How the payment is worked out
On a reducing-balance loan, interest each month is charged on what you still owe. The payment is:
borrowed × r ÷ (1 − (1 + r)^−n), where r is the yearly rate ÷ 12 and n is the number of months
On the example above, J$500,000 at 24.67% over 3 years is J$19,792.75 a month. You repay J$712,539.02, so the loan costs J$212,539.02 in interest. The schedule under the calculator shows how each payment splits between interest and what you owe.
Reducing balance or flat rate
With a flat rate the interest is worked out once, on the full amount, for the whole term, and spread over the payments. You keep paying interest on money you have already paid back. At the same quoted rate that always costs more than a reducing balance. On the example loan, flat is J$4,375.31 more a month and J$157,510.98 more in all, and a flat 24.67% is worth 40.39% on a reducing balance. If your quote doesn’t say which kind it is, ask.
What the fee does to the cost
A processing fee is a share of the loan. Scotiabank’s is 3.93% with a minimum of J$14,973.30, and NCB’s is 3.5%. If it comes off the money you receive, you pay interest on a loan bigger than the cash you got, so the real yearly cost is higher than the quoted rate. On the example, a fee of 3.5% takes 24.67% to 27.36%. Type your fee in and the calculator does the same for your loan.
Where to find a rate
The personal loan rates page lists what each lender publishes, and which ones publish nothing. Credit unions are on the credit union page. If you are borrowing for a car, the car loan calculator adds a deposit and a what-can-I-afford mode.