Here is another thoughtful guest blog from FunShine:
First World Problem - Easy Loan
Received a phone call from a local bank.
They are offering loans at 0% interest rate. I was puzzled. 0%?
Have a bit of time and entertained the call. I asked what are the hidden charges, he added, there is a small admin fee.
I asked how much? He shared it's only $138. I did the maths and it's only 1+% quite cheap.
I asked when is the repayment period? He shared that it is 6 months.
I asked further, so what is the interest rate if people default? He shared that it is 25%.
I thank him for the call. And put down the phone......
