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When the borrower takes out a loan from the lender the most important piece of information the borrower should be concerned with is the interest rate. This will determine how little or how much more money you will repay to the lender on top of the initial amount borrowed. Ideally the lower the rate the less you pay but this can conflict with the repayment period.

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An example:

An interest rate of 10% on a £1,000 loan would generate £100 in interest making the total sun £1,100. Whereas an interest rate of 5% over three years would incur £150 in addition to the original sum. That’s a total of £1,150 meaning that the lowest rate of interest isn’t usually the best option if it’s tied to a long repayment period. So its best to check all the different options available to you as you could be paying more than originally expected.

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