loan terms.