The Annualized Percentage Rate (APR) is a great tool to use when comparing different loan providers.
The APR is the interest rate that the lender or bank is going to charge you. This interest rate is worked out per year – but payable at the end of each month.
Generally speaking, the shorter your loan period, the higher the APR or interest rate you will be charged. In South Africa a cap has been set for the maximum interest rate a lender is allowed to charge the borrower. This ensures that lenders do not exploit borrowers when lending money.
Fincheck allows transparency with this information and shows you what each lender will charge – allowing you to make that informed financial decision when applying for an online loan.
Fincheck is a financial comparisons website that organises information to assist the borrower in making their best financial decision.
Fincheck gathers information from numerous banking partners and presents it to the borrower in a simple, understandable way. Lenders benefit from an additional market place and extensive customer reach. Loan amounts vary from lender to lender. Fees, interest rates, loan amounts and credit scores influence the repayment terms. Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Fincheck does not endorse any particular product or company. We are an independent company. The information shown and provided is an opinion, based on numbers and must not be seen as advice or consultation.
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