When taking a personal loan in banks, you must take in mind that there are other fees involved aside from processing fees. You will need to pay the following:

  • A late payment fee in each month of late repayment
  • A cancellation or termination fee when you cancel your loan
  • An early repayment fee when you decided to repay early
  • A change of tenor for changing your loan tenure
  • An annual fee which is paid yearly and this may vary from the first year to succeeding years

If you’re taking a fast cash loan from licensed moneylenders, you have to consider the following:

  • An administrative fee which is not more than 10% of the principal loan
  • A late repayment fee not exceeding $60 for each month of late repayment