Glossary
Total cost of credit
Everything the loan costs you over its life: all interest, plus all fees, on top of the amount borrowed. The single best number for comparing loans.
By Leverage Finance · Updated 17 July 2026
Weekly repayments are how loans are sold; total cost of credit is what they actually cost. Two loans can have the same weekly payment and wildly different totals, because one runs longer or carries more fees. Lenders must disclose the loan's costs before you sign, so the number is always knowable.
When you compare a refinance offer against your current loan, compare totals: what you'd pay staying put from today to the end, versus what the new loan costs from today to the end, including any break fee and establishment fee. If the new total is lower, the switch pays; if it isn't, keeping your loan is the right answer.
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