WTF is a comparison rate?
Interest rates and comparison rates are kind of the same, but also VERY different. Kind of like saying each Kardashian is the same. Interest rates – the amount a lender charges for the use of the borrowed money. It’s generally…
Interest rates and comparison rates are kind of the same, but also VERY different.
Kind of like saying each Kardashian is the same.
Interest rates – the amount a lender charges for the use of the borrowed money. It’s generally expressed as a percentage.
Comparison rate – the interest rate percentage plus all other associated fees, such as establishment fee and monthly fee.
What’s the key learning?
Always look for the comparison rate – this is the true cost of the loan.
Pay load related day posts:
