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Anonymous
I am running low on cash, and a bank suggested me a cash advance offer with instalment plans and '0 interest'. Should I go for it?
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Loh Tat Tian
23 Sep 2019
Founder at PolicyWoke (We Buy Insurance Policies)
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Even if you wish to get cash advance, please take note of the following:
(1) Interest Rate, and Effective Interest Rate.
I can give you a 0% interest, but for every $12,000 you borrow, I charge you $600 for fees.
Is this really 0% interest then? OR is it $12,600 instead?
Also, If I have to repay the loan at $1,050.00 per month, is it really only 5% fees? Or more than that?
Think about it.