Should loans have longer tenure just to reduce monthly repayment?

Should loans have longer tenure just to reduce monthly repayment?

Claim: Loan tenure should be increased so that it becomes more affordable, and access to financing is improved.

Claim:
Loan tenure should be increased so that it becomes more affordable, and access to financing is improved.

Fact:
Increasing the loan tenure will further add to the total cost of financing without significant improvements in the affordability of one’s monthly instalment.

For example:

  Loan tenure of 35 years Loan tenure of 40 years Difference
Loan amount (RM) 60,000 60,000  
Financing rate (%) 4.65 4.65  
Monthly instalment (RM) 289.55 275.55 14.00
Total cost of financing (RM) 121,612.35 132,264.03 10,651.68
Difference in total cost     8.8%
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55 Comments

  • sweeney
    April 22, 2018, 7:23 pm

    Hello My name is Sweeney Carol I want to thank Daniel Sliva Firm for helping me with my loan funds of $80,000.00 after been scammed for so long if you are interested in a loan please contact him so that he can also help you too his loan do not take long in 24 hours time my loan was in my account anyone that need an urgent and trusted loan should contact him now he is a God sent and a good person his email : danielsilva59491@gmail.com I am happy to write this here because there are many scams out there if you really need help without been scammed as I was scammed this is the right loan company to contact: Email: danielsilva59491@gmail.com or whatsapp : +1(516) 350-5832.

    REPLY
  • friend sadilah
    May 7, 2018, 8:32 pm

    Share this to help a soul right now, Ya’ll will agree with me that the rate of online scamming is increasing by the day. I’m also a victim of it as i was scammed about 25,000usd all in the quest of seeking for an home loan. I actually gave up until a government official directed me to PROSPER LOAN FIRM, Despite the fact of my plight i had to give it a try since it was coming from a top government official. All comment ya’all see online are crap, I know the pains i went through just because i was looking for a loan i had to keep on selling valuables to keep paying unforeseen fees. I and some great personality have started a movement to end online scam because people are dying everyday, losing their homes, selling their property just because they need a loan. Apart from been a beneficiary of about 295,000usd in PROSPER LOAN FIRM lending scheme , We have also made a research to see that they are the best around the globe as far as online lending is concern, They have proven their self trustworthy and reliable back to back without failing. To end people debt, financial burden and been victimized here is the details of frank queens loan firm. Email: frankqueens64@gmail.com OR call +1(213)297-4949 to put an end to your financial needs now. I’m Heather Patrick from Georgia, United States. It doesn’t take you anything to share this great information and good news. Email: frankqueens64@gmail.com OR call +1(213)297-4949 and celebrate financial outbreak for the rest of your life.

    REPLY
  • Ruth Williams
    May 8, 2018, 11:58 am

    Hello, I am Mrs Ruth Williams From Carolina USA, I quickly want to use this medium to shear a testimony on how God directed me to a real loan lender who have transformed my life from from being poor to a rich woman who can now boast of a healthy and wealthy life without stress or financial difficulties. After so many months of trying to get a loan on the internet and was scammed the sum of $15,000 i became so desperate in getting a loan from a real loan lender online who will not add to my stress, then i decided to contact a friend of mine who recently got a loan online, we discussed about the issue and to our conclusion she told me about a woman called Mrs. Debora Smith who is the C.E.O of (Debora Smith Loan Company) So i applied for a loan sum of (400,000.00USD) with low interest rate of 2%, so the loan was approved easily without stress and all the preparations where done concerning the loan transfer and in less than three(3) days the loan was deposited into my bank so i want to advice any one in need of a loan to quickly contact her via: (mrs.deborasmithloanfirm12@gmail.com) she does not know am doing this i pray that God will bless her for the good things she has done in my life and that of my family. She is kind hearten.

    I remain Ruth Williams

    REPLY
  • sharon coolidge
    May 8, 2018, 10:45 pm

    I live in USA Florida and i am a happy man today? I told my self that any Loan lender that could change my Life and that of my family, i will refer any person that is looking for loan to Them. If you are in need of loan and you are 100% sure to pay back the loan please contact them and please tell them that Mrs Julie Booth referred you to them. barrymoreloans12@gmail.com or you can text +19725345446

    REPLY
  • Mr Robert
    May 9, 2018, 6:01 am

    Do you need loan to pay your bills? Do you need Personal

    or business loan? Need a loan for various other purposes? If yes,

    please contact us today at (easyloanfirm122@gmail.com) for a loan.

    We offer the largest loan of $5,000.000.00. We offer loan @ 2% fixed interest rate

    for the duration of 1-20 years. We give two months grace period before monthly payment

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    A Loan Email Us (easyloanfirm122@gmail.com)

    God Bless You. Best Regards Mr,Robert

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