When considering an emergency loan, be mindful of the following:
• Extra costs, such as prepayment penalties and origination fees
• Compare what your monthly payment would be with each lender
• Compare the funding amounts you’re able to borrow
• Calculate how much you’ll owe in interest over the life of the loan
• Consider whether a secured loan is worth the risk of losing your property
• Consider whether an unsecured loan might have a higher interest rate
• Determine how much time you have to pay back the loan
• Check if having a higher credit score makes you eligible for better terms