smartconsumerbanking.com

“Cash Back” scheme, first popular by credit card issuers, then spread to hypermarkets, and now it seems to catch on with personal loan too.
Claimed to be “the only personal loan that gives you 20% cash back each month“, Hong Leong bank latest offering is eye catching which certainly deserves some eye-opening detail too.
The “cash back” [...]

In Part 1, Jason took a RM10,000 personal loan for 36 months at 8.5% flat rate per year. He thought the rate is a good bargain as he is paying 0.71% per month. However, unbeknown to him, his actual monthly interest rate is 1.28% and the annual rate is 15.4%, much higher than what was [...]