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Lowest monthly
$365
Loan amount
$20,000
Min interest (24mo)
$1,600
If you have multiple debts: Avalanche vs. Snowball
Two proven strategies — pick the one you'll actually stick to
Avalanche
Mathematically optimal
Pay minimums on all debts, throw every extra dollar at the highest-interest debt first. Saves the most money in interest.
Best for: Disciplined, numbers-driven people
Snowball
Psychologically powerful
Pay minimums on all debts, attack the smallest balance first regardless of rate. Fast wins keep you motivated to continue.
Best for: People who need early momentum
Only borrow for appreciating assets or cost reduction. A loan to consolidate 22% credit card debt into a 10% personal loan is smart. A loan to fund a vacation is not. Debt is a tool — use it purposefully.
Key loan concepts
Understand these before you apply
APR != interest rate
APR includes origination fees rolled into the cost. A loan with a 9% interest rate and a 2% origination fee has a ~10.8% APR. Always compare APRs, not interest rates.
Pre-qualification doesn't hurt your score
Soft credit pulls for pre-qualification don't affect your score. Only hard pulls (formal applications) do — and multiple hard pulls within 14 days for the same loan type count as one.
Shorter terms cost less overall
A $20,000 loan at 10% APR: 36-month term costs $3,231 in interest. 60-month term costs $5,496 in interest — 70% more. Pay the most you can afford per month.
Secured vs. unsecured matters
Secured loans (backed by collateral like a car) have lower rates but you risk losing the asset. Unsecured personal loans are costlier but no collateral is at risk if you can't pay.
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