Compare loan offers on the terms, not just the headline rate
Two loans with the same quoted rate can differ in fees, prepayment costs, covenants and how quickly a default can be called. Put the term sheets or agreements in one workspace and ask about one term at a time. The answer is written in chat and cites the source agreement for each point, so you can read both versions of the clause before choosing a lender.
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Last updated October 2026
How to compare loan agreements in one workspace
- Upload each offer and its fee letter
Add the term sheets or draft agreements from each lender, plus any fee letters. Use file names such as "lender-a-term-sheet" so the citations show at a glance which lender a point comes from.
- List the criteria in Workspace Context
For example: "Compare all-in interest cost, fees, prepayment terms, financial covenants, security and events of default." Search+ applies that list to every comparison question in the workspace.
- Ask term by term
Ask "How does prepayment work under each offer?" and read the cited excerpts before moving on. You can also narrow a question to one lender's document when you need detail.
Comparison questions for loan offers
How is interest calculated under each offer, and which one includes a floor or a step-up?
What upfront, commitment and other fees does each lender charge, according to the documents?
Which offer allows early repayment without a fee, and from when?
Which agreement has the stricter financial covenants, and how often are they tested?
What collateral and guaranties does each lender require?
Do the grace periods for missed payments differ between the agreements?
Where loan agreements usually differ
Margin, reference rate, floors, fees and default interest together set the cost. A single headline rate hides most of that, so compare each component.
Prepayment fees, make-whole clauses and minimum holding periods differ widely and matter if you expect to refinance.
Two lenders may test similar measures but define them differently. Compare the definitions, not only the numbers.
Consent rights over new debt, acquisitions and asset sales vary and shape what the business can do during the loan.
The comparison is written in chat with citations to each agreement it draws on, so you can open the excerpt from each lender's document and read both clauses.
Comparison points for loan agreements
| Comparison point | Why it matters | A question to ask |
|---|---|---|
| Interest components | Sets the real borrowing cost | What margin and floor apply under each offer? |
| Fees | Adds to cost outside the rate | Which fees appear in each lender's documents? |
| Prepayment | Decides the cost of refinancing | What does each lender charge to repay early? |
| Financial covenants | Limits how the business can perform | How is each covenant measured and when is it tested? |
| Security and guaranties | Decides what is at risk | Who and what stands behind each loan? |
| Events of default | Decides how fast things can go wrong | Which offer gives longer cure periods? |
What a loan agreement comparison in Search+ is
It is a chat answer to a comparison question asked across the loan documents in one workspace, citing each agreement it relies on. It explains differences in prose; it is not a redline, a diff file or a financial model.
Questions about comparing loan agreements
Can Search+ compare term sheets from different lenders?
Will it tell me which loan is cheaper?
Can I compare a term sheet with the final agreement?
Can it handle three or four offers at once?
Could the comparison leave something out?
Is a comparison of loan offers legal or financial advice?
Pick a lender with both clauses in view
Start a workspace, upload each offer, and ask how the terms differ.
Start a workspace