How to read the fine print on a personal loan

Processing fees, early settlement charges and the interest rate that matters. We spent several weeks talking to the people at the centre of this story, and checked every figure with at least two sources.

Most of the people we met had worked out their own rules long before anyone explained the official ones. Their choices were practical, sometimes cautious, and almost always shaped by family.

What the numbers say

The figures are smaller than the headlines suggest, but they add up. Small, regular amounts made more difference than any single big decision.

Fees and conditions matter more than the advertised rate. Ask for the full schedule of charges before you sign anything, and keep a copy.

“Nobody told us. We learned it by getting it wrong once.”

What to do next

Start small, write everything down, and compare at least three options before you commit. Our reviews and calculators can help you do the maths.