WHAT YOU NEED TO KNOW ABOUT PERSONAL LOAN INTEREST RATES

On paper, personal loan sounds like a great idea. You apply for the borrowing, get the amount you need, and pay back the loan later. However, it is a form of debt that has implications, and you need to have complete information on what you are getting. One of the most important parameters for you to fully understand is the personal loan interest rates.

What is a Personal Loan Interest Rate?

In easy terms, the interest rate is the extra amount the lender will charge over the owed amount. For instance, if you take $1000 in the personal loan and want to settle it in 5 months, the repayment could be $220 each month. So you will end up paying $1100 in 5 months with $100 the interest charges on loan.

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