28/05/2026
We often celebrate getting the loan but we rarely ask what it costs us!👀
Interest is the extra you pay to borrow. The higher the rate, or the longer the term, the more you pay back. A loan of $1,000 can cost you an extra $200 or $700, just depending on how long you take to pay it back.
Before you sign a loan agreement: ask about the interest rate, and ask the how much you’ll repay in total. 🔖