What are the hidden costs in loans?
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yankee
Apprentice
Joined: 06 Oct 2006
Posts: 5
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 Posted: 01/14/08 - 10:14 Post subject: |
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| Hello, folks. I am planning taking a loan. I have never done that before, so it is logical I have some concerns. I am wondering what the hidden costs are in loans. I have heard that there can be some of them. I would really appreciate your help. Thanks for reading this, guys. |
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lefty
Apprentice
Joined: 12 Feb 2006
Posts: 6
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| Posted: 02/13/08 - 04:22 Post subject: |
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| Hello. Taking a loan today is very easy. But there are some loans that can have some hidden costs in repayments. Many of those hidden costs won’t be pointed out by a lender. For instance, you should know for redemption fees. It means that if you want to pay back earlier your loan, you will also have to pay fee. There is also rule of 78. It is also connected to repaying your loan earlier and paying interest for that. You should also watch out of loan insurance. Anyway, I would recommend you to take your loan documents to a lawyer or a specialist to study it well before signing. Have fun! |
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