Terms | Add-On Rate per Month | Effective Interest Rate | Annualized Rate |
---|---|---|---|
3 | 1.00% | 1.4930% | 17.9160% |
6 | 1.00% | 1.6910% | 20.2920% |
9 | 1.00% | 1.7600% | 21.1200% |
12 | 1.00% | 1.7890% | 21.4680% |
18 | 1.00% | 1.8040% | 21.6480% |
24 | 1.00% | 1.7980% | 21.5760% |
36 | 1.00% | 1.7670% | 21.2040%
|
nced Implementation of the Truth in Lending Act (Republic Act 3765)
The State protects its citizens from a lack of awareness of the true cost of credit to the customer by assuring a full disclosure of such cost and other terms and conditions with a view of preventing the uninformed use of credit.
As such, a disclosure statement is a required attachment to the loan contract. It shall include, at a minimum, the following information: