Interest rates of Sarakin dealers
The first thing to check when using Sarakin is interest rates. If you get a loan without knowing how interest increases, you may be surprised at the unexpected amount of repayment. The interest rate on a cash loan is the cost of borrowing money. The user must repay the borrowed money by adding the interest calculated by the contracted interest rate to the principal. Interest rates are determined by each financial company and may vary depending on the limit and the loan target. The law sets an upper limit under the Investment Law and the Interest Rate Restriction Law. The maximum interest rate is 29.2% as stipulated in the Investment Law, and violators will be fined up to 10 million yen or imprisoned for up to 5 years. Large financial companies have set numbers just below 29%. However, due to the problem of the difference between the numbers stipulated by the Investment Law and the Interest Rate Restriction Law, the upper limit of interest rate has been lowered to 20%. The specific reduction will be three years after the revision of the law, and the interest rate will be allowed up to 25.5% for the next two years. When using consumer finance, it is necessary to be aware of the interest rate system to some extent in advance. The longer you set the time to complete the repayment, the higher the interest will be. For example, if you borrow 1 million yen and pay it all at once, and if you return 30,000 yen every month, the final amount you will pay will be very different. If you return it all at once a year later, it will be 1.29 million, but if you pay it every month, it will take nearly 6 years, and the interest will be high, and the final amount will be 2,079,000 yen.