What is simple interest?
The interest rate on a credit loan—such as a home mortgage, car loan, or personal loan—is the amount charged by a lender to borrow the money. When evaluating your loan options, be sure to note whether the rate is simple interest or compound interest. Simple interest is calculated only on the remaining unpaid principal amount. Compound interest adds any interest accrued to the principal. Both are legitimate practices, but loans with compound interest can be more expensive, so it’s important to know what you’re agreeing to before you sign anything.
NetCredit personal loans only use simple interest. At NetCredit, we are committed to a clear and simple fee structure. In fact, the only fee you will ever pay us is the daily simple interest accrued on your loan.
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