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Do banks charge daily periodic rates or just apr interest rates on personal line of credit loans?

949 day(s) ago

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Answers (3)

kirand

If you have a bad credit history it used to stop you from obtaining a loan, but these days you have an option. Enter the bad credit loan. The companies offering bad credit secured loans are now numerous and are able to offer the client varying amounts of loans for any use and over lots of different terms.

http://www.worldbestloans.com/

Another point to note is that the loan company may insist on a greater down payment and charge you a higher interest rate for the increased risk they are taking in lending money to an individual with less than perfect credit.

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kirand

APR is annual percentage rate, so the interest would be based on APR divided by 365 calculated each day (compounded daily) on the unpaid balance. Although to make it easy to understand they may account for it as an average monthly balance and daily rate.

So interest would be calculated similar to a credit card.

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AnandPatwada

interest is compounded daily on personal loans and credit card debt.
the daily rate shows the true cost of the debt.

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