No such thing as low interest rates
No such thing as low interest rates. We have all seen the ads 9.5% interest rate, 10.5% interest rate, 14.5% interest rate…. After the ads I must admit I hated by current banker, I mean here is another bank offering loans at 9.5%, 10.5%, 14.5% and my bank is offering the same loan at 18.5%??? Ridiculous Immediately I went out to find out more about the seemingly cheaper, more affordable loans. On the surface of it, the loans were legit and to my surprise the offer actually held water. Then the old adage ‘ The Devil is in the detail’ the proverbial fine print in small caps and equally small font came to bear. I discovered the KBA APR calculator and from it my eyes were opened. The calculator is available for download on various app stores ( http://www.cost-of-credit.com/index.php/site/downloads ). According to The Kenya Banker’s Association APR which simply stands for Annual Percentage Rate pricing mechanism, will enable consumers to compare different bank loan costs