{"id":356265,"date":"2019-02-20T08:33:35","date_gmt":"2019-02-20T15:33:35","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=356265"},"modified":"2022-03-30T19:18:57","modified_gmt":"2022-03-31T01:18:57","slug":"what-are-flat-interest-rates","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/finance\/what-are-flat-interest-rates\/","title":{"rendered":"What are Flat Interest Rates?"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"363\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat-600x363.jpg\" alt=\"flat interest rates\" class=\"wp-image-356270\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat-600x363.jpg 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat-450x272.jpg 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat-900x545.jpg 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat-300x182.jpg 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat-768x465.jpg 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat.jpg 1360w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>If you have ever applied for a\nbank loan, then you know that there are quite a\nnumber of different types available. All of them have their advantages,\ndisadvantages, and application process. While the loans might fundamentally\ndiffer from one another, one thing is constant in all of them; they all have\ninterest rates attached. Interest rates are the main\nreason banks offer loans in the first place; it is how they make their money. <\/p>\n\n\n\n<p>Before you apply for a\nparticular loan, it is important to know\nthe particulars. What you need to know is that the loans officer you deal with\nwill most probably only showcase the glossy side of taking up the loan. They\nwon&#8217;t necessarily highlight just how much more you will have paid back once the\nloan term comes to an end. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Interest Rates<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"388\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/Interest-rates-flat-600x388.jpg\" alt=\"mortgage rates\" class=\"wp-image-356267\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/Interest-rates-flat-600x388.jpg 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/Interest-rates-flat-450x291.jpg 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/Interest-rates-flat-900x582.jpg 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/Interest-rates-flat-1400x905.jpg 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/Interest-rates-flat-2000x1293.jpg 2000w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/Interest-rates-flat-300x194.jpg 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/Interest-rates-flat-768x497.jpg 768w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>Just as different banks offer different\ntypes of loans (home loans, car loans, business loans, personal loans, etc.), they also have different types of <a href=\"https:\/\/www.creditrepair.com\/blog\/credit-card\/how-to-negotiate-a-lower-interest-rate\/\">interest\nrates<\/a> charged on those loans. For the most part, you will find\nthat the bank charges you either a\n&#8220;Flat Interest Rate&#8221; or a &#8220;Reducing Interest Rate.&#8221; There is a huge difference between the two and whichever one you choose will\nhave a considerable impact on how much\nyou end up paying. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is Flat Interest Rate?<\/strong><\/h2>\n\n\n\n<p>You calculate a flat interest\nrate on the full amount of the original loan without taking into account that\nthe principal loan, as well as the interest\ncharged, reduces with time. If you\ngo in for a loan of $1,200 today and get\na flat interest rate, you will know exactly how much you will owe for the\nentire tenure of the loan.&nbsp; <\/p>\n\n\n\n<p>If that $1,200 loan had a flat\ninterest rate of 5% attached to it for 12 months, you would then be required to pay:<\/p>\n\n\n\n<ul><li>$100 for the 12 months to repay the principal<\/li><li>The monthly flat interest rate of 5% of the\n$100 will come to $5<\/li><li>Therefore, your monthly repayments for the loan\nterm period will be $105 for 12 months<\/li><\/ul>\n\n\n\n<p>At the end of it all, you will\nhave paid the bank the $1,200 you owe them plus an additional $60 on account of\nthe flat interest rate. This is all the information you get as soon as you apply for\nthe loan. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the Advantages and Disadvantages of Flat Interest\nRates?<\/strong><strong><\/strong><\/h2>\n\n\n\n<p>The flat interest rate model\nhas some distinct advantages and\ndisadvantages. Let&#8217;s start with the advantages:\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Advantages of Flat Interest Rates:<\/strong><\/h2>\n\n\n\n<ul><li><strong>Flat\ninterest rates are predictable<\/strong>: this is one of the most significant advantages when it comes to dealing with flat interest rates &#8211; they\nare predictable. Because the amount owed per month does not change throughout\nthe pay period, unlike when dealing with a variable interest rate, you can plan\nyour finances around that figure. Thankfully, this takes the guesswork out of any monthly expenditures you\nmay have or incur as the borrower. <\/li><\/ul>\n\n\n\n<ul><li><strong>You\nknow whether or not you can afford it:<\/strong> with a flat interest rate,\nyou will know whether or not you can afford to pay back the monthly\ninstallments beforehand and that gives you an opportunity to take up the\nmaximum amount available to you. In many cases,\nyou find that business owners take loans that they can get as opposed to the\nfull amount they need because they do not\nknow whether or not they can afford to pay it back based on their current\nbusiness situation. <\/li><\/ul>\n\n\n\n<p>With a\nfixed interest rate, you can simply come\nup with a total figure that you are comfortable paying per month and calculate backward to find the ideal loan amount before\nwalking into the bank. If you find that\nthe ideal loan amount isn&#8217;t the figure\nyou need, then you can get a full picture\nof how much you will need to pay per month for the full value and work with that\ninformation to ensure that you have that money ready every month to repay your\nloan.<\/p>\n\n\n\n<ul><li><strong>You\nget to know how much the loan will cost you in its lifetime<\/strong>: Using the example we gave above; the $1,200 loan will cost you $60 over the 12 months. Knowing\nbeforehand how much the loan will cost you over its lifetime is important\nbecause it will allow you to determine whether or not the loan is worth it in\nthe long run. If the money is meant to grow your business and the cost of the\nloan exceeds the revenue brought in within the same period, then the loan isn&#8217;t\nworth it. <\/li><\/ul>\n\n\n\n<p>You will also know how much tax benefits you will get by\ndeducting the loan&#8217;s interest. This figure is much more difficult to pinpoint when using other interest calculation\nmethods such as variable interest rates. &nbsp;Of course, the other\nadvantage is that flat interest rates are much simpler to understand and\ncalculate. You will not feel as if there is something the lender is hiding in\nthe fine print. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Disadvantages of Flat Interest Rates<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"387\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-student-loans-600x387.jpg\" alt=\"student loan interest rates\" class=\"wp-image-356268\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-student-loans-600x387.jpg 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-student-loans-450x290.jpg 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-student-loans-900x581.jpg 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-student-loans-1400x903.jpg 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-student-loans-2000x1290.jpg 2000w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-student-loans-300x194.jpg 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-student-loans-768x496.jpg 768w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p>While transparency is the\nbiggest advantage a flat interest rate loan offers, there are still some\ndisadvantages that come with this form of borrowing. The biggest disadvantage\nis that a business loan with a flat interest rate attached can end up being\nmore expensive over time. Take for example the following two examples: <\/p>\n\n\n\n<p>Loan A: Fixed Interest Rate<\/p>\n\n\n\n<ul><li>Loan amount: $1,000,000<\/li><li>Loan term: 10 years<\/li><li>Interest rate: 10% fixed rate<\/li><li>Monthly payment: $13,210.51<\/li><li>Total interest paid: $585,800.88<\/li><\/ul>\n\n\n\n<p>Loan B: Variable Interest Rate<\/p>\n\n\n\n<ul><li>Loan amount: $1,000,000<\/li><li>Loan term: 10 years<\/li><li>Interest rate: 7.5% variable rate<\/li><li>Monthly payment: $11,870.02<\/li><li>Total interest paid: $424,420.12<\/li><\/ul>\n\n\n\n<p>In this example, the second\nloan is much cheaper than the first one with a fixed interest rate. Now, bear\nin mind that this scenario assumes the <a href=\"https:\/\/www.creditrepair.com\/articles\/loan-center\/fix-your-variable-interest-rates\">variable\ninterest rate<\/a> remains low and does not fluctuate into a\nhigher figure over the 10-year period\n(not very likely to happen). Should that be the case,\nthen the second loan will be much cheaper. <\/p>\n\n\n\n<p>The only problem with variable\ninterest rates is that they fluctuate, and you never really know how much you\nmay be liable to pay by the end of the loan term. <\/p>\n\n\n\n<p>As a business owner who does not want any financial surprises in the future, taking a loan with a fixed interest rate is perhaps the best course of action for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have ever applied for a bank loan, then you know that there are quite a number of different types available. All of them have their advantages, disadvantages, and application process. While the loans might fundamentally differ from one another, one thing is constant in all of them; they all have interest rates attached. [&hellip;]<\/p>\n","protected":false},"author":35,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[158],"tags":[82],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.5 (Yoast SEO v18.5.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are Flat Interest Rates? - CreditRepair.com<\/title>\n<meta name=\"description\" content=\"Before you apply for a particular loan, it is important to know the particulars.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.creditrepair.com\/blog\/finance\/what-are-flat-interest-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are Flat Interest Rates?\" \/>\n<meta property=\"og:description\" content=\"Before you apply for a particular loan, it is important to know the particulars.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.creditrepair.com\/blog\/finance\/what-are-flat-interest-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"CreditRepair.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-20T15:33:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-31T01:18:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat-600x363.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Josh Aston\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#website\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/\",\"name\":\"CreditRepair.com\",\"description\":\"We are the credit repair experts\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.creditrepair.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/finance\/what-are-flat-interest-rates\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat.jpg\",\"contentUrl\":\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2019\/02\/interest-rates-flat.jpg\",\"width\":1360,\"height\":823,\"caption\":\"flat interest rates\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/finance\/what-are-flat-interest-rates\/#webpage\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/finance\/what-are-flat-interest-rates\/\",\"name\":\"What are Flat Interest Rates? 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