What is the interest rate on the loan?

Your interest rate is the fee that you are charged for borrowing money. This is usually expressed as a percentage of the total loan amount.

A good indication of the total loan cost is to look at the loan comparison rate which also takes the loan fees and charges into account to provide a comparison against other financiers. Whilst seeking out a low interest rate is important, don’t forget to check those fees to understand the full cost of the loan.

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