The cost of borrowing money depends on two things:
- The interest rate that you will pay
2. How long you borrow the money for.
- The interest rate that you will pay will depend on how much money you want to borrow and your personal credit rating. The better your rating, the less interest you will be charged.
- The faster you pay the money back, the less interest you will pay overtime – but the higher your monthly repayments will be.
When you use NairaCompare, we will give you these details:
- Provider: which bank or other institution is lending you the money.
- Product: the kind of loan.
- Representative: AIR (Annual Interest Rate): this is the cost of borrowing the money. charges and fees you would pay.
- Total amount repayable: what you will pay back over time.
- Monthly repayment: your monthly repayment amounts.
Comments
4 comments
Thank you very much
I need a loan
Tiamiyu ilias alade
Tiamiyu ilias
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