Be sure to review all aspects of the process when comparing loan offers, including what you can expect from the payment process. Some things to consider include: Term length: Determine the loan terms as a first step. That’s how long you have to repay the loan. Shorter terms require you to pay less in interest over the life of the loan, but they come with larger payments. Fixed payments: Many personal loans require a fixed payment throughout the lifetime of the loan, which means you’ll pay the same amount each month. Others have variable interest rates and payments. Know what to expect based on the loan terms. Due dates: Often, the loan documentation includes which day of the month the loan payment is due. Don’t miss that payment deadline, and try to pay at least a few days in advance. Prepayment penalties: Some loans do not let you repay faster than outlined in the loan contract without paying a fee. Many other loans allow you to pay off your loan early without penalty. Also, consider the amortization schedule. This shows how your loan payments apply toward principal and interest over time. Often, at the start of the loan period, most of each payment goes toward interest. The principal, which is the original amount you borrow, is paid down in a smaller amount at first. Over time, more of your monthly payment goes toward principal and less toward interest. You can ask for the amortization schedule for your loan so you can see how much of your payment applies to principal and interest ahead of time. Paying more than normal and applying that extra payment to the principal may help save you money over time.