Free printable worksheet · no signup needed
Loan offer comparison sheet
Write down up to three loan quotes in the same currency, using the figures from the written offer or pre-contract information. The sheet shows you which numbers to look for and how to read the effective rate.
Before you start
- Ask every lender for the same amount and the same termOtherwise the monthly payments cannot be compared directly.
- Use written quotes or pre-contract informationAdvertised “from” rates are not your rate.
- Note the date of each quoteQuotes can expire or change.
Your offers
| Item | Offer A | Offer B | Offer C |
|---|---|---|---|
| Lender and date of quote | |||
| Amount requested | |||
| Upfront feeDeducted from the payout or added to the loan? | |||
| Money you actually receiveAmount requested minus any deducted fee | |||
| Term (months) | |||
| Nominal interest rate | |||
| Monthly fees or required insurance | |||
| Monthly paymentIncluding monthly fees | |||
| Total repaidMonthly payment × months + any other charges | |||
| Total cost of borrowingTotal repaid − money you actually receive | |||
| Stated APR / APRCAs printed in the offer | |||
| Early repayment fee | |||
| Rate fixed or variable? |
How to read the effective rate
- The nominal interest rate only covers interest. The effective rate (APR or APRC) also includes most fees and spreads them over the money you receive and the time you have it.
- A fee deducted from the payout raises the effective rate even though the payment stays the same: you pay interest on money you never receive.
- Example (invented numbers): 10,000 over 12 months at 12% costs 661.85 without fees. With a 5% fee deducted you receive 9,500, the cost rises to 1,161.85 and the effective annual rate to about 24.2%.
- Countries state the rate differently: US-style APR is the monthly rate × 12; the EU APRC compounds it. Compare offers using the same kind of rate.
- Lowest total cost and lowest effective rate usually point to the same offer when terms and payouts match. If they differ, check which matters more to you: total cost or monthly payment.
Regional notes
- EU: Lenders must give the Standard European Consumer Credit Information (SECCI) form with the APRC before you sign.
- UK: Pre-contract credit information and an APR are required for regulated consumer credit.
- US: The Truth in Lending Act disclosure shows the APR, finance charge and total of payments.
- Elsewhere: Ask the lender for the total amount payable and an annual rate that includes fees. Rules differ by country.
General education only. Illustration, not advice or an offer. Rules, fees and taxes depend on your country and circumstances. Example numbers are invented.
Read the related guide → Open the calculator →
Optional
Get new worksheets and explainers by email
The worksheet above is complete. If you like, subscribe to the free My Money Notebook newsletter.