What are the common charges associated with borrowing money?
The cost of a loan is calculated by means of Annualised Percentage Rate (APR), which takes into account the interest rate plus any extra fees to be paid.Common extra fees of WeLab Bank Debt Consolidation Loan includes:Early repayment charges: If you repay an instalment loan or a loan with a fixed repayment period earlier than the loan term, you may need to pay an extra fee.Late charges: If you fall behind on your repayments, you will be charged at the rate of 30% of the overdue monthly repayment amount or HKD350, whichever is lower. Note: late charge may be waived in exceptional circumstances.
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