Loan rate
Cards & borrowingThe interest rate applied to a personal or secured loan.
Overview
Rates depend on credit profile, loan size, and term length.
Lower rates reduce the total cost of borrowing.
Why it matters
- It affects monthly repayments.
- It determines total interest paid.
- It influences loan affordability.
FAQs
Can my loan rate change?
Fixed-rate loans stay the same, variable-rate loans can change.
Does my score affect my loan rate?
Yes. Better credit often means lower rates.
Related terms
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