FINANCE
'Fast approval' can add 12 points to APR
The hidden cost of convenience in online loans.
The price of skipping paperwork
Lenders use risk algorithms instead of deep diligence. This speed often adds 8 to 12 percentage points to your rate.
The algorithm's main risk signal
Multiple loan applications in a short time frame signal urgency. Lenders price this behavior as high-risk, regardless of credit score.
See the lender comparison
Our full report compares APRs, hidden fees, and eligibility criteria across seven major online lenders.
READ THE FULL ARTICLE