What are the fees I have to consider when taking a personal loan?
When taking a personal loan in banks, you must take in mind that there are other fees involved aside from processing fees. You will need to pay the following:
A late payment fee in each month of late repayment
A cancellation or termination fee when you cancel your loan
An early repayment fee when you decided to repay early
A change of tenor for changing your loan tenure
An annual fee which is paid yearly and this may vary from the first year to succeeding years
If you’re taking a fast cash loan from licensed moneylenders, you have to consider the following:
An administrative fee which is not more than 10% of the principal loan
A late repayment fee not exceeding $60 for each month of late repayment