Finance Charge Definition Example How To Calculate
Finance Charge Definition Explanation This charge is a way for the lenders to earn some gains using the money they have to lend. However, there are risks attached with such a kind of income. It differs from transaction to transaction and is different for different borrowings like commercial borrowings like a car loan, house loan, personal loan. The rate and term are fixed depending on the borrower’s income level. There are set rates and brackets definedA lot of the lending depends on the borrower’sCreditworthiness is a measure of judging the loan repayment history of borrowers to ascertain their worth as a debtor who should be extended a future credit or not....