| The borrower undertakes to pay the specified amount for the fact that he uses the money for a certain period (week, month or year). Most often, when a loan is issued at the bank, borrowers pay an annual interest rate. |
By Jannis Po The borrower undertakes to pay the specified amount for the fact that he uses the money for a certain period (week, month or year). Most often, when a loan is issued at the bank, borrowers pay an annual interest rate.
However, many microfinance organizations may set a daily or weekly interest rate. By making money on credit, the interest rate can be reduced. This becomes possible if a financial organization is not alien to such a concept as stocks and advantageous offers.
A striking example is the company. Here, taking part in various promotions, the borrower can get a loan on more favorable terms.
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