Farm Loan Bank
The most common types of loans that consumers have are personal loans, car loans and home loans. Whatever the type of loan there are set-up, ongoing and discharge fees that lenders charge. It is important to know what they are before signing any contracts.
Personal Loans and Car Loans
These are normally short-term loans ranging from three to seven years. The costs involved in these loans, in addition to the interest charged, are usually:
- Set-up or Application fee,
- Monthly account keeping fee,
- Additional capital repayment fee, and
- Early exit fee.
Fees and Charges on Home Loans or Mortgages
A home mortgage is the biggest loan over the longest period of time that a consumer can have. Knowing the additional fees and charges involved, in addition to the interest rate, is very important to minimize the amount of additional dollars that is paid out.
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