What goes in the actual price of a loan?
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rockwell
Apprentice
Joined: 27 Jan 2006
Posts: 5
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 Posted: 01/15/08 - 06:37 Post subject: |
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| Hello, guys. I am planning to take a loan. I would like not to tell what it is for, at least for now. Since this will be my first time taking a loan, it is logical that I am interested in what goes in the actual price of it. I will really appreciate your help on this. Thanks in advance. |
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franklin
Apprentice
Joined: 14 Sep 2004
Posts: 5
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| Posted: 02/13/08 - 23:57 Post subject: |
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| Hello. Believe me, my friend, loans are very complicated thing for me and I always like to check it with my lawyer. I will try to tell you the basics. In fact, a loan has two major parts. The first one is the principal. It is the money that you have borrowed and you will have to return. The second part is the interest. This is what you pay to the lender for your borrow. There are some other things you pay. Those are origination fee, guarantee fee, application fee, capitalization, disbursement, etc. I hope I’ve helped you a little. |
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