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As well as the APR which they must show, some lenders advertise a monthly percentage interest rate, which looks much smaller. However beware, the APR is more than the monthly rate times 12. The APR is worked out on the basis that you refinance each month for 12 months. When you take out a new loan to pay off the first one - plus any interest - the next month's interest payment is likely to be significantly MORE.
That's because you'll be paying interest on the new bigger balance after a month, which includes the original loan as well as the interest you have built up. And if you couldn't afford it after the first month, will you be able to afford even more the second month. If you repeated this compounding over 12 months by refinancing each apply for cash advance loan online, all the interest you paid each month added up is equivalent to the APR.
This may be over a hundred times the first month's interest rate. The higher the monthly rate, the faster the overall cost of the loan soars which is why it's important to get australian unsecured personal loans lowest rate.
For instance credit unions are capped at 2 a month, which is just under 27 APR, or 27p interest per year on each pound borrowed.