//The Costs of Credit
Loan rates and terms from finance companies, retail stores and financial institutions can vary greatly. Compare these things when shopping for credit:
- Annual percentage Rate (APR): This is the standardized interest rate you must pay the lender each year for the use of borrowed money.
- Finance charge: This is the total dollar amount the loan will cost you. It includes fees, interest, plus any other charges.
- Loan maturity: A longer repayment period lowers your monthly payments, but increases the total amount of interest you pay.
- Grace period: This is the length of time you have before interest is charged.
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Elements of Money is a financial information and content resource for teens provided by BALANCE. SRP Federal Credit Union does not provide, and is not responsible for, the products, services, overall website content, security, or privacy policies on this site. These services are offered as a member convenience only and your participation is strictly voluntary. Mobile carrier message and data rates may apply. SRP cannot guarantee and does not represent that your credit score or any other personal financial goals will improve by use of these services. Teens accounts at SRP Federal Credit Union are for ages 13 through 17 and require joint ownership of the minor’s parent or legal guardian over the age of 18. Membership eligibility requirements apply. Please visit a branch location or www.srpfcu.org for more information. SRP Federal Credit Union is federally insured by NCUA.
