What to Consider Besides the Finance Charge When Shopping for a Consumer Loan At first glance.
It may seem like all you need to consider when shopping for a consumer loan is the finance charge.
But there are many other factors that can affect your monthly payments and overall interest rates.
In this blog post, we’ll discuss what else you should be considering when looking for loans! – Interest rates.
Loans with a higher interest rate will cost you more in the long run, so take that into consideration before signing on the dotted line.
How often do payments need to be made?
How many months or years does this loan cover?
What are the terms of repayment for your loan?
Some loans may require auto-payments and/or pre-authorized withdrawal from an account as ways to repay it while others offer different payment plans like monthly, quarterly, semi-annual etc.
Which can help control costs over time by spreading them out evenly over a specific period of time. The longer it takes you to pay off this type of debt, the more money is going towards just paying for accrued interest.