UAE: How to work out a repayment plan when you borrow money

SourceGulf News
SectorEconomy
CountryUAE

It is crucial to work out the total cost of the credit you're taking out Dubai: It's crucial to work out the total cost of the credit you're taking out, including interest payments, and not just the amount you're borrowing or how much you can afford to pay every month. Taking the time to work out the full cost of any borrowing lets you plan your finances and ensure that you really can afford it. However, let's first understand what affects your borrowing costs. How much you'll pay to borrow money depends on how much you need and how quickly you plan to repay it.

For example, if you want to borrow a small amount over a short period of time with a low interest rate, you might well pay very little interest (or none at all if you use a credit card charging 0 per cent interest). On the other hand, borrowing a large amount of money over a...read more...