First loan - 0.01%
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In addition to obvious costs such as interest and fees, such as interest and repayment fees, there may be hidden costs that can ultimately make a loan more expensive than it appears at first glance. These hidden costs are not always obvious and can take many forms.
One of the most common hidden costs is a processing fee. Some lenders charge a fee to process a loan application, which is added to the loan amount and interest. Although this practice is criticized in many countries and is sometimes restricted by law, it is important to consider it when considering a loan.
Insurance premiums, especially residual liability insurance, are also an often overlooked issue. These insurances are designed to protect the borrower and the lender if the borrower is unable to service the loan for certain reasons, such as illness or unemployment.
