Understanding APR Rates, Loan Costs & Terms
BeatPersonalDebt.com is not a lender and does not represent lenders as a loan broker or in any other capacity other than as a loan referral service, offering free rate quotes with no impact to your credit. Outlined below is information that will help you understand how personal loans work and the costs associated with them.
Full Disclosure of Terms
If approved for a loan, each lender is required by the Federal Truth in Lending Act to disclose the loan terms, rates, and all associated costs before you execute the loan documents. Each lender may offer different terms, including loan amount, APR, and repayment schedules. Please review this information thoroughly before agreeing to any terms. You are under no obligation to accept any offer. Until you e-sign the agreement, you may exit the process at any time.
Credit Implications
Our service connects you with lenders for free rate quotes, with no impact on your credit score. If you choose to proceed, you’ll be redirected to the lender to become their client and finalize the loan. Most lenders will perform a hard credit inquiry, and may verify your personal information—including SSN, driver's license, or ID—and check your credit with bureaus like Equifax, TransUnion, Experian, Teletrack, or DP Bureau.
Be aware: hard credit pulls may lower your score, especially if multiple inquiries occur in a short period. Lenders must request your permission before any inquiry. Soft credit checks do not affect your score. Learn more about the difference between hard and soft inquiries.
Personal Loan Costs
Using our rate quote service is completely free. Loan costs vary based on factors like your location, lender, loan amount, term, and credit profile.
APR: The most accurate measure of a loan’s total cost, including origination fees and interest.
Interest Rate: The percentage charged by the lender, not including additional fees.
To estimate your potential loan payments, use our personal loan calculator here.
Repayment
Repayments are typically made monthly or biweekly, depending on lender terms and your preferences. Some lenders allow automatic withdrawals from your bank account. However, repayment cannot be conditional on EFT or auto-debit. Read your lender’s repayment policy carefully to understand your responsibilities.
If approved, lenders in our network offer repayment periods ranging from a minimum of 12 months (1 year) to a maximum of 72 months (6 years). Not all borrowers qualify for the longest term.
Renewal Policy
Before accepting a loan offer, your lender will outline renewal terms (if applicable). Review these policies thoroughly before signing any agreement.
Late, Partial, or Non-Payment Policies
Lenders have varying policies regarding missed or partial payments. Review your lender’s policy carefully before signing. All lenders must comply with laws regarding late fees and may grant a one-time exception. Continued missed payments can result in added fees, collections, and damage to your credit.
Potential Impact to Credit Score
Your credit score reflects your creditworthiness. Late or missed payments may lower your score and make it harder to qualify for loans or credit in the future. Paying your loan on time is essential to maintaining a healthy credit profile.
Collection Practices
BeatPersonalDebt.com is not a lender and does not engage in debt collection. Your lender will provide their collection practices in your loan documents. If you have concerns, contact the lender before signing. We strive to work only with lenders who use fair and responsible methods to collect on delinquent accounts.