Unveiling the Mystery: Unlocking the Truth About Personal Loan Interest Rates
A personal loan interest rate is a percentage charged on the amount borrowed. It determines the cost of borrowing and the total amount repaid. Interest rates vary depending on factors such as the lender, loan amount, credit score, and loan term.
Personal loan interest rates are important because they impact the affordability of the loan. A higher interest rate means higher monthly payments and a higher total cost of borrowing. Conversely, a lower interest rate results in lower monthly payments and a lower total cost of borrowing.