Episode 3 & 4: How You Are Paying Double Interest On Your Bank Loans

Episode 3: How You Are Paying Double Interest On Your Bank Loans

Teaser: Financial institutions know a lot of people do not like mathematics and can not calculate the actual interest paid on their loans.

Next you want a loan and doing window shopping of loans, just ask for the amount to be deducted direct and do not take any response like it depends

See also: Loan Top-Up (Loan Refinancing) Vrs New Loan (Multiple Loans)

At worst, ask for the deduction for Ghc1000 or Ghc10,000 loans because it is easier to relate those figures to any other amount.

See also: Episode 1 & 2: How You Are Paying Double Interest On Your Bank Loans

Episode 4: How You Are Paying Double Interest On Your Bank Loans

Financial institutions in Ghana are classified in grades or levels or tiers based on several factors including their minimum capital requirements and the risk they carry, which influence the interest those Institutions charge

Next time you want a loan, know that

a. Traditional banks will charge the least interest no matter which other category compared

b. Savings and loans institutions will have the second best interest rate

c. Micro-Finance institutions and others will charge the highest interest.

The choice is ours

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