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What Is My Rate Again?

Do you know exactly what interest rates you’re being charged on all of your debts? If your answer is, “I haven’t got a clue”, then you’re in luck. Here’s a quick run through of how interest rates work and where to find yours.

What actually is an interest rate?

Right, first things, first - let’s cover the basics. In the world of borrowing, an interest rate is how much you’re charged for borrowing money from a lender. It’s typically calculated per year which is why you should see interest rates displayed as a percentage, followed by - which stands for per annum aka per year

For some credit products like credit cards and some lenders, the interest rate you get will be one-size-fits-all, but with others - including Wisr - when you get an estimate for a loan, the interest rate that you’re offered is personal to you and influenced by your credit score. So, if you’ve got an excellent credit score, the lower the rate you’re likely to be offered and the cheaper it will be for you to borrow money. Simple.

Want to get an idea of the kind of rates you could get? Check your credit scores for free in Wisr App.

So, what is a comparison rate?

A comparison rate takes into account any extra fees or charges that might be associated with borrowing via your chosen method. For example, most credit cards will come with an annual fee to use the card. This would be factored into the comparison rate, and therefore the card’s comparison rate would be higher than its interest rate.

Pro Tip

A comparison rate gives you a better indication of how much your borrowing will cost you, so it’s the one that should be used when comparing different products.

What’s my rate again?

Took out a loan or credit card a while ago and have totally forgotten what interest rate you’re being charged? Don’t sweat it. It happens to all of us. 

The easiest way to find out your interest rates is to log in to your lender’s app or website portal if they have one and check your most recent statement. You can usually find them available to download. Some lenders may also have this info handy when you first log in to your account, so you don’t have to go hunting for it. Can’t manage your loan online? You should have received your statements via email or through the post. 

Your interest rate should be listed out within your statement so you can see how much you’re being charged. While looking at your statements, other info to take note of includes how much your repayments are, how often you’re repaying and the total amount that you still owe. 

Can’t get or find a statement? Another place to look would be searching your emails or that pile of papers in the bottom drawer 😉 for the original contract you signed with the lender. Just be mindful that if the interest rate is variable, it might have changed since then.


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Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.

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