Loans do not come without cost, they are often offered with interest. You need to know not only how much interest to pay per payment but the type of interest on a loan. For more information about interest rates click the link.
Another thing you need to be aware of is, over indebtedness. Over-indebtedness refers to the repayment capacity of borrowers by comparing their debt instalments to their net income.In simple terms, this means sacrificing your quality of life in order to make loan payments. For more information on over indebtedness please click the link.
Finally, one the functions of the CBC is to maintain a database of customer credit information. This information is used by banks and MFIs to determine whether or not they should lend you money. For more information about the Credit Reporting System please contact the CBC directly via the link.
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