Some lenders charge fees for their personal loans, such as origination fees, application fees, prepayment penalties and late fees. Origination and application fees are charged upfront to process your loan, whereas prepayment penalties and late fees are only charged if you repay the loan early or make a late payment.
You can compare personal loan costs by evaluating the annual percentage rate (APR), which includes the interest rate and any required fees, such as origination and application fees.