What are personal loan interest rates?
Personal loan interest rates refer the rate at which interest is paid to your lender on the personal loan amount borrowed. Therefore when completing your personal loan applications always pay attention to the personal loan interest rates that are mentioned. Personal loan interest rates are a percentage of the amount borrowed and are normally worked out over a period of one year.
Therefore the higher your personal loan interest rates are, the more you as a consumer will pay back in the end. When completing personal loan applications your personal loan interest rates are worked out using a number of fluctuating variables.
South African person loan interest rates are determined by the South African Reserve Bank and it is always worthwhile to look them up when completing personal loan applications.
Article written by: Andrea van Tonder 03-2014