4.2.11 What to know before you sign a loan agreement
- 4.2.1 How credit works
- 4.2.2 Credit options
- 4.2.3 The cost of borrowing
- 4.2.4 The effect of interest
- 4.2.5 The cost of different types of credit
- 4.2.6 Case study: Deferred payment plan
- 4.2.7 Payday loans
- 4.2.8 Tips to keep borrowing costs down
- 4.2.9 Joint borrowing
- 4.2.10 Rights and responsibilities
- 4.2.11 What to know before you sign a loan agreement
- 4.2.12 Summary of key messages
- The annual interest rate
- How the interest is calculated
- The grace period, if any
- The date on or after which interest starts being charged
- How often you will receive your statements
- Your minimum monthly payment or how this payment is calculated
- Any optional services available, such as credit balance insurance; the charges for each optional service; and the conditions for cancellation
- Any other charges or fees that apply
- Whether the loan can be prepaid at any time and if there are charges to do so.
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