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How should transfer charges enter a repayment comparison?
A repayment sent through another service may incur costs outside the lender's advertised schedule.
Identify what amount must arrive and how collection or conversion charges are handled.
Keep provider charges and transfer costs in separate lines before comparing a scenario. Do not assume that sending the instalment amount guarantees receipt of that full amount.
Prepare your application document list
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.