Five questions to ask any lender

Every lender sets its own terms, so the same question can have a different answer depending on who you're talking to. Ask these five before you sign.

1. What is the APR, and what's the total I'll repay?

The APR lets you compare offers; the total repayment tells you what the loan really costs over its life.

2. Are there origination or prepayment fees?

Some lenders deduct an origination fee from the amount you receive. Others charge if you pay the loan off early. Know both before you accept.

3. When will the money arrive?

Many lenders can fund as soon as the next business day after approval, but timing depends on the lender and your bank. If you need funds by a certain date, say so.

4. What happens if I miss a payment?

Ask about late fees, grace periods and whether the lender reports late payments to the credit bureaus.

5. Is there a discount for autopay?

Some lenders lower the rate slightly when you set up automatic payments. It's worth asking.