LoRA cuts fine-tuning cost for large language models by training only small low-rank adaptation matrices instead of every parameter in the base model. QLoRA adds 4-bit quantization on top, cutting required GPU memory by 65-75%, with quality loss of just 1-3% versus full fine-tuning.
Fine-tuning your own LLM pays off in three cases: you need a very specific style or voice, a rigid structured output format, or you want lower cost and latency from a small specialised model. LoRA and QLoRA have cut the GPU cost, but preparing data and running the model in production are still expensive. For everything else, RAG and prompt engineering are usually enough.
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