Interest is a percentage that reflects how much you have to pay on your loan to borrow the money from the organization’s granting that loan. Interest is the usual way to measure the cost of a loan. Borrowing rates can be nominal and effective. Nominal loan interest or nominal interest rate means that the percentage stated is the percentage associated with the cost of the loan without any other costs included in the interest rate. Virtually all interest rates that are stated on loans are stated as nominal interest rates. Effective interest rate is the interest rate that you have to pay on your loan including all costs such as administration fees, monthly fees and setup fees.

Borrowing rates can be nominal and effective. Nominal loan interest or nominal interest rate means that the percentage stated is the percentage associated with the cost of the loan without any other costs included in the interest rate. Virtually all interest rates that are stated on loans are stated as nominal interest rates. Effective interest rate is the interest rate that you have to pay on your loan including all costs such as administration fees, monthly fees and setup fees.

In some cases, nominal and effective interest rates will be the same. Then you are very lucky and have found a bank that does not pay for anything other than the nominal cost of the loan. Unfortunately, these banks are few.

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Your interest rate is calculated from a combination of many different factors. These factors reflect everything from age, income, debt, assets and more. Banks have different ways of calculating how your interest rate should be set, which in turn allows you to get different interest rates from different banks. The only way you can be sure you are getting a good interest rate is to check with many different banks about what kind of interest rate you can get from these banks. Our comparison service makes this job much easier for you. Save time by comparing loans before applying.

The interest rate the bank gives you reflect the bank’s view of you as a risk. Anyone who lends money calculates the probability that you will repay the entire loan, interest and repayments.

A bank may find that the combination of factors they look at gives a fairly high probability that you will not repay everything within the time and rates the loan at, say, 15% interest. Another bank may calculate the risk differently and have a lower likelihood that you will not repay the loan. This way, the other bank can rate your loan at a 12% interest rate.

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Do you want a consumer loan with the lowest interest rate possible? Compare loan information will save you a lot of time when you first apply for a consumer loan.