A repayment of a loan comes in two forms, either as fixed, or variable. A fixed rate is a set amount paid back throughout the course of the loan agreement, usually monthly. A variable rate is based on the benchmark rate within the country’s prime rate index, which depends on the type of loan or security. In most cases, lenders promoting mortgages, car, or personal loans will offer products with variable options attached. As an example, if the prime rate goes up, you’ll pay more interest. If it goes down, your loan repayments will drop.
The market rate can fluctuate due to several variables, so you need to factor in this risk if you opt for a variable rate. When considering applying for a loan, it’s important to think about affordability and whether you can meet the required payments to pay off the loan. You shouldn’t make the mistake of living in the moment and not being able to afford the loan interest repayments.
Loans for quick decisions
Have you ever needed a loan, but couldn’t figure out where to get more information? Friendly Finance is a comprehensive search site that sifts through multiple loans (small or large) to match your needs. You can compare loans, view interest and repayment plans, and ultimately select a loan that works best for your financial requirements. The best part about Friendly Finance is speed: quick loans provide you with the freedom to get on with your day. As all our lenders are online, your loan could be approved quickly once you have decided the best lender for your requirements.
How to use our service
When it comes to finding a website that has the information that matters, look no further than Friendly Finance. We help filter out the options so that you only get to choose from the loans that matter to you. By using our intelligent comparison tool, you can compare your short list of lenders later by selecting your options and have them emailed to you. Just select how many lenders you’d like to review by clicking to the left of the lender logo and then the green ‘compare now’ button to the top right of the screen. Time is precious and we know from experience that comparing loan repayments in the market shouldn’t be a strenuous task.