What are bank loan interest rates?
Although taking out a personal loan through your bank may be a good way to access quick funds for big-ticket purchases or emergencies, and may be repaid at a much lower interest rate than conventional credit or loans from credit unions, it’s a good idea to familiarize yourself with how interest is charged before applying for your loan. The interest rate is the lending rate that banks charge to customers. The lending rate varies from consumer to consumer, depending on their creditworthiness and financial security. Only the most secure clients will be offered the prime rate, which is 9% in South Africa.