The total cost of taking a loan is more than just comparing the interest rates charged.
Take, for example, 2 loans both with a quantum of $10,000 and 1 year in tenure, with the 1st loan at 11% p.a per year without any fees, while the 2nd has a lower interest of 10% p.a, but has a one-time processing fee of $1,000 and an annual fee of 1%. The total fees of $1,000 and $100, make it slightly more expensive than the 1st, with an Effective interest rate (EIR) of 21% as you will pay a total of $2,100 in interest and fees.
No one likes to be compared and that is why some banks and lenders make it hard for you to compare by separating the fees and interest rates, or so that they can advertise a low-interest rate. Note that the EIR shown on your dashboard is entered by the Financing Partners and there are a few ways to calculate EIR - for example, frequency of instalments, and projected inflation rate are taken into consideration.
To compare between 2 different loans, you can also use our Effective Interest Rate calculator found below