Interest rates is another one of those scary terms. However, when you break it down, this term is quite simple. Like any loan, an emergency loan will always be paid back with a surplus charge. This is because your loan accrues interest. Interest rates vary between lenders but can be compared via an APR, an annual percentage rate. You can break this down to compare as a monthly interest rate. You just need to divide your APR by 12. Generally, your loan duration and interest rate go hand-in-hand. Simply put, the longer your borrowing period, the higher your interest will be.
7