What is an interest rate?
As a borrower, an interest rate is the rate at which you are being charged for your borrowing, and it is generally based on a percentage of your borrowed amount applied over a period of time. Most lending institutions charge a fixed (not subject to change) interest rate, whether it’s against a loan or credit card purchase and repayments.
There are a range of factors that contribute to setting an interest rate, and different banks and financial institutions have their own formulas for calculating the rate.
How Harmoney calculates interest rates
Harmoney’s interest rates are based on the individual circumstances of each applicant, including their credit score, among other factors. If Harmoney approves your loan application, we will assign both an interest rate and a maximum amount you can borrow, taking into consideration your ability to service the loan (i.e. your ability to make repayments).
Interest rates and fees
Harmoney’s interest rate and fee structure is totally open and transparent.