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How can payment frequencies be compared consistently?
Weekly, fortnightly and monthly payments describe different schedules.
Weekly, fortnightly and monthly payments describe different schedules. A smaller figure per payment does not establish a smaller annual commitment when the number of payments differs.
Use the actual due-date schedule to compare totals and timing, rather than assuming every month contains the same number of weeks. Check what changes if the provider offers another frequency.
- Weekly, fortnightly and monthly payments describe different schedules.
- Use the actual due-date schedule to compare totals and timing, rather than assuming every month contains the same number of weeks.
Jurisdiction and sources
Separate optional products from required costs
Use accurate income and expense records to examine the schedule. A general explanation can help organize the questions while leaving the personal decision and any qualified advice in their proper context.
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.
Direct answers
- How can payment frequencies be compared consistently?
- Weekly, fortnightly and monthly payments describe different schedules. A smaller figure per payment does not establish a smaller annual commitment when the number of payments differs.
- Which details matter for this question: how can payment frequencies be compared consistently?
- A smaller figure per payment does not establish a smaller annual commitment when the number of payments differs.
- What should be checked next concerning how can payment frequencies be compared consistently?
- Use the actual due-date schedule to compare totals and timing, rather than assuming every month contains the same number of weeks. Check what changes if the provider offers another frequency.