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Fees & Repayment

Table 1: Example of the total cost of personal loan with different terms

option
Monthly payment
Loan term
Total cost of the loan
1
$185
12
$2,220
2
$75
36
$2700
3
$53
60
$3,180

This example shows that the longer you take to pay off your loan, the more expensive it’ll be.

Comparing loan options

Make sure you understand the total cost of a loan before making a decision. Multiply the payment amount by the number of payments in your term.
 
For example, suppose you want to get a personal loan for $2,000. The interest rate is 19.99% on a monthly payment plan. The example below shows the total cost of a loan with different terms.

Interest rates

The interest rate on a personal loan impacts the overall cost of the loan. By law, lenders may not charge more than 60% interest annually. This includes all fees, costs and interest that you’ll pay to get the loan.
 
Suppose you want to get a personal loan of $2,000 for 36 months. The example below shows the total cost of the loan with different interest rates.

Table 2: Interest on a personal loan

option
Interest rate
Monthly payment
Total cost of the loan
1
8.99%
$64
$2,304
2
19.99%
$75
$2700
3
39.99%
$97
$3,492
4
59.99%
$121
$4,356

This example shows that the longer you take to pay off your loan, the more expensive it’ll be.

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All loans are subject to credit and underwriting approval. InstantFunds is a loan search platform and comparison website, not a lender. InstantFunds only collaborates with financial service providers that adhere to applicable financial laws and regulations. Loan amounts typically range from $500–$50,000, with repayment terms from 3 months to 60 months or longer. APRs vary between 6.99% and 46.96%, depending on our partner’s evaluation of your credit profile.For example, on a $500 loan paid monthly over 9 months, a borrower may pay $81.15 per month, totaling $730.35. This includes our partner’s optional loan protection policy. Missed payments may result in an insufficient funds fee of around $45 (depending on the lender). In the event of a loan default, the payment plan will be canceled and different collection methods will be employed to recover the outstanding balance. Debts may be pursued to the full extent of the law. Our lending partners follow fair collection practices.InstantFunds is not affiliated with Equifax Canada Co., its parent company, subsidiaries, or affiliates (collectively, “Equifax”). The content on this website is not reviewed or approved by Equifax. InstantFunds may be an authorized reseller of the Equifax Risk Score; however, Equifax does not endorse, guarantee, or recommend any of the products, services, or content on this website. 

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