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Q: What do I need to know before I take out a loan?
When you take out a loan, you should know that you will owe your lender the initial amount of money you borrowed – the principal – as well as compensation for lending you the money, which is called interest. The interest rate is the percentage of the principal you owe for borrowing over a certain time period, usually a year. Interest payments are calculated with either simple interest, which is a flat percentage of the principal, or compound interest, which is a percentage of the initial principal plus the interest payments that have already accumulated over time. If you miss a loan payment, your lender will charge you a late fee and the interest rate could increase. What you ultimately owe will not only be more than you borrowed but it will be more than you originally agreed to pay to borrow. A missed payment can also adversely affect your long-term ability to borrow.
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