Carolina title loans aiken sc

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Borrowed money is repaid either in a lump sum by a pre-determined date or in periodic installments. For loans, the interest rate is applied to the principal, which is the amount article source carolina title loans aiken sc loan. The interest rate is the cost of caroilna for the borrower and the rate of return for the lender. The money to be repaid is usually more than the borrowed amount since lenders require compensation for the loss of http://posttheday3.com/alaska/check-your-credit-free.php of the money during the loan period.

The lender could have invested the funds during that period instead of providing a loan, which would have generated income from the asset. The difference between titlw total repayment sum and the original loan is the interest charged.

When the borrower is considered to be low risk by the lender, the borrower will usually be charged a lower carolina title loans aiken sc rate. If the borrower is considered high risk, the interest rate carolina title loans aiken sc they are charged will be higher, which results in a higher cost loan. Risk is typically assessed when a lender looks at a potential borrower's credit score, which is why it's important to have an excellent one visit web page you want to qualify for the best loans.

The example above was calculated based on the annual simple interest formula, which is:. If the loan was a year mortgage, the interest payment will be:.

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