Welcome • User Guide
ToS • Privacy • Canary
Donate • Bugs • License

©2026 Poal.co

781

Say if you took out a $5-10,000 loan from the bank. If you paid that off over like, 2 months, would you still have to pay interest on it? Or does APR only apply per year?

Say if you took out a $5-10,000 loan from the bank. If you paid that off over like, 2 months, would you still have to pay interest on it? Or does APR only apply per year?

(post is archived)

You are currently inside a comment thread.
Click here to see all the comments (28).
[–] • 0 pt

You are thinking like a white man. The point of them offering the loan in the first place wasn't from good will, it was to make the shekels goy.

[–] • 0 pt

Well I get it that if the contract says 10k over 5 years with 5% pa that the bank expects 500 bucks in profit, thats what you signed, so sure you have to pay the 500 even if you payed the 10k back after 2 years.

But why the fuck the panelty then?

[–] • 0 pt

It's been a while since I've had to deal with loans, but a 10k loan over 5 years is going to cost you a lot more than just $500 interest over the 60 months of the loan.

The penalty for early payment is forcing you to make up for what they were expecting to get in interest and the credit score hit is to stop you from bothering them in the future.

[–] • 0 pt

10k was just an example and I get that they want what they were expecting.

Guess the punihsment way to go is the best explenation.