Read the Key Facts Statement before comparing a digital loan
An advertisement gives a headline; the loan's written cost and repayment information give you something to compare. Ask for the Key Facts Statement and review it before accepting a digital-loan proposal.
Turn the statement into a comparison sheet
Locate the amount, term, rate type, repayment obligation, APR and disclosed charges relevant to the product. Ask the lender to explain any difference between the advertised rate and the stated overall cost. Check that the document identifies the actual lender and proposed loan. Save the version you reviewed so later changes can be identified. Do not assume every fee is included in a short message from an intermediary.
A worked situation
Two offers may display the same interest rate while differing in net disbursal, fees or repayment dates. Put those differences beside the rate before deciding which costs less for the same borrowing need. A written explanation is more useful than comparing banners.
Your next-step checklist
- Request the product-specific written statement
- Match amount and term across offers
- Ask about costs or conditions you cannot reconcile
Is APR identical to the advertised interest rate?
They describe different cost concepts. Read the lender's disclosed figures and calculation assumptions, and ask what charges are included rather than assuming the two percentages are interchangeable.
Official references and further reading
These links help you check current information. A provider-specific page describes that provider’s process; it is not a universal eligibility rule or a claim of partnership.
General educational information, not a personalised credit recommendation. Examples use assumed inputs. Rates, charges, eligibility and documents vary; confirm your own lender’s current written terms.