Are you interested in securing a personal loan? Are you ready to move forward, but concerned about choosing the right product from the right lender?

With hundreds upon hundreds of personal loan lenders to consider, it’s not always easy to narrow your options and make a final decision.

Fortunately, when you know what you’re looking at it’s much easier to proceed with confidence.

Here are five details that deserve your attention when searching for a personal loan:

1. Origination Fee

You shouldn’t have to pay money just to secure a personal loan. Search for lenders that don’t charge an origination fee, as this will save you money from the start.

An origination fee is a one-time charge calculated as a percentage of the money you’re borrowing. Since some lenders don’t have an origination fee, there’s no good reason to pay one.

2. Interest Rate

As an unsecured loan, meaning there is no collateral, a personal loan has a higher interest rate than a secured loan.

Rates typically range from 7 to 25 percent, based on your credit score. With an excellent score, you’re in position to secure a rate at the low end of the scale. However, if you have fair credit, your rate will be higher.

Tip: find a personal loan with a fixed interest rate, as this locks in your payment over the course of the term.

3. Term

A longer term means a smaller monthly payment. It also means you’ll pay out more in interest over the course of the loan.

Personal loan terms generally span from 12 to 84 months, giving you a variety of options.

Not all lenders give you the option to choose from several terms, so have an idea of what you’re looking for before you begin your search.

4. Timing

You don’t want to spend several days completing an application, a few more waiting for a decision, and a week after that to receive funding.

The best lenders have an online system for submitting an application. They also strive to provide an approval within 24 to 48 hours. From there, if you accept the terms and conditions, they can fund your account within one business day.

Ask each lender about the timing of the process before you complete an application.

5. Reputation

There’s never a good time to take a risk when borrowing money. You only want to consider personal loan lenders with a stellar reputation.

If you’re comfortable with your local bank, ask them for more information on personal loan products. Also, do your research online to make a list of three to five lenders with a great reputation among borrowers.

Final Thoughts

While there are other details to consider, focusing on these five things will point you toward the best lender for your personal loan needs. Once you find a lender that suits your requirements, work closely with them to complete an application and finish off the process in a timely and efficient manner.