A PERSONAL loan is a great tool to help you out when you experience cash flow problems. Once again, the devil is in the detail.The interest rate that is advertised is called a “flat” rate or “simple” interest rate. That is why many countries stipulate that banks show the “true” interest rate, called “effective interest rate: (EIR). Find the Disclosure Sheet for the personal loan online and look for the “effective lending rate” or “effective interest rate”. Understand the true interest rate of loans, consider whether a loan is a good idea for your financial needs, compare the lowest rates and apply!

Source: The Star January 15, 2017 08:26 UTC