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The Hidden Costs of “Low Monthly Payment” Loan Offers
A low monthly payment feels like a win.
But in lending, low payment doesn’t always mean low cost.
In fact, it’s often the opposite.
Here’s what lenders don’t always emphasize clearly.
1. Longer Loan Terms Increase Total Interest
Lower payments often come from longer repayment periods.
Example:
3-year loan = higher monthly payment, lower total interest
7-year...