ECONOMICS
FINANCIAL MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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savings and loan association
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savings bank
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credit union
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finance company
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Detailed explanation-1: -The lower the interest, the less money you end up having to pay back overall. But which payment method typically charges the highest interest rates? The answer to this question is usually payday loans.
Detailed explanation-2: -Lenders consider your credit score, payment history and the current economic conditions when determining interest rates. Generally speaking, the higher your credit score, the less you can expect to pay in interest. But loan-specific factors such as repayment terms play a role too.
Detailed explanation-3: -A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)
Detailed explanation-4: -Refinance. Get a loan modification. Work out a repayment plan. Get forbearance.