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Interesting how important the length of the loan is. A 5% one-time fee on a 5 year loan may be acceptable. A 5% fee on a 6 week loan is massively higher than t
by smackfu 13y ago
Interesting how important the length of the loan is. A 5% one-time fee on a 5 year loan may be acceptable. A 5% fee on a 6 week loan is massively higher than the actual interest charged.
- deleted 13y ago[deleted]
- jusben1369 13y agoYes. I agree that the author seems to want to completely ignore the fact that it is a 1 time fee vs an interest rate.
- makomk 13y agoExcept that unless I'm missing something the fee is 5% for every year or part-year the loan is outstanding, so it's a substantial proportion of the interest charged no matter the length of the loan.