With a variable rate loan, the interest rate you pay will change periodically based on overall market conditions. How often this resets varies depending on the lender, so be sure to note how often your rate will change. Your lender may also offer a low introductory rate for a short time.
Generally, personal loans don’t require applying with a cosigner. If you apply on your own and are denied funding, however, your prospective lender might direct you to apply with a cosigner or co-borrower. Applying with a cosigner could help you clear a given lender’s underwriting criteria.
Prepaying a loan means making payments outside of your scheduled repayment term. On some loans, paying off your debt early could help you save on interest. But some lenders prohibit prepayment and charge a fee for making early, unscheduled payments.