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Loan shock
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It is perfectly reasonable to display a fixed rate loan this way.Those who have said they have had loans where interest is added monthly will have had a variable rate loan, within which the total amount payable is not known at the outset because it could be subject to ongoing rate changes (as First Plus borrowers have found to their cost).
The monthly interest costs will be predetermined.0 -
I beg to differ, starting balance for the loan is listed as £11,239.59 and after three monthly payments balance owing now stands at £10,677.81
You will also find that if you want to pay some or all of the loan off early then you will get a refund of some of the interest that they have 'added' at the beginning - so the same net result as if they charge interest on a monthly basis.loose does not rhyme with choose but lose does and is the word you meant to write.0
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