There are many companies that specializes on giving loan to people; they make their profits by collecting interest on any money they lend out, and before a loan can be given to any customer, the customer must provide a collateral and some details such as: contact details and a reference/guarantor. When the loan is finally given to the customer, they charge interest based on the the amount given to the customer for a given period of time which could be daily, weekly, monthly or yearly. For example, a company could be collecting interest based on a particular amount for a given period of time like: $200,000 loan would have an interest tag of $2,000 per month until the money is returned, and $100,000 would have an interest of $1,000 per month until the money is returned. In addition, the customers need to know when the time for them to pay their interest comes e.g. at the end of the month or the timing model with which the calculation is being made. Usua...
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